The global Vitamin B3 market 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. 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 is driving the market for vitamin B3 during the forecast period. Growth in demand for functional and nutritionally enriched processed food products contributes to the demand for Vitamin B3.
Key players in this market include as 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 Ltd. (China), Resonance Specialties (India), Lasons India (India) and Zhejiang Lanbo Biotechnology (China). Mergers and agreements was one of the key strategies adopted by the leading players in the Vitamin B3 with a view to improve their product line and presence in the market.
The market for Vitamin B3, by type, has been segmented into feed grade and nutrition grade. Vitamin B3 for feed grade is a vital part of improved metabolism in animals. It helps in the body processes of fats, carbohydrates, and amino acids in animals. Vitamin B3 is essential for the health of the skin, bones, joints, mucous membranes, digestive system, and central nervous system of the body. It is one of the more frequently supplemented vitamins, particularly in the swine and broiler industries. For feed grade application in broilers, vitamin B3 is used to partly correct legs or bones 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 a number of beneficial effects. It improves digestive health, which can lead to better body condition and may prevent metabolic disorders.
Download PDF brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=111568461
The nutrition segment accounted for the largest share in 2019, due to consumer awareness regarding the benefits of incorporating nutraceutical products in the daily diet of consumers, there is tremendous demand for vitamin B3 as well in nutraceutical products, as vitamin B3 reduces cholesterol, boosts brain functioning, improves skin health, may reduce symptoms of arthritis. The rising popularity of fortified food, continuous developments, and new product launches in the vitamin B3 market are boosting the consumption of vitamins in the food industry. The feed industry as well is witnessing an upward trend in demand for enriched feed products, which supports the demand for nutritional additives such as vitamin B3.
The Vitamin B3 is estimated to grow significantly in the Asia Pacific region due to the rise in demand for nutritional and health supplements, as well vitamin blends and nultivitamins from the major economies such as China, India, Japan and other South East Asian countries as they experience a surge in the increase in number of health -conscious consumers. With the increase in awareness amongst consumers about the essential nutrients requirement in daily diet, have increased the demand for vitamin rich diet. In Asia Pacific, trends around healthy lifestyles and prevention among older consumers trying to avoid expensive healthcare costs and extend healthy lifespans are generating growth opportunities dietary supplements. Thus, causing Vitamin B3 to flourish in the region. Also, the incidences of regular and chronic diseases in the region are high. This has led to the rise in the focus on preventive healthcare leading to the consumption of healthcare products and fortified & functional feed and food products with essential nutrients such as vitamin B3, thereby driving their consumption in the region.