Vitamin B3 Market – Development and Trends to 2025


Posted January 8, 2021 by mitakumar2

Factors such growth in demand for functional and nutritionally enriched processed food products, feed fortification due to a rise in global meat & dairy product consumption, Prevalence of vitamin B3 deficiency has driven the market
 
The increase in the production of compound feed is one of the major driving factors for the Vitamin B3 market

The global Vitamin B3 size is estimated to be valued USD 330 million in 2020 and is expected to reach a value of USD 373 million by 2025, growing at a CAGR of 2.5% during the forecast period.

Vitamin B3 is an essential micronutrient commercially available in natural and synthetic forms; it is used in pharmaceutical, nutrition, consumer, agrochemicals, and other applications for enrichment or fortification purposes, to enhance the nutrient value of the end products.. The growth of this market is attributed to the rise in demand for functional and nutritionally enriched processed food products and the prevalence of vitamin deficiencies. The constrained supply of raw materials for natural vitamins and high costs are restraining market growth.

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The feed grade segment is projected to grow at the highest CAGR between 2020 and 2025

For feed grade application in broilers, vitamin B3 is used to partly correct leg problems while still maintaining rapid weight gains. Whereas in swine, niacin supplementation before slaughter appears to improve pork quality. Vitamin B3 in dairy cattle has several beneficial effects. It improves digestive health, which can lead to better body condition and may prevent metabolic disorders. Vitamin B3 appears to increase the fertility of dairy cows and may increase milk yield in the early stages of lactation. Vitamin B3 feed grade in dogs is often prescribed to treat discoid lupus erythematosus, an autoimmune disease in which the body becomes allergic to the skin, resulting in crusting, sores, and pigment loss around the nose, eyes, ears, and paws.

Natural segment is projected to grow at the highest CAGR between 2020 and 2025

Natural vitamin B3 is extracted from products such as fish oils or lemongrass, yeast, citrus or berries, fish oils, vegetable oils, and leafy green vegetables, respectively, and have several health benefits associated, including their better retention in the body that serves as a positive factor for the popularity of naturally sourced vitamins. However, natural vitamin B3 is easily prone to oxidation and requires a stabilizer, usually a chemical, to maintain quality. Nevertheless, there is a continuous focus of vitamin manufacturers to innovate and help address consumer preferences for natural ingredients.

The pharmaceutical segment, projected to grow at the highest CAGR between 2020 and 2025

Vitamin B3 has considerable scope in pharmaceutical applications, mainly due to the growing focus of health-conscious consumers regarding preventive healthcare. Vitamin B3 (niacin) is known for its antihyperlipidemic action. Antihyperlipidemic agents are a diverse group of pharmaceuticals that are used in the treatment of high levels of fats (lipids), such as cholesterol, in the blood (hyperlipidemia). The demand for vitamin B3 is further witnessing an increase due to the high prevalence of vitamin deficiencies in both developed and developing countries.

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Asia Pacific market for Vitamin B3is projected to grow at the highest CAGR during the forecast period

The rising health consciousness among consumers in the Asia Pacific due to the growing incidences of chronic diseases, such as cancer, diabetes, high blood pressure, and osteoporosis, has been fueling the market growth for vitamin B3. Also, there is a high prevalence of vitamin B3 deficiency among the population, which has led to the high adoption of vitamin-infused product categories, such as nutrition, agrochemicals, consumer, pharmaceuticals, and others.

The market in this region is majorly driven by India and China, which are the largest producer, exporter, and consumer of vitamins. Additionally, the rise in incomes, increase in purchasing power, and significant consumer demand for nutritional & healthy products are driving the consumption of vitamins in various industries in the region. In the process of determining and verifying the market size for several segments and sub-segments gathered through secondary research, extensive primary interviews have been conducted with the key experts.

Some of the major players in the market include Lonza Group AG (Switzerland), Jubilant Life Sciences Ltd (India), Shandong Hongda Biotechnology Co., Ltd. (China), Vertellus (US), Jiangsu Brother Vitamin Co. Ltd.(China), DSM (Netherlands), Vanetta (china), Lasons India (China), Zhejiang Lanbo Biotechnology(China), Tianjin Zhongrui Pharmaceutical (China), Foodchem (China), NutraScience Labs (US), Gehring Montgomery, Inc. (US), The Chemical Co. (US), Yuki Gosei Kogyo Co., Ltd.(Japan), Zhejiang Chemvplus Biotech Co. (China), Ltd, Ishita Drugs & Industries Ltd.(India), The Western Drugs Ltd.(India), Spectrum Chemical Mfg. Corp (US), and Glanbia plc (Ireland).
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Issued By MarketsandMarkets
Country United States
Categories Food
Last Updated January 8, 2021