Unlocking Growth : The Future of Biotin Supplement Market & Its Business Impact
The biotin supplement market size was valued at $583.36 million in 2021, and biotin supplement market forecast is estimated to reach $1.4 billion by 2031, growing at a CAGR of 9.1% from 2022 to 2031.
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Vitamin B7 popularly known as biotin is a water-soluble member of the vitamin-B family. Biotin is an essential nutrient that is naturally present in some food and also available as a supplement. Biotin supplements are used to cure biotin deficiency and are also used for skincare, haircare, and nail care. Animal-based protein sources like beef liver, chicken liver, salmon, and eggs have a high biotin content. These supplements should be taken only after the consideration of the doctor as they can interfere with certain lab tests.
The rise in awareness regarding vitamin supplements is expected to propel the growth of the biotin supplements industry. According to the report of the National Library of Medicine in the U.S., approximately 68% of adults use dietary supplements in 2019. Such huge usage of dietary supplements coupled with rise in awareness regarding the health benefits of dietary supplements is expected to drive the biotin supplement industry.
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According to the Indian Journal of Medical Research (IJMR), around 33% of the population in the U.S. and several major nations of Europe like Denmark, the UK, and Sweden regularly consume dietary supplements and vitamin supplements which is expected to boost the biotin supplement market share. The rise in healthcare costs is expected to propel the biotin supplement market size since there is a surge in healthcare costs which resulted in populations limelight on biotin supplements to reduce healthcare expenses. According to an article by the National Library of Medicine, healthcare cost is directly affected by macroeconomic indicators because an increase in income levels of a country allows governments to increase their revenue through tax.
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 vitamin supplements to keep them healthy so they can avoid healthcare expenses with the rise in healthcare costs. According to the report of the Tennessee Advisory Commission on Intergovernmental Relations, in the U.S., healthcare is expensive. There has been a surge in the healthcare costs and same is expected in near future. From 2017 to 2018, spending increased by 4.6% to a total of $3.6 trillion, or $11,172 per person, and it is expected to rise from 17.7% of gross domestic product (GDP) in 2018 to 19.7% in 2028-almost one of every five dollars spent in the U.S. Thus, the rising healthcare costs along with rising inflation rates are key biotin supplements markt trends.
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Key Players: Sports Research Corporation, Life Extension, SBR Nutrition, Doctor's Best, Inc., Nestle S.A., NOW Health Group, Inc., Nutraceutical Corporation, SolaGarden Naturals, Zenwise, LLC, Vytalogy Wellness, L.L.C., Designs for Health, Inc.
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