by The global pyridoxine hydrochloride (vitamin B6) market is mainly driven by increasing demand for nutritional feed supplements from the rapidly expanding animal feed industry. Pyridoxine hydrochloride, also known as pyridoxine HCl or pyridoxol hydrochloride, is an important water-soluble vitamin and acts as a cofactor for many enzymatic reactions in the body. It plays a critical role in protein, fat and carbohydrate metabolism. Pyridoxine hydrochloride finds wide applications as a feed additive in poultry, livestock, aquaculture and pet food owing to its vital role in metabolism and cell formation.
The global pyridoxine hydrochloride market is estimated to be valued at US$ 215.4 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The rising demand from the animal feed industry is projected to drive the global pyridoxine hydrochloride market during the forecast period. As per the statistics, global meat consumption reached 348 million tons in 2021 and is further expected to grow at a CAGR of 2.5% from 2022 to 2030. This increasing appetite for meat and meat products has led to rapid expansion of the animal farming industry. Pyridoxine hydrochloride plays a vital nutritional role in the development and growth of various livestock and poultry species. It is commonly added to feed formulas for pigs, poultry, cattle, fish and companion animals. Thus, surging demand for meat from emerging nations coupled with the growing awareness about nutritional fortification of animal feed are estimated to propel the demand for pyridoxine hydrochloride over the next eight years.
Segment Analysis
Pyridoxine Hydrochloride (Vitamin B6) market is dominated by pharmaceutical grade segment. This segment accounts for more than 60% of the total market share. Being one of the most stable form of vitamin B6, pyridoxine hydrochloride form is highly preferred for manufacturing vitamins, supplements and other pharmaceutical formulations where high purity and stability is important.
PEST Analysis
- Political: The growth of Pyridoxine Hydrochloride market is influenced by stringent regulations regarding purity, testing and production of vitamin supplements.
- Economic: Rising disposable income and growing health awareness is increasing the demand of vitamin and mineral supplements which is fueling the growth of Pyridoxine Hydrochloride market.
- Social: Increasing prevalence of vitamin B6 deficiency diseases and growing focus on preventive healthcare is positively impacting the adoption of dietary supplements containing Pyridoxine Hydrochloride.
- Technological: Advancements in fermentation and extraction technologies have improved the production process and yield of Pyridoxine Hydrochloride which is helping key players to reduce production costs.
Key Takeaways
The global Pyridoxine Hydrochloride market is expected to witness high growth over the forecast period.
Asia Pacific region accounts for more than 40% of the total market share and is expected to emerge as the fastest growing regional market owing to rising health supplements consumption in China and India.
Key players operating in the Pyridoxine Hydrochloride market are Tianxin Pharmaceutical,DSM,Hegno,Sentai,Guangji Pharmaceutical,Acebright Pharmaceuticals Group,BASF SE,Huazhong Pharmaceutical,HuiSheng Pharma,Nanjing Pharmaceutical. Tianxin Pharmaceutical and DSM collectively account for over 30% of the total market share due to their strong brand presence and wider distribution network across various countries.
