Biotin Supplement Market Expected to Reach $1.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Biotin Supplement Market," 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.

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.

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.

Rise in demand for organic food can hamper the growth of the market since many food contain some biotin. Anyone can get recommended amounts of biotin by eating a variety of food, including meat, fish, eggs, and organ meats (such as liver), seeds, and nuts. The surge in the growth for organic food market may hamper the biotin supplement market demand since according to the report of the National Institutes of Health Office of Dietary Supplements biotin, a B vitamin, is an essential nutrient that is naturally present in some food so if one consumes food the one does not require biotin supplements.

Animal-based protein sources like beef liver, chicken liver, salmon, and eggs have a high biotin content, and rise in demand for organic animal-based protein and surge in health consciousness coupled with increase in awareness regarding healthy food habits among the global population is encouraging consumers to choose organic food products, which can hamper the growth of the market. Rise in alcohol consumption is expected to create a biotin supplement market opportunity as alcoholism can lead to biotin deficiency.

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. 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 older7 (5.3% of this age group) had alcohol use disorder (AUD). This number includes 9.0 million men7 (6.8% of men in this age group) and 5.5 million women7 (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 biotin supplement market growth. The biotin supplement market analysis is done on the basis of product form, distributional channel, application, and region. By product form, the market is divided into capsules, tablets, soft gels, liquid, gummies, and powders. By distributional channel, the market is further divided into supermarkets, specialty stores, and e-commerce. By application, the market is classified into pharmaceuticals, skin-care, health-care, and nail-care. By region, the market is analyzed across North America (U.S., Canada, Mexico), Europe (France, Germany, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, and rest of LAMEA).