Global Biotin Supplement Market Opportunity Analysis and Forecasts 2021-2022 & 2023-2031: $1.4 Bn Market Set to Soar with Increasing Focus on Hair, Skin, and Nail Care - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--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 biotin supplement market was valued at $583.36 million in 2021, and is estimated to reach $1.4 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.

B-7 vitamin popularly known as biotin is an essential nutrient that is a water-soluble vitamin and is naturally present in some food and available as a dietary supplement. It helps in curing biotin deficiency along with the care of hair, skin, and nail.

Key factors driving the growth of the biotin supplements market include a rise in awareness regarding the biotin supplements, increased costs of healthcare, and an increase in the preference of biotin supplements in daily diet. The actual costs of providing services related to the delivery of health care, including the costs of procedures, therapies, and medications known as healthcare costs.

There is a surge in healthcare costs. Public healthcare costs are influenced by Inflation because it affects the prices of goods and services including costs of health-related materials. People are shifting toward biotin supplements to keep them healthy so they can avoid healthcare expenses with the rise in healthcare costs. Costs have been increasing and are expected to continue rising over the next few years.

The number of online pharmacies is rapidly increasing around the world. Consumers can take advantage of various offers and discounts from online pharmacies such as Apollo, Netmeds, Pharmeasy, and others. A surge in the number of online pharmacies will provide opportunities for market growth. The market is expected to grow at a compounded rate of 44% to $4.5 billion by 2025. Such an increase in e-pharmacies is expected to create a significant opportunity for market growth.

The market also offers growth opportunities to the key players in the market. Biotin deficiency can be found majorly in alcoholic people. As per the report of Harvard T.H. Chan School of Public Health, alcoholism can increase the risk of biotin deficiency and many other nutrients as alcohol can block their absorption, and also because alcohol abuse is generally associated with poor dietary intake.

The rise in alcoholism among the global population is expected to create a growth opportunity for the market. According to the report of the National Institute on Alcohol Abuse and Alcoholism, in the U.S., 14.5 million (nearly 15 million) people ages 12 and older (5.3% of this age group) had alcohol use disorder (AUD).

This number includes 9.0 million men (6.8% of men in this age group) and 5.5 million women (3.9% of women in this age group) in 2019. According to the report of Our World in Data organization globally, 107 million people are estimated to have an alcohol use disorder. Such a huge number of alcoholic disorders can lead to biotin deficiency in people which is expected to boost the growth of the biotin supplements market.

North America is the second major market for biotin supplement market owing to rise in consumption of healthy food as well as rise in need for nutritious supplements. The National Institute of Health U.S., stated that U.S. sales of all dietary supplements totaled an estimated $55.7 billion in 2020, including $21.2 billion for all supplements containing vitamins, minerals, or both. Such huge expenditure on dietary supplements is expected to propel the growth of the biotin supplements market in North America.

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 Research 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 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/6maqgx

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