North America Vitamin B3 Market size was worth USD XX million in 2020, so it is estimated to reach USD XX million by 2026, growing at a CAGR of XX%. Vitamin B3 is an essential vitamin commercially available in both natural and synthetic forms; it is used for enrichment or fortification in pharmaceutical, nutrition, consumer, agrochemical, and other applications to increase the nutritional content of the end products. In addition, factors such as increased demand for functional and nutritionally enriched processed food products feed fortification due to grown worldwide meat and dairy product consumption, and the prevalence of vitamin B3 deficiency have driven the vitamin B3 market to new heights.
Recent Developments:
Market Growth
Drivers
With rising worries about fulfilling daily nutritional requirements through processed foods, the food sector is driving the increase in vitamin demand. Consumers are selecting fortified meals and are willing to pay for nutritionally enriched food products as health consciousness, and a focus on preventative healthcare grow. Dairy-based beverages, bread items, and flours are increasingly fortified with various B vitamins to improve their nutritional value. Since monogastric animals cannot generate vitamin B complex molecules in their bodies like ruminants, there is a high demand for vitamin supplements in this industry. Because of the organized expansion of these fields, key players are building a market position in the poultry and swine segments.
Restraints
With rising demand for meat, milk, and eggs, livestock owners utilize vitamin B3 feed additives unrestrictedly to boost cattle weight, productivity, and reproductive health. Because vitamin B3 is used to improve disease resistance and yield metrics in cattle, a high concentration of vitamin B3 in these products is harmful to the animal, human, and environmental health. As a result, livestock producers and food and beverage makers prefer to reduce production costs by choosing cheaper feed sources, affecting demand for nutritional feed supplements.
REPORT STATISTICS |
INSIGHTS |
Market Size Available |
2020 – 2026 |
Base Year |
2020 |
Forecast Period |
2022 - 2027 |
CAGR |
xx% |
Segments Covered |
By Type, By Form, By Source, and By Application
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities, Company Profiles, Primary and Secondary Analysis, Company's Revenue Analysis, and etc. |
Countries Covered |
The United States, and Canada |
The North America Vitamin B3 Market is segmented by Type, Form, Source, and Application.
By Type
The market is divided into Pharmaceutical Grade and Feed Grade. The feed grade category holds a significant share of the Vitamin B3 industry. Enhanced metabolic activity necessitates the use of vitamin B3 feed grade. It aids in the digestion of lipids, carbs, and proteins in animals. Vitamin B3 consumption facilitates the functioning of the bones, skin, digestive system, mucous membranes, and central nervous system. It is among the most commonly administered vitamins, especially in the swine and poultry sectors. Vitamin B3 is utilized in feed-grade applications in broilers to address limb issues while retaining strong mass growth. On the contrary, niacin administration before slaughtering tends to increase the quality of meat in swine. Vitamin B3 is advantageous to dairy cattle in a variety of ways.
By Form
The market is primarily categorized into wet and dry. Dry is the segment with the largest market share and the fastest growth rate in the Vitamin B3 market. Consumption increased in 2019 due to the simplicity with which dried forms can be blended into diverse substances. Dry conditions are also convenient to carry and transport over greater distances. In addition, numerous effects of vitamin B3, such as increased metabolism, immune and gastrointestinal health, and utilization in a wide range of industries, have contributed to this segment's domination in the vitamin B3 market.
By Source
The market is augmented into Synthetic and Natural. In 2019, the synthetic sector held the most significant market share due to the cheaper cost of manufacturing synthetic vitamin B3 than natural vitamin B3, along with a limited supply of raw materials for natural vitamin extraction. Coal tar, ammonia, acids, 3-cyanopyridine, and formaldehyde are commonly used to synthesize synthetic vitamin B3. They are mass-produced, and their popularity can be linked to lower manufacturing costs and more excellent stability than natural vitamins, allowing significant room for expansion in this category.
By Application
The market is segmented into Agrochemicals, Consumer Goods, Nutrition, and Pharmaceuticals. In 2019, the nutrition section had the highest share. The majority of vitamin mixes, health supplements, and nutritional food and beverages contain vitamin B3. It offers numerous advantages for both the animal and the human body. For example, vitamin B3 decreases LDL cholesterol and is used to treat high cholesterol. This is a preventive measure for a variety of cardiac problems. Vitamin B3 also helps with cognitive function and skin health. In addition, vitamin B3 enhances bone health and lowers the risk of arthritis in animals.
Regional Analysis
The North America Vitamin market is divided into three major regions: the United States, Canada, and Mexico. Increasing utilization of vitamin supplements and the accessibility of superior research laboratories for generating goods are driving up market opportunities in these regions.
Impact of COVID-19 on North America Vitamin B3 Market
The influence of COVID-19 on feed intake has had a significant effect on the demand for meat and livestock goods and derivatives, such as eggs and milk. The desire for organic vitamin supplements and nutritional substitutes has increased, boosting the market for plant-based vitamin supplements. Several vitamin B3 supplements with immunity-boosting qualities are available commercially and are seeing increased sales since the introduction of the new coronavirus to reduce the risk of infection. Following the epidemic and subsequent lockdown, people's health consciousness has increased dramatically, resulting in a greater demand for items that boost immunity. With the spread of COVID-19, manufacturers of vitamin B3 are expected to slow down in 2020 due to lockdowns, international border closures, and delays in cross-border transit, all of which affected the supply chain. In addition, governments limit the number of people who can work together in businesses by enacting policies such as social distance. As government limitations ease, the market for vitamin B3 is expected to revive gradually beginning in 2021. Although food demand has been increasing, COVID-19 has had a substantial influence on supply. Lockdowns and a rise in infected patients are causing labor constraints and a decrease in raw material availability. The disruption in supply channels has also resulted in food supply delays. However, demand for vitamin B3 processing in the milk and dairy industry is increasing and is expected to increase in the first and second quarters of 2021.
Key Players
Major Players in the North America Vitamin B3 Market are
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