The growth of the Food and beverage sector and the elevating demand of Pyridoxine Hydrochloride in animal feed and continuous growth of the pharmaceutical industry have resulted in boosting the Pyridoxine Hydrochloride market.
The growth of the Food and beverage sector and the elevating demand of Pyridoxine Hydrochloride in animal feed and continuous growth of the pharmaceutical industry have resulted in boosting the Pyridoxine Hydrochloride market.
The Global Pyridoxine Hydrochloride market is forecast to reach USD 731.5 Million by 2028, according to a new report by Reports and Data. Pyridoxine Hydrochloride can be described as a water-soluble B vitamin, which is the hydrochloride salt of pyridoxine. In 1934 Pyridoxine was discovered, and in 1939 it was made artificially. It is included in the vitamin B family of vitamins. The World Health Organization’s List of Essential Medicines lists it as the most effective and safest medicines needed in a health system. When it is consumed as medication or in nutritional supplements in the liver, pyridoxine is converted into metabolically active coenzyme form pyridoxal 5'-phosphate (P5P). P5P is an important cofactor in various enzymatic reactions in amino acid metabolism, including deamination, transamination, and decarboxylation. For the synthesis of sphingolipids and glycogenolysis, P5P is required. It is also needed for the nervous system and immune system functions. Vitamin B6 (and pyridoxine) are important nutrients needed for normal functioning in the body for various biological systems. Though various microorganisms and plants are capable of synthesizing pyridoxine with the help of endogenous biological processes, animals are required to consume it through diet. Thus, rising awareness about the needed for consuming a balanced diet, increasing demand for dietary supplements are supporting the growth of the sector.
In regards to region, North America held a considerable share of the market. The market share held by the region is attributed to the fact that the region has major pharmaceutical industry in this region in nations like Canada, which provides with major scope for growth of the industry in this region.
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Further key findings from the report suggest :
- The Pyridoxine Hydrochloride market held a market share of USD 408.0 Million in the year 2020 that is forecasted to grow at a rate of 8.0% during the forecast period.
- In context to Form, the Liquid segment is projected to witness a faster growth rate of 8.7% during the forecast period, which occupied more than 35.0% of the market in 2020. The growth rate witnessed by the Liquid segment is attributed to the increasing demand for the vitamin in liquid form in the pharmaceutical sector due to its quick absorption and enhanced functioning as compared to its solid form, which results in its growing popularity.
- In context to Grade, the Food Grade segment held the largest market share of more than 30.0% in 2020, with a CAGR of 8.2% during the forecast period. The market share held by the Food Grade segment is attributed to the applicability of the compound in the food & beverage sector in reinforcing nutrition in the food industry along with its used as a nutritive additive in dairy products, soft drinks, and confectionary preservatives contributes to the market share held by this segment.
- In regards to End-user, the Pharmaceutical segment is projected to witness the fastest growth rate of 8.5% during the forecast period, which is expected to hold 26.0% of the market by 2028. The growth rate witnessed by the Pharmaceutical segment is attributed to the continuous expansion of the healthcare sector, the associated elevating demand for medications, and applicability of the compound in this sector in preventing and treating sideroblastic anaemia, certain types of mushroom poisoning, pyridoxine-dependent epilepsy, and problems from isoniazid and pyridoxine deficiency among others.
- In regards to the region, Europe is projected to witness a considerable CAGR of 8.2% during the forecast period, which is expected to hold more than 25.0% of the market by 2028. The growth rate witnessed by Europe is attributed to the continuous growth of the food & beverage sector, rising geriatric population, and expanding pharmaceutical industry along, which is supporting the expansion of the sector in this region.
- Key participants include DSM Tianxin Pharmaceutical, Hegno, Huazhong Pharmaceutical, Nutra Healthcare, Guangji Pharmaceutical, AVANSCURE LIFESCIENCES PVT. LTD., BASF Human Nutrition, Amsar Private Limited, and A & Z FOOD ADDITIVES CO., LTD.
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For the purpose of this report, Reports and Data have segmented the global Pyridoxine Hydrochloride market according to Form, Grade, End-user, and Region:
Form Outlook (Volume, Kilo Tons; Revenue, USD Million; 2018-2028)
- Solid
- Liquid
Grade Outlook (Volume, Kilo Tons; Revenue, USD Million; 2018-2028)
- Food Grade
- Feed Grade
- Pharmaceutical Grade
End-user Outlook (Volume, Kilo Tons; Revenue, USD Million; 2018-2028)
- Food & Beverage Industry
- Animal Nutrition
- Pharmaceutical Industry
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2027 and Revenue, USD Million; 2016-2027)
- North America
- U.S
- Europe
- U.K
- France
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- MEA
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