Global Vitamin B3 Market

Global Vitamin B3 Market Size (2024 to 2029)

Global Vitamin B3 Market size was at USD 0.36 billion in 2024 and is foreseen to rise to an extent of USD 0.41 billion by 2029 with a CAGR of 2.70% throughout the outlook period 2024-2029.

Niacin, also known as nicotinic acid, is an organic compound and is, according to the definition used, one of the 20 to 80 essential nutrients for humans. Together with nicotinamide, it forms the group known as the vitamin B3 complex.

Global Vitamin B3 Market Drivers and Restraints:

With the growing concern to meet the daily nutritional value with the consumption of processed food products, the growth in demand for vitamins comes mainly from the food industry. Harsh processing conditions lead to the loss of nutrients like vitamin B3 that are naturally present in food, prompting food manufacturers to fortify their food products to restore these losses. With the rise in health awareness and the emphasis on preventive health care, consumers are choosing fortified foods and willing to pay for nutritionally fortified food products. Food products such as milk-based drinks, baked goods, and flour are increasingly fortified with different types of B vitamins to improve their nutritional values. Many government initiatives have been taken to combat malnutrition through the implementation of food fortification programs.

As monogastric animals cannot synthesize complex vitamin B compounds in their body compared to ruminants, there is a high demand for vitamin supplements in this industry. Major players are establishing a market presence in the poultry and pig sectors due to the organized development of these sectors. With the increasing global demand for meat, milk and eggs, livestock owners are using vitamin B3 supplements without restrictions to improve the weight, productivity and reproductive health of livestock. Since vitamin B3 is used to increase disease resistance and performance parameters in livestock, a high dose of vitamin B3 in these by-products is detrimental to animal, human and environmental health. However, the breeders and food and beverage manufacturers tend to limit their production costs by selecting cheaper food sources, and the demand for dietary supplements suffers.

Impact of COVID-19 on Vitamin B3 Market:

The impact of coronavirus on food consumption directly affected the consumption of meat and livestock products and by-products, such as milk, eggs. The preference for herbal vitamin supplements and nutritional alternatives has increased around the world, driving the market for herbal vitamin supplements. Various vitamin B3 supplements with immunity-enhancing properties are available on the market and are being sold more and more after the arrival of the new coronavirus to reduce the risk of infection. As a result of the pandemic and the resulting global lockdown, public health awareness has increased dramatically, resulting in increased demand for immunity-boosting products. With the outbreak of COVID-19 in the regions, the manufacture of vitamin B3 is expected to slow down in 2020, due to blockades, international border closures and delays in cross-border transit, which have disrupted the supply chain. Measures such as social distancing by the governments of all countries limit the number of people who can work together in the workplace. As restrictions on government action are likely to ease, the vitamin B3 market will rebound from 2021. Although the demand for food has increased, the supply has been significantly affected by coronavirus. The closures and the increase in infected cases are causing labor shortages and a reduction in the supply of raw materials. The disruption of supply routes has also led to delays in the supply of food. However, the demand for vitamin B3 processing in the dairy industry is currently increasing and is expected to increase in the first and second quarter of the year 2021.

REPORT COVERAGE: 

This research report on the Global Vitamin B3 Market has been segmented and sub-segmented based on type, form, source, application, and region. 

Global Vitamin B3 Market Segmentation - By Type:

• Pharmaceutical Grade
• Feed Grade

the food grade segment accounted for the largest share of the global vitamin B3 market. The dietary quality of vitamin B3 is an essential part of improving metabolism. Helps the body process fats, carbohydrates and amino acids in animals.

Global Vitamin B3 Market - By Form:

• Wet
• Dry

dry segment accounted for the lion’s share, as well as the highest CAGR in the vitamin B3 market. Global consumption increased in 2019 due to the fact that the dry forms have the ease of integrating into various ingredients. The dry forms are also easier to transport and use over long distances.

Global Vitamin B3 Market - By Source:

• Synthetic
• Natural

the synthetic segment accounted for the largest market share in 2019 with 90.0% share, due to a lower production cost of synthetic vitamin B3 compared to natural vitamin B3, along with a limited supply of raw materials for the extraction of natural vitamins. Synthetic vitamin B3 is chemically synthesized and produced primarily from coal tar, ammonia, acids, 3-cyanopyridine, and formaldehyde.

Global Vitamin B3 Market - By Application:

• Agrochemicals
• Consumer Goods
• Nutrition
• Pharmaceutical

the nutrition segment accounted for the largest share in 2019. Vitamin b3 is used in most vitamin blends, health supplements, and nutritional foods and beverages. It has enormous benefits for the human and animal body. Vitamin B3 lowers LDL cholesterol and treats high cholesterol problems.

Global Vitamin B3 Market – By Region:

• North America
• Europe
• The Asia Pacific
• Latin America
• Middle East and Africa

The global Vitamin B3 market has been categorized by geography as North America, Asia Pacific, Europe, Latin America, and Middle East and Africa. Vitamin B3 is estimated to grow dramatically in the Asia-Pacific region due to increased demand for health and nutritional supplements, as well as vitamin and multivitamin blends from major economies such as China, India, Japan and other Southeast Asian countries are experiencing an increase in the number of health-conscious consumers. With increasing consumer awareness of the need for essential nutrients in the daily diet, the demand for a diet rich in vitamins have increased. In Asia Pacific, healthy lifestyles and prevention trends among older consumers trying to avoid costly healthcare costs and lengthen shelf life are creating growth opportunities for food supplements. Thus, it makes vitamin B3 flourish in the area. Furthermore, the incidence of regular and chronic diseases in the region is high. This has led to an increase in attention to preventive health care, which has led to the consumption of health products and fortified and functional foods and food products that contain essential nutrients such as vitamin B3, resulting in their consumption in the region.

KEY MARKET PLAYERS: 

Key Market Players of Global Vitamin B3 Market are Glanbia plc, Lonza Group AG, Spectrum Chemical Mfg. Corp, The Western Drugs Ltd, Ishita Drugs & Industries Ltd, Zhejiang Chemvplus Biotech Co, Yuki Gosei Kogyo Co., Ltd, The Chemical Co, Gehring Montgomery, Inc, NutraScience Labs, Vertellus Foodchem, Jubilant Life Sciences Ltd, Tianjin Zhongrui Pharmaceutical,Zhejiang Lanbo Biotechnology, Vanetta, Shandong Hongda Biotechnology Co.

RECENT HAPPENINGS IN THE INDUSTRY:

• In February 2019, DuPont Nutrition & Health and Lonza Specialty Ingredients announced a joint agreement in HMO. Dupont has made a strategic commitment to Lonza in order to accelerate time to market and deliver high-quality HMOs to customers. The collaboration with Lonza has played a key role in developing a business growth strategy and delivering high-quality health and wellness products.
• In July 2019, Lonza acquired a sterile fill manufacturing facility from Novartis, Switzerland. The company plans to manufacture health and nutritional ingredients on-site. This allows you to offer products in higher volumes to customers.
• In July 2020, Jubilant Biosys Limited, completed the merger with Jubilant Chemsys Limited, which based in Noida, India. The merged entities will now operate under the name Jubilant Biosys Limited. The merger will simplify operations and provide clients with access to a single brand for a wide range of Discovery, IND, PR&D and GMP development services.
• In April 2020, DSM finalized the acquisition of Glycom. With this acquisition, DSM aims to add HMO to its portfolio.