Vitamin B1 Price Trend and Forecast

Vitamin B1 Regional Price Overview

Get the latest insights on price movement and trend analysis of Vitamin B1 in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Vitamin B1 Price Trend for the Q3 of 2024

Asia

In Asia, particularly in China, which is the world’s largest producer and exporter of Vitamin B1, prices saw steady growth throughout the quarter. The heightened demand from domestic and international markets, coupled with limited production capacities, contributed to this upward momentum.
 

Vitamin B1 Price Chart

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Seasonal factors also played a significant role. The Mid-Autumn Festival in September and the Golden Week holiday in early October led to reduced production levels as many businesses scaled down operations or temporarily shut down. This holiday-induced slowdown further tightened the supply of Vitamin B1, adding to the price pressure. Additionally, concerns about potential shipping delays and distribution challenges during these periods prompted buyers to stock up in advance, further exacerbating supply constraints.

Europe

In Europe, Vitamin B1 prices experienced similar trends, reflecting the global market dynamics. European buyers faced increased costs due to the limited availability of Vitamin B1 from China, the primary supplier for the region. The European Central Bank’s decision to cut interest rates in September in response to slowing inflation and weak economic growth did provide some financial relief to consumers and businesses. However, this monetary easing did little to offset the rising costs of imported goods, including Vitamin B1.

The supply chain disruptions from Asia, combined with steady demand from the healthcare and nutraceutical sectors, ensured that prices remained elevated in European markets. Moreover, with the holiday season approaching, many European buyers rushed to secure Vitamin B1 stocks, anticipating potential shortages later in the year, which sustained the upward pressure on prices.

North America

In North America, the Vitamin B1 market was similarly affected by global supply dynamics and domestic demand trends. The U.S. saw a surge in imports during the summer, as retailers and distributors sought to mitigate the risks associated with potential port worker strikes and shipping disruptions caused by geopolitical tensions, such as attacks in the Red Sea. This precautionary move by U.S. retailers, aimed at ensuring sufficient stock levels ahead of the holiday season, contributed to the heightened demand for Vitamin B1 and further drove up prices. As a result, Vitamin B1 prices in North America remained on an upward trajectory throughout the quarter.

Analyst Insight

According to Procurement Resource, the price trend of Vitamin B1 is expected to exhibit a positive trend as the ongoing supply disruptions and rising cost of production will reflect well in the pricing trajectory of the commodity.
 

Vitamin B1 Price Trend for the Q2 of 2024

Asia

The Asian price trajectory for Vitamin B1 or thiamine was largely stable during the second quarter of the year 2024. The prices were found wavering within very confined limits. A stable and largely equaled interchange between supplies and demands led to stability in Asian markets.

Domestically, the downstream demands from health and nutraceutical sectors kept the demand spectrum upward facing for the most part. A general interest in healthcare has risen in recent times. Especially in the post-pandemic world, people have grown more aware of immunity and fitness. Therefore, the supplement and nutraceutical markets witnessed a rising interest. However, the inventories were able to support these consumer patterns. Overall, a stable price trajectory was witnessed in Q2’24.

Europe

The European Vitamin B1 market mimicked the variations in the Chinese markets during the given quarter of the year 2024. Consumer interest was the key driver here as well. However, a stable upstream dynamic kept the price variation confined. In the European markets, the ongoing geopolitical disturbances were also affecting the domestic economic situation. Since the Russian war entered its third year, the trade dynamics could not be desirably simplified. A slight dip in crude oil costs this time around also helped the Vitamin B1 market sustain its momentum.

North America

In the American Vitamin B1 market the pricing situation was not much different from the Asian and European counterparts. The overall price performance was pretty moderate here as well. Supply and demand outlooks exhibited firmness. Offshore trade was a little off, however, the domestic dynamic was relatively modest throughout the entire span of Q2’24. Overall, a humble market run was witnessed in the case of Vitamin B1 in the American markets.

Analyst Insight

According to Procurement Resource, Vitamin B1 prices are expected to remain range-bound in the coming months as well. Current market projections do not suggest much change in market dynamics moving forward.
 

Vitamin B1 Price Trend for the Q1 of 2024

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Asia

The market trends for vitamin B1 in the Asian region were quite optimistic and profound. The price trajectory was mostly seen following the demand trajectory of the regional markets throughout the said period. The pharma and dietary supplement sectors helped grow the market momentum as they offered consistent growth in the downstream demands. The animal feed markets were another avenue that helped grow the vitamin B1 market in Asia.

Both India and China saw positive fluctuations in the price graphs as the domestic markets were able to support the price dynamics well in the given region. Other than the stable downstream trajectory, the growing upstream costs also helped in pushing the prices up.

The consistent growth of energy and processing costs in the international markets uplifted the suppliers’ confidence even more. In China, several manufacturing plants also underwent maintenance shutdowns amidst existing holidays in the wake of the Chinese New Year. Thus, a little supply tightening was also experienced temporarily in the Chinese domestic market.

Europe

In Europe, the price incline was subjected to the rising inflation in the region. There was a surge in market demands from the healthcare and other sectors. However, a swift devaluation of the Euro in front of the US dollar also uplifted the commodity prices substantially in the regional markets.

The suppliers were watching the markets closely since the upstream costs were ticking up for them. However, the stable and supportive demand trajectory helped them maintain a stable and growing supply and demand dynamics. Overall, an optimistic performance was witnessed in Q1’24.

North America

The American vitamin B1 market was no different than its Asian and European counterparts. The market performance was borderline positive here as well. The issues in the global supply chains with two open war fronts in Europe and the Middle East were affecting the suppliers’ sentiments immensely in the region. The healthy consumption did placate the heat of rising production costs a little. The price trajectory remained moderately inclined for the majority of the said duration.

Analyst Insight

According to Procurement Resource, Vitamin B1 price trends are likely to remain positively inclined in the coming months; the market indicators suggest a moderate outcome going forward.
 

Vitamin B1 Price Trend for the October - December of 2023

Asia

According to the state of downstream food and beverages industries, China's manufacturing sector incurred consecutive declines in the last quarter of 2023. The factories were struggling with decreased demand, which further posed difficulties for the country's economic recovery.

The regional vitamin B1 companies registered notable individual obstacles, such as a decline in orders from overseas and insufficient support from the home market. Prices further declined as a result of domestic manufacturers and suppliers having more vitamin B1 in stock than there is demand for.

Europe

A marginal fall in the prices of vitamin B1 in Europe, especially Germany, was based on the shrinkage of the economy in the last quarter of 2023. After achieving a steady state, the German demand for vitamin B1 registered an unexpected fall, highlighting worries about an impending recession.

At the conclusion of the quarter, the companies reported a significant rise in manufacturing costs, primarily due to higher average costs, signaling a spike in inflationary pressures. This cost increase caused vitamin B1 prices to decline.

North America

The scenario of the US vitamin B1 prices was no different from the rest of the world. The vitamin B1 market momentum fell short in front of an excessive rise in the cost of raw materials and fluctuating consumer sentiments. The region also incurred a loss of trade on account of drought-like conditions in the Panama Canal and port congestion on the rest of the freight routes. Additionally, the traders lowered their quoted prices of vitamin B1 in view of rising stockpiles, which proved fatal for the vitamin B1 price trend.

Analyst Insight

According to Procurement Resource, the price trend of Vitamin B1 are estimated to be based on the market trajectory of downstream food and feed industries and the dynamics of global export and import.
 

Vitamin B1 Price Trend for the July - September of 2023

Asia

The depreciation of the Chinese economy and the rise in unemployment had an adverse effect on the vitamin B1 price trend. During the third quarter, the overseas industries also presented weak rates of procurement and drove the vitamin B1 price trend in the southward direction. Additionally, the domestic nutraceutical and pharmaceuticals sectors also faced the ill effects of poor economic conditions resulted in the downfall of the vitamin B1 price trend.

Europe

The European countries failed to maintain the required momentum of vitamin B1 price trend as the suppliers had to lower their price quotations in view of the muted demand from European as well as overseas industries.

The global slowdown in the pharmaceutical sector and struggling regional market also exerted its negative influence and kept the vitamin B1 price trend in the negative zone. Further, the weak condition of the economy and monetary measures taken by the banking units restricted the spending budget of the consumers.

North America

The excessive supply of vitamin B1 in North America and feeble rates of procurement from the downstream industries created a disbalance in the supply-demand equilibria. The third quarter failed to meet the expectations and conditions required to balance these sectors, and as a result, vitamin B1 moved downwards. The region also recorded striking rates of inflation, putting excessive pressure on the trading sector and negatively affecting the vitamin B1 price trend.

Analyst Insight

According to Procurement Resource, the price trend of  Vitamin B1 are estimated to follow a southwards trajectory as the negative demand and economic challenges will hamper the growth of vitamin B1 markets.
 

Vitamin B1 Price Trend for the First Half of 2023

Asia

Vitamin B1, also known as Thiamine, is an essential vitamin that is important for glucose regulation in the human body. It is a commonly used dietary supplement in the pharmaceutical and nutraceutical industries. The Asian market experienced a mixed price pattern for Vitamin B1 in the first two quarters of 2023. Quarter one started to slow in the Chinese market since the manufacturing industries were struggling to stand up again in the post-lockdown times.

The foreign purchases had also declined significantly, posing more hurdles in the way. However, the second quarter experienced some relief as the prices started moving up again. The inflationary pressure was released a little, and the inventories were running out of products to support the market demands. So, with a rise in domestic as well as global demands, the Vitamin B1 price trend inclined in the second quarter.

Europe

The European Vitamin B1 market started with heavy fluctuations in the first quarter. With the disturbed trade fundamentals, the market was struggling to keep its momentum, even though the end consumer demands for Vitamin B1 were regular and steady. But as the second quarter arrived, the price curve almost plateaued since the supplies had also become somewhat regular. The second quarter was better than the first for Vitamin B1 market trend.

North America

Replicating the global market trend, the Vitamin B1 prices wavered in the first quarter and stood up in the second quarter of H1’23. The market was driven by the downstream demands from the pharma and healthcare sectors primarily.

Analyst Insight

According to Procurement Resource, with the given rise in production activities, the inventories are likely to rise for Vitamin B1, and thus, the price trend are likely to maintain their positive outlook.

Procurement Resource provides latest prices of Vitamin B1. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.