In 2023, the import of Vitamin B1 to Canada stood at 6.9692 million US dollars. Over the past decade, the yearly variation has shown significant fluctuations. From a growth of 7.59% in 2014 to a substantial increase of 36.71% in 2016, the pattern indicates a volatile market. The last two years saw a decrease of 6.02% in 2022 and a minor rise of 3.2% in 2023. Calculating the average yearly growth, the CAGR over the past five years was -1.32%. Looking ahead, from 2024 onwards, the market is forecasted to grow at a CAGR of 2.33%, leading to a projected value of 8.1374 million US dollars by 2028.
Future trends to watch for:
• Economic conditions impacting import capacities
• Health and wellness trends boosting Vitamin B1 demand
• Changes in international trade policies and tariffs
• Innovation in supplement formulations
