Track Nicotinamide Price Index Historical and Forecast

Nicotinamide Price Trend and Forecast Report - Global Market Insights, Regional Dynamics, and Procurement Outlook

Executive Summary

The global Nicotinamide (Vitamin B3) market showcased significant volatility from 2024 through Q3 2025, driven by shifting downstream demand patterns, stabilizing supply chains, evolving production cost structures, and fluctuating inventory positions across major regions. The market moved from the heightened price cycles of 2024 into a more deflationary environment through 2025, reflecting large supply availability, cautious procurement sentiment, and subdued nutraceutical, pharmaceutical, and personal care consumption.

Across North America, APAC, and Europe, Nicotinamide prices declined notably, with Q3 2025 registering quarter-over-quarter drops of 9.14%, 8.68%, and 8.31%, respectively. Elevated inventories, efficient logistics, and aggressive export offers from major Asian suppliers continued to suppress spot prices. Meanwhile, cost trends stabilized as maize- and glucose-derived feedstocks registered notable price declines globally, easing production pressures for manufacturers.

Despite bearish market conditions through mid-2025, selective restocking activity, normalizing inventories, and firmer export quotations in some markets contributed to emerging stabilization signals. As industries prepare for Q4 2025 and early 2026 procurement cycles, suppliers and buyers alike are shifting strategies toward cautious rebuilding, mitigating price risks, and anticipating incremental recovery in downstream demand.

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Introduction

Nicotinamide, also known as niacinamide or Vitamin B3, remains an essential raw material across pharmaceuticals, nutraceuticals, fortified food formulations, cosmetics, skincare, and animal nutrition. Its importance within core health and wellness supply chains makes price transparency crucial for global procurement teams.

Over the past 12-15 months, the Nicotinamide market has undergone significant transformation. The year 2024 witnessed volatility due to shifting export policies, post-pandemic demand normalization, and uneven recovery cycles across consumer segments. Entering 2025, the market transitioned into a phase marked by broad oversupply, weakening consumption patterns, and deflationary pressure across all key regions.

Buyers across the value chain-including manufacturers, formulators, distributors, and global importers-have adopted increasingly cautious strategies amid soft demand conditions, abundant stocks, and steady production flows from leading Asia-Pacific origins such as China and India.

This report consolidates granular quarterly insights, evaluates the drivers behind regional price movements, examines production and cost structures, and outlines the procurement and market outlook for the upcoming months.

Global Nicotinamide Price Overview

The global Nicotinamide market in 2025 has been characterized by:

Weak downstream demand, especially in pharmaceuticals, nutrition, personal care, and functional foods.
High inventory carryovers, particularly after the end of 2024 and Q1 2025.
Aggressive export offerings, as Chinese and Indian manufacturers operated at uninterrupted capacity.
Lower production costs, supported by declining feedstock maize and glucose prices.
Smooth logistics, with no major freight disruptions across major global ports.
Cautious procurement, with buyers relying heavily on internal stock before engaging in new contracts.
By the end of Q3 2025, global prices reflected consistent downward pressure, although early signs of stabilization appeared in some markets where restocking resumed selectively.

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Regional Market Analysis

North America Market Overview (USA)

Q3 2025 Market Performance

In the United States, the Nicotinamide Price Index declined 9.14% quarter-over-quarter during Q3 2025. The average price stood at USD 4736.67/MT, reflecting subdued downstream demand.

Key drivers included:

Elevated importer inventories, eliminating urgent restocking needs.
Weak nutraceutical and personal care offtake, suppressing spot demand.
Steady supply flows and abundant export availability, limiting upward price movements.
Uninterrupted logistics, meaning price fluctuations were tied purely to demand-side weakness.
Selective procurement activity, with buyers purchasing only essential volumes.
Despite weak fundamentals, the Nicotinamide Price Forecast suggested mild recovery potential driven by restocking ahead of Q4 and stable production costs.

Why Did the Price Change in September 2025 in North America?

Importers carried excess inventories, putting sustained downward pressure on the Price Index.
Downstream nutraceutical and personal care sectors maintained low purchasing levels.
Exporters softened offer prices, given ample production and competitive pