Vitamin B3 Market: Current Analysis and Forecast (2021-2027)
$3999 – $7577
Emphasis on Type (Feed Grade, Pharmaceutical Grade); Form (Dry, Liquid); Form (Crystalized, Liquid, Power); Application (Beverage, Food Products, Health, Personal Care Products, Others); Region/Country
The demand for vitamin B3 is on the rise owing to the rising prevalence of conditions such as irritability, poor concentration, anxiety, fatigue, restlessness, apathy, and depression. An estimated 275 million people suffer from anxiety disorders. That’s around 4% of the global population, with a spread of between 2.5% and 6.5% of the population per country. Around 62% of those suffering from anxiety are female (170 million), compared with 105 million male sufferers. Moreover, as per the Anxiety & Depression Association of America, Anxiety disorders are the most common mental illness in the U.S., affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Anxiety disorders are highly treatable, yet only 36.9% of those suffering receive treatment in the United States.
Moreover, it was found that one chronic medical condition can cause B3 deficiency. Also, Crohn’s disease, which affects almost 800,000 Americans, can cause vitamin B3 deficiency. People who are underdoing dialysis treatment and patients with Cancer and HIV also have an increased risk of niacin deficiency. Due to which the demand for vitamin B3 is promulgating.
As per National Kidney Foundation, Over 2 million people worldwide currently receive treatment with dialysis or a kidney transplant to stay alive. Also, As per the National Institute of Diabetes and Digestive and Kidney Diseases, More than 661,000 Americans have kidney failure. Of these, 468,000 individuals are on dialysis.A rise in the number of disease-related to the skin, digestive system, and nervous system is leading to the growing demand for vitamin B3. As per a study, out of the 440 million acute noncancerous medical conditions reported in the United States annually, more than 22 million are for acute digestive conditions, with 11 million from gastroenteritis and 6 million from indigestion, nausea, and vomiting. Moreover, Almost 75% of people with mental disorders remain untreated in developing countries with almost 1 million people taking their lives each year. In addition, according to the World Health Organization (WHO), 1 in 13 globally suffers from anxiety. Vitamin B3 helps in reducing the prevalence of such problems.
Global Prevalence by Mental and Substance Use Disorder, 2020
Glanbia plc, Jubilant Life Sciences Ltd., Shandong Hongda Biotechnology Co., Ltd., Lonza Group AG, Jiangsu Brother Vitamin Co. Ltd., Lasons India, NutraScience Labs, Spectrum Chemical Mfg. Corp, Vertellus, and the Chemical Co., etc, are some of the prominent players operating in the Vitamin B3 market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
“Amongst Type, Animal Feed segment holds the significant share”
Based on the Type, the market is fragmented into Feed Grade and Pharmaceutical Grade. Vitamin B3 is essential for the health of the skin, bones, joints, mucous membranes, digestive system, and central nervous system. In animal feed additives, its main functions are to prevent skin lesions and digestive diseases, to promote animal growth, improve egg production and hatching rate, to ensure feather growth.
“Amongst Form, Liquid segment to dominate the market during the forecast period”
Based on the form type, the market is mainly fragmented into Dry and Liquid. The Dry segment grabbed XX% market share and captured US$ XX Mn in 2020. Moreover, the market of this segment is expected to proliferate with a CAGR of XX% in the forthcoming coming period of 2021-27. However, the liquid segment is expected to witness exhibit growth in coming years owing to the benefits such as less time to break down and be absorbed.
“Amongst Sources, Artificial segment grabbed Major Market share in 2020”
Based on sources, the market is mainly fragmented into Natural and Synthetic. In 2020, the synthetic segment grabbed the major market share and dominated the market. The segment gathered an XX% revenue share in 2020.
