Global Biotin Supplement Market Analysis/Forecasts 2023-2031 - Increasing Alcoholism and Biotin Deficiency Present Growth Opportunity
DUBLIN, July 19, 2023 /PRNewswire/ -- The "Biotin Supplement Market by Product Form, Distributional Channel, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global biotin supplement market, valued at $583.36 million in 2021, is projected to reach $1.4 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.
The market is witnessing significant growth due to various factors, including increased awareness of biotin supplements, rising healthcare costs, and a growing preference for incorporating biotin supplements into daily diets.
The surge in healthcare costs, influenced by inflation and the rising prices of health-related materials, has led individuals to turn to biotin supplements as a preventive measure. With costs expected to continue rising, people are opting for biotin supplements to maintain their health and avoid excessive healthcare expenses. The market is responding to this demand, and the increasing availability of biotin supplements through online pharmacies is further facilitating accessibility and affordability.
The number of online pharmacies is rapidly expanding worldwide, offering consumers various discounts and offers. E-pharmacies such as Apollo, Netmeds, and Pharmeasy are witnessing significant growth. It is estimated that the market will grow at a compounded rate of 44% to reach $4.5 billion by 2025, presenting substantial opportunities for market expansion and accessibility.
Furthermore, the prevalence of biotin deficiency among individuals with alcohol use disorder (AUD) presents a growth opportunity for the market. Alcoholism can lead to biotin deficiency and affect nutrient absorption, primarily due to poor dietary intake associated with alcohol abuse. Reports indicate that globally, approximately 107 million people are estimated to have an alcohol use disorder, with 14.5 million individuals in the United States alone.
The North American region, driven by a rise in the consumption of healthy food and the need for nutritious supplements, is the second major market for biotin supplements. The substantial expenditure on dietary supplements, including biotin supplements, is expected to fuel the growth of the biotin supplements market in North America.
Leading players in the biotin supplement market include Church & Dwight Co. Inc., Designs for Health, Inc., Doctor's Best Inc., Nestle S.A., and Zenwise, LLC. These key players are focused on product innovation and strategic partnerships to enhance their market position and meet the growing demand for biotin supplements.
As the market continues to expand and evolve, stakeholders are advised to stay informed about the prevailing trends, regulatory developments, and consumer preferences to make informed business decisions and capitalize on the lucrative opportunities in the biotin supplement market.
The key players profiled in the study include Church & Dwight Co. Inc.,, Designs for Health, Inc., Doctor's Best Inc., LIfe Extension, Nestle S.A., Neutraceutical Corporation, NOW Health Group, Inc., SBR Nutrition, SolaGarden Naturals, Sports Reseach Corporation, Vytalogy Wellness, L.L..C., Zenwise, LLC.
Key Market Insights
- The capsules segment dominated the market in 2021 and the gummies segment is expected to have the highest growth during the forecast period.
- Hair care biotin supplements are the most popular by price point, and premium biotin supplements are expected to grow the most during the forecast period.
- Specialty stores had the highest market share in 2021, while the e-commerce segment is expected to grow the fastest during the forecast period.
- Based on region, Asia-Pacific was the highest revenue contributor in 2021 and is also expected to grow with the highest CAGR during the forecast period.
Market Dynamics
Drivers
- Interference with certain lab tests
- Increase in demand for organic food
Restraints
- Rise in awareness regarding biotin supplements
- Increased healthcare cost
- Increase in preference regarding biotins in the daily diet
Opportunities
- Rise in number of online pharmacies
- Rise in alcohol consumption
COVID-19 Impact Analysis on the market
Key Market Players
- Church & Dwight Co., Inc.
- Nestle S.A.
- Nutraceutical Corporation
- Vytalogy Wellness, L.L.C.
- Zenwise, LLC
- SBR Nutrition
- Doctor's Best, Inc.
- Sports Research Corporation
- NOW Health Group, Inc.
- Life Extension
- Designs for Health, Inc.
- SolaGarden Naturals
Key Market Segments
By Distributional Channel
- Supermarkets/Hypermarkets
- Specialty store
- E-commerce
By Application
- Nail-care
- Pharmaceutical
- Skin-care
- Hair-care
By Product Form
- Capsules
- Tablets
- Soft Gels
- Liquid
- Gummies
- Powders
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Thailand
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa,
- Saudi Arabia
- UAE
- Rest of LAMEA
For more information about this report visit https://www.researchandmarkets.com/r/87n4d4
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