Vitamin B6 is an important component of our body and is required to maintain a healthy nervous and immune system. It is also known as pyridoxine. It acts as a natural pain reliever, balances blood sugar levels and boosts mood and energy.Vitamin B6 is majorly used in pharmaceuticals, cosmetics, and animal feed and food and beverages industries. The vitamin B6 industry has been growing due to the changing lifestyle of people. The increase in demand for processed food has been one of the key factors in the growth of vitamin B6 industry. Vitamin B6 is widely used in energy drinks because it helps in boosting energy, form haemoglobin and break or build carbohydrates and proteins. The market for energy drinks is over USD $50 billion and with an increase in sports activities and urbanisation in countries like India and China, the market is expected to grow faster. Vitamin B6 is also used in animal feed for sheep and cattle to provide proper nutrition.
Pharmaceutical application forms the major portion of the uses of vitamin B6 and is expected to increase their demand in the future. Health and fitness awareness has been increasing amongst the people, which have lead consumers to increase their demand for health supplements of vitamin B6. The expansion of the healthcare industry along with the rising concerns for maintaining a proper and active lifestyle have been the driving force for the industry recently. Doctors during anaemia, skin diseases like eczema, pregnancy and high cholesterol also prescribe Vitamin B6. Cosmetic industry also contributes to the industry due to the many applications of vitamin B6. Vitamin B6 is widely used in skincare products and sunscreen lotions as it moisturises skin, enhances skin penetration and provides stability. It is also used in shampoos, hair conditioners, and personal care products. There is a shift towards organic, herbal and natural cosmetic products, which do not harm the skin. This shift in consumer preferences provides a good market opportunity to the companies to develop and introduce new products to increase their market share.
According to the market research report “Global Vitamin B6 Industry Situation and Prospects Research report 2017“, there is high level of competition in the global vitamin B6 industry and more and more companies are entering the market because of its promising nature, which further increases competition. Some of the major companies that are producers of vitamin B6 are Albert David, Seven Seas,DSM nutritional products, Lloyds Pharmacy, The Synergy Company and North American Herb & Spice.The companies are heavily investing in research and development to gain a competitive edge by introducing new products into the market. In 2016, the world economy expanded by just 2.2 per cent, the slowest rate of growth since the Great Recession of 2009. Underpinning the sluggish global economy are the feeble pace of global investment, dwindling world trade growth, flagging productivity growth and high levels of debt. World gross product is forecast to expand by 2.7 per cent in 2017 and 2.9 per cent in 2018, with this modest recovery more an indication of economic stabilization than a signal of a robust and sustained revival of global demand. Given the close linkages between demand, investment, trade and productivity, the extended episode of weak global growth may prove self-perpetuating in the Vitamin B6ence of concerted policy efforts to revive investment and foster a recovery in productivity. This would impede progress towards the Sustainable Development Goals (SDGs), particularly the goals of eradicating extreme poverty and creating decent work for all.
The largest market share of the global vitamin B6 industry is held by Asia-Pacific region, especially China. The demand for vitamin B6 in developing countries like China, India, and Japan etc. in Asia-Pacific region is the major contributor to the industry. Many companies have shifted their production unitsor are outsourcing the production of parts to these countries. DSM nutritional products has established a new plant in Xinghuo, China which offers many high end features for production and is also eco-friendly. The company earlier had its production plant in Germany and now aims at reducing the production there and slowly shifting its entire output production to China. There has also been an increase in the food supplement sector in these countries, which drives the vitamin B6 industry demand.
Ankur Gupta, Head Marketing & Communications