Amongst Application, Beverage segment grabbed Major Market share in 2020”
Based on Application, the market is mainly fragmented into pharmaceuticals, Nutrition, Consumer, and Agrochemical. In 2020, the pharmaceutical segment grabbed XX% market share. The segment gathered an XX% revenue share in 2020. The Nicotinic Acid form of Vitamin B3 is used medically to treat and prevent Vitamin B3 deficiency (pellagra) and to lower the blood cholesterol levels of patients with high cholesterol levels.
“North America represents one of the largest markets of Vitamin B3 market”
For a better understanding of the market dynamics of the Vitamin B3 market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated revenue of US$ XX Million in 2020 owing to the change in lifestyle and prevalence of lifestyle diseases such as cardiovascular disease, obesity, and Diabetes. Moreover, the inclination toward living a healthy life is leasing to the growing consumption of supplements including vitamin B3.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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1.1. Market Definitions
1.2. Objective of the Study
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Vitamin B3 Market Study
2.1. Research Methodology for the Global Vitamin B3 Market
2.1.1. Main Objective of the Global Vitamin B3 Market
7.1. Feed Grad
7.2. Pharmaceutical Grade
|11.1.||North America Vitamin B3Market|
|11.1.3.||Rest of North America|
|11.2.||Europe Vitamin B3Market|
|11.2.6.||Rest of Europe|
|11.3.||Asia Pacific Vitamin B3Market|
|11.3.6.||Rest of Asia Pacific|
|11.4.||Rest of the World Vitamin B3Market|
12.1. Market Drivers
12.2. Market Challenges
12.3. Impact Analysis
13.1. Demand Side Analysis
13.2. Supply Side Analysis
13.2.1. Top Product Launches
13.2.2. Top Business Partnerships
13.2.3. Top Merger & Acquisitions
17.1. Porter’s Five forces analysis
17.1.1. Bargaining power of Supplier
17.1.2. Bargaining power of Buyer
17.1.3. Industry Rivalry
17.1.4. Availability of Substitute
17.1.5. Threat of new Entrants
18.1. Glanbia plc
18.1.1. Key Facts
18.1.2. Business Description
18.1.3. Key Product/Services Offerings
18.1.4. Growth Strategy
18.1.5. SWOT Analysis
18.1.6. Key Financials
18.1.7. Recent Developments
18.2. Shandong Hongda Biotechnology Co., Ltd.
18.3. Lonza Group AG
18.4. Jiangsu Brother Vitamin Co. Ltd.
18.5. Lasons India
18.6. NutraScience Labs
18.7. Spectrum Chemical Mfg. Corp
18.8. Jubilant Life Sciences Ltd
18.10. The Chemical Co.
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Vitamin B3 Market were the three major steps undertaken to create and analyze the demand for Vitamin B3 across major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Vitamin B3 market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/ bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detailed secondary study was conducted to obtain the historical market size of the Vitamin B3 through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Vitamin B3 market, we conducted a detailed secondary analysis to gather historical market insights and share for different brewery sizes and Forms for major regions. Major segments included in the report areType, Form, Source, and Application. Further region and country-level analyses were conducted to evaluate the overall adoption of Vitamin B3 across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Vitamin B3. Further, we conducted factor analysis using dependent and independent variables such as surging health awareness, the prevalence of Skin diseases, need for supplements, etc., A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Vitamin B3 industry across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Vitamin B3 market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weightage was assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. bottom-up/ top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of Vitamin B3 across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the Vitamin B3 market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Vitamin B3 market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Type, Form, Source, and Application of the Vitamin B3 market.
Main Objective of the Vitamin B3 Market Study
The current & future market trends of Vitamin B3 were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of Vitamin B3 in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, form, source, and application
- Define and analysis of the regulatory framework for the Vitamin B3 industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Vitamin B3 market for the major countries
- The major region studied in the report includes North America, Europe, Asia- Pacific and Rest of the World.
- Company profiles of the Vitamin B3 market and the growth strategies adopted by the market players to sustain in the fast-growing market
Deep dive regional level analysis of the industry