Price increases exceed 60%! The situation in the Middle East is "driving up" calcium pantothenate, which may benefit manufacturer performance

Questioning AI · How does the Middle East situation catalyze a chain reaction of rising vitamin prices?

The supply chain disruptions caused by the Middle East situation are ongoing. Recently, prices of Vitamin A (VA), Vitamin E (VE), and Calcium Pantothenate (VB5) have risen significantly, with some increases exceeding 50%.

According to the latest quotes from the Vitamin Platform, from March 5 to 16, VE prices increased from 67 yuan/kg to 82 yuan/kg, a 53.2% rise; VA prices went from around 62 yuan/kg to about 95 yuan/kg, a 22.4% increase; Calcium Pantothenate prices rose from 40 yuan/kg to 65 yuan/kg, a 62.5% jump.

Recent feed-grade vitamin price increases Data source: Today’s Vitamins Chart: Wang Liying

Journalists note that as early as 2024, following the explosion at BASF’s Ludwigshafen plant in Germany, the global supply pattern for VA and VE was significantly impacted, with effects lasting into 2025. Now, with the Middle East conflict crisis added to the mix, the vitamin sector is once again seeing price hikes.

According to data from ZhuoChuang Information, as of mid-March 2026, the reference price for Calcium Pantothenate has risen to between 40 yuan/kg and 42 yuan/kg, showing a clear rebound from previous lows.

A distributor told reporters that after conflicts erupted in the Middle East, even before some leading companies issued official price increase notices, vitamin prices in the market had already risen. The most typical example is Calcium Pantothenate. In early January, some order prices were as low as 35 yuan/kg, but by March 9, quotes from different suppliers began to diverge—some doubled, some even exceeded 100 yuan/kg—indicating tightening supply.

Analysts believe that the continuous rise in raw material prices for vitamins, combined with stable sales, could directly benefit companies’ performance this year.

Journalists found that the largest suppliers of Calcium Pantothenate include Yifan Pharmaceutical (002019), Brothers Technology (002562), and Xinhecheng. If Calcium Pantothenate prices surge significantly, these raw material manufacturers are likely to see direct benefits.

During the pandemic, Calcium Pantothenate prices once hit a daily increase of nearly 42%. From late 2021 to early 2022, prices soared from a low of 75 yuan/kg to between 320 and 360 yuan/kg, a total increase of 327%–380%. Notably, on January 13, 2022, prices jumped from 162 yuan/kg directly to 230 yuan/kg, attracting widespread market attention.

Vitamin raw materials mainly come from petrochemical raw materials and agricultural crops like corn and soybeans. About 70% of Calcium Pantothenate is used as a feed additive, especially in pig feed and aquaculture. The key intermediate—Pantothenic Acid Lactone—depends on isobutyraldehyde for production. In 2021, due to limited capacity increases in isobutyraldehyde from butanol plants and strong downstream demand for 1,4-butanediol, prices surged above 18,000 yuan/ton, raising overall production costs.

The ongoing Middle East conflict continues to intensify, with upstream and downstream prices in the chemical industry already showing layered increases. Will Calcium Pantothenate prices surge again?

According to public data, Yifan Pharmaceutical is a global leader in Calcium Pantothenate, with its subsidiary Xinfu’s existing capacity around 8,000 to 8,600 tons per year, accounting for over 40% of the global market. By 2026, capacity is expected to expand to 12,000 tons, solidifying its dominance. Some analysts believe that the current industry average cost for Calcium Pantothenate is about 45 yuan/kg; if prices rise to 100 yuan/kg, Yifan Pharmaceutical could see an additional profit of 600 million yuan.

The second-largest manufacturer is Brothers Technology, which has a capacity of 4,000 tons and is also developing in-house production of Pantothenic Acid Lactone, improving cost control.

Industry analysts told reporters that, from a cost perspective, upstream chemical raw materials and oil prices are rising due to ongoing geopolitical conflicts, leading to longer delivery times for Calcium Pantothenate producers and increased cost transfer pressure. Meanwhile, supply constraints have further driven prices upward, with mainstream manufacturers generally adopting pause-and-quote strategies since early March, significantly increasing market attention.

A research report from China Post Securities states that current prices of vitamin raw materials are at historically low levels, with strong industry-led production controls and price increase intentions. As a follow-up to other price hikes, Calcium Pantothenate’s price trend has begun to rise.

From the supply chain transmission perspective, this round of price increases is highly sustainable. Calcium Pantothenate is mainly used as a feed additive, with a relatively low proportion in downstream breeding costs, so downstream customers are less sensitive to price changes, allowing upstream price increases to pass through smoothly. Additionally, geopolitical factors like the Red Sea situation have caused global shipping capacity to tighten, raising ocean freight costs and further increasing the landed cost of Calcium Pantothenate.

Reporter: Wang Liying

Text Editor: Zhang Juncai