Vitamin B3 Market is Projected to Reach $373 million by 2025

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.

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.

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.

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.

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Leading companies are 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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