PANTOTHENIC ACID MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Pantothenic acid is an essential nutrient that is naturally present in foods, and available as a dietary supplement. Pantothenic acid is also called vitamin B5 and is a water-soluble vitamin. The main function of this water-soluble B vitamin is in the synthesis of coenzyme A (CoA) and acyl carrier protein. Pantothenic acid is widely consumed and used vitamin.

The global pantothenic acid market is estimated to surpass US$ 750.7 million by the end of 2028 in terms of revenue, exhibiting a CAGR of 6.2% during the forecast period (2021 to 2028).

Drivers

Overall health benefits pantothenic acid provides to the human body are driving the market growth. The pantothenic acid is largely used to cure diseases such as asthma, problems related to digestion, allergies and infections such as yeast infection, problems related to heart and others. The importance of pantothenic acid is it activates the metabolism in the body and breaks down the proteins, carbohydrates, and fats to produce energy in the body. The deficiency of pantothenic acid can cause various problems such as fatigue, depression, and infections related to the respiratory tract.

Among regions, Asia Pacific held dominant position in the global pantothenic acid market in 2020, accounting for 39.2% market share, in terms of revenue, followed by North America and Europe.

Figure 1. Global Pantothenic Acid Market Revenue Share (%), By Region, 2020

Market Restraints

Less awareness regarding health benefits associated with pantothenic acid in the emerging economies such as majority of African countries is expected to hamper the market growth over the forecast period.

Market Trends

The pantothenic acid is used in the fortification of several food products, infant nutrition, and animal feed. The rapidly increasing processed food industry, infant nutrition products, and animal feed products is creating a strong demand for pantothenic acid. Thus, players operating in this market are offering, pantothenic acid as a dietary supplement to prevent deficiency of vitamin B5, which is vital for the healthy living of an individual.

Figure 2. Global Pantothenic Acid Market – Opportunity Analysis

On the basis of form, global pantothenic acid market can be segmented into powder and tablets. Powder segment is expected to hold 64.8% of market share due to growing demand for powder pantothenic acid.  The importance of pantothenic acid is it activates the metabolism in the body and breaks down the proteins, carbohydrates, and fats to produce energy in the body.

Figure 3. Global Pantothenic Acid Market Revenue Share (%), By Form, 2020

Global Pantothenic Acid Market - Impact of Coronavirus (COVID-19) Pandemic

The global market for pantothenic acid has been impacted due to the ongoing COVID-19 pandemic. Several governments across the globe have imposed nationwide lockdowns to curb the spread of the virus, which resulted in the shutting down of businesses and ceasing of several economic activities. For instance, according to the International Monetary Fund’s 2020 report, the global economy had contracted sharply by 3.0% in 2020, which is worse than the 2008-09 financial crisis. Moreover, the reduced demand for fertilizers and pesticides has indirectly led to low demand for the humic sector across the agricultural sector. However, increasing demand for pharmaceutical drugs, nutritional, and dietary supplements is expected to increase demand for pantothenic acid across the pharmaceuticals sector.

Competitive Section

Key players operating in the global pantothenic acid market include Nutrina Co., Inc., Zhengzhou Sigma Chemical Co., Ltd., Watson Inc., Cayman Chemical, CHEM-BRIDGE Co., Ltd, Foodchem International Corporation, Koninklijke DSM N.V., RxList Inc., NOW Health Group, Inc., BASF SE, AccuStandard Inc., Merck KGaA, Toronto Research Chemicals, AcerChem International Inc., and Zhejiang Hangzhou Xinfu Pharmaceutical Co., Ltd.