Global Vitamin B3 Market, By Product ((Pharmaceutical Grade, Feed Grade), Applications (Feed Additives, Food and Drinks Industry, Pharmaceutical Industry, Daily Chemicals), Country (U.S., Canada, Mexico, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Vitamin B3 Market
The vitamin B3 market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with the CAGR of 5.40% in the forecast period of 2021 to 2028. The rising significance of the product in the various end user industries is escalating the vitamin B3 market growth.
Niacin (vitamin b3) also known as nicotinic acid refers to an organic compound and is known to be as one of the 20 to 80 essential human nutrients. On combining with nicotinamide, it forms the group of vitamin B3 complex. It consists of C6H5NO2 and categorized under the pyridine carboxylic acids. It is present in many processed foods having a higher content of tuna, salmon, fortified packaged foods and in certain vegetables. Niacin supplements are highly beneficial to people suffering from high blood cholesterol and niacin or vitamin B3 deficiency. The vitamin is crucial for the body and its deficiency can cause skin and mouth lesions, nausea, anemia, headaches and tiredness.
The production of various forms of niacin and niacinamide such as powder, granular and liquid and their extensive application in numerous industries including human nutrition, pharmaceuticals, animal nutrition and cosmeceuticals among others act as the major factors driving the growth of vitamin B3 market. The rise in initiatives taken by the manufacturers to enhance the application area of niacin and niacinamide, strategic product development and the benefits offered by niacin and niacinamide against number of diseases accelerate the vitamin B3 market growth. The rise demand for functional and nutritionally enriched processed food products, increasing vitamin B3 deficiency cases among population and feed fortification because of surge in global meat and dairy product consumption influence the vitamin B3 market. Additionally, expansion of food and beverage sector, growth in consumer awareness regarding the benefits of the product, increasing healthcare expenditure, growing demand for cosmeceutical products, inclination of consumers towards healthy eating styles and surge in disposable income of people positively affect the vitamin B3 market. Furthermore, the development in product and its application extends profitable opportunities to the vitamin B3 market players in the forecast period of 2021 to 2028.
On the other hand, establishment of regulatory control on supplement usage limit, lack of ingredients and volatile prices are factors expected to obstruct the vitamin B3 market growth. The rise in concerns regarding the side effects associated with niacin and environmental impact resulting in changes in regulatory policies are projected to challenge the vitamin B3 market in the forecast period of 2021 to 2028.
This vitamin B3 market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on vitamin B3 market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Vitamin B3 Market Scope and Market Size
The vitamin B3 market is segmented on the basis of product and applications. The vitamin B3 market growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of product, the vitamin B3 market is segmented into pharmaceutical grade and feed grade.
- On the basis of applications, the vitamin B3 market is segmented into feed additives, food and drinks industry, pharmaceutical industry and daily chemicals.
Global Vitamin B3 Market Country Level Analysis
The vitamin B3 market is analyzed and market size, volume information is provided by country, product and applications as referenced above.
The countries covered in the global vitamin B3 market report are the U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Europe dominates the vitamin B3 market because of the increasing DCS incidences in dairy cattle, presence of key market players, rising instance of childhood obesity and unhealthy food consumption patterns. Asia-Pacific is expected to witness the significant CAGR during the forecast period of 2021-2028 because of the rising health consciousness among consumers, growing incidences of chronic diseases such as cancer, diabetes, high blood pressure and osteoporosis, high prevalence of vitamin B3 deficiency among the population and high adoption of vitamin-infused product categories including agrochemicals, consumer, pharmaceuticals and nutrition among others.
The country section of the vitamin B3 market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Vitamin B3 Market Share Analysis
The vitamin B3 market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to vitamin B3 market.
The major players covered in the vitamin B3 market report are Lonza, Jubilant Life Sciences Limited, Vertellus, brother enterprises, Zhejiang Lanbo Biotechnology Co.,Ltd, Lasons, Vanetta, DSM, Tianjin Zhongrui Pharmaceutical, Resonance Specialties Limited, Shandong Hongda Biological Technology Co., Ltd, DSM, BASF SE, Evonik Industries, SABIC, Bayer AG, Exxon Mobil Corporation among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.