The report "Vitamin B3 Market by
Type (Feed Grade, Pharmaceutical Grade), Form , Source (Natural, Synthetic),
Application (Pharmaceutical, Nutrition, Consumer, Agrochemicals), & Region
(North America, Asia Pacific, Europe, RoW) – Global Forecast to 2025", published
by MarketsandMarkets™.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. Factors such as the
rise in production of vitamin blends for compound feed, and the increase in the
importance of vitamin-rich diets among consumers across the globe opened new
avenues for Vitamin B3. The major countries in the world include China, the US,
Brazil, Mexico, Spain, India, and Russia. The where the demand for functional
and nutritionally enriched processed food products and the prevalence of
vitamin deficiencies is driving the market for vitamin B3
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Feed grade, by type, is
estimated to hold the largest market share during the forecast period
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.
Dry segment, by form, is
estimated to hold the largest share in the Vitamin B3 during the forecast
period
The dry form of vitamin B3
accounted for the major market share in the vitamin B3 market. The increased
demand for the fortification of food and feed products with B3 vitamin has
encouraged major vitamin B3 manufacturers such as Lonza Group AG and DSM to
expand their production capacities through the establishment of manufacturing
plants in key demand markets such as China. These factors, along with the easy
availability of vitamin B3 for use in various applications, have accelerated
the growth of this segment.
The dry form enables the
hygienic supply of vitamin B3. Furthermore, the ease of mixing dry form of
vitamin B3 into the total feed, relative cost-effectiveness as compared to the
liquid form, and its long shelf life are some of the other key factors
encouraging its use in dry form. Trace minerals are mostly available in the dry
form, as they are easy to mix with feed products in the appropriate quantity.
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Synthetic, by source, is
estimated to account for the largest market share during the forecast period
The synthetically sourced
vitamin B3 accounts for the largest share, since it is easier to manufacture,
has lesser production complications, and is cost effective as well. It is
manufactuered from coal tar, ammonia, various acids, cynopyridines and formaldehyde.
It also has greater stability than the organic or synthetically sourced
vitamins. They are also a potent source of vitamins and are effective due to
their concentrated dosage levels in comparison to natural vitamins, while also
being cost-effective in nature. These factors have led to the dominance of
synthetically sourced vitamin B3.
Nutrition, by application,
is estimated to account for the largest market share during the forecast period
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.
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Asia Pacific is estimated to
hold the largest market share during the forecast period
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.
Key Players:
This report includes a study
on the marketing and development strategies, along with a study on the product
portfolios of the leading companies operating in the Vitamin B3. It consists of
the profiles of leading companies such 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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