Global Vitamin B3 Market is expected to foresee significant growth during the forecast period. North America to witness the highest growth
Global Vitamin B3 Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Vitamin B3 (Niacin), is a water-soluble B vitamin found naturally in some foods, added to foods, and sold as a supplement. The two most common forms of niacin in food and supplements are nicotinic acid and nicotinamide. Niacin is water-soluble so that excess amounts the body does not need are excreted in the urine. Niacin works in the body as a coenzyme, with more than 400 enzymes dependent on it for various reactions. Niacin helps to convert nutrients into energy, create cholesterol and fats, create and repair DNA, and exert antioxidant effects.
The demand for Vitamin B3 is witnessing an uptick on account of the emerging health consciousness among consumers to encourage the demand for healthier food choices, promulgation in demand for functional and nutritionally enriched processed food products, feed fortification due to a rise in global meat & dairy product consumption.
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Moreover, the rising prevalence of pellagra globally is leading to the growing demand for vitamin B3. According to the July 2020 Zimbabwe Vulnerability Assessment Committee (ZIMVAC) rural assessment, global acute malnutrition (GAM) prevalence increased from 3.6 %to 3.8%.
Moreover, the emerging number of cardiovascular diseases and cognitive health are some of the key factors, driving the growth of the market. As per Harvard, For more than 40 years, niacin in the form of nicotinic acid has been given to patients to treat a condition called dyslipidemia, a major risk factor for cardiovascular diseases (CVD) such as coronary artery disease, heart attack, and strokes.
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During the pandemic, a rise in health awareness among end-users has increased the demand for immunity-enhancing products/ medicines. As per the U.S. National Library of Medicine, some forms of Vitamin B3 such as nicotinamide are helpful for the therapy of severe acute respiratory syndrome coronavirus-2 infection. Also, diarrhea is a common symptom of COVID-19. Vitamin B3 helps in the prevention of diarrhea. Therefore, the demand for vitamin B3 skyrocketed during the pandemic.
Based on the Type, the market is mainly fragmented into Feed Grade, Pharmaceutical Grade. The Feed Grade segment dominated the market in 2020 and gathered XX% in 2020. Moreover, the segment is anticipated to maintain its dominance during the analyzed period. The demand for this segment several benefits such as improved metabolism, body process fats, carbohydrates, and amino acids in animals, etc., Also, it is essential for the health of the skin, bones, joints, mucous membranes, digestive system, and central nervous system.
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Additionally, the report provides detailed initiatives that are being taken in the field of Vitamin B3. The market is classified into distinct regions including North America (the U.S, Canada, Rest of North America), Europe (Germany, France, Spain, Italy, and United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, Australia, India, South Korea, and the Rest of APAC), Rest of World has been conducted. North America region dominated the market with US$ XX million in 2020. However, the Asia-Pacific region is expected to witness the highest CAGR during the forecast period on account of rising health awareness among end-users in the countries such as China, India, and Japan.
Global Vitamin B3 Market Segmentation
Market Insight, by Type
- Feed Grade
- Pharmaceutical Grade
Market Insight, by Form
Market Insight, by Source
Market Insight, by Application
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- 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
- The Chemical Co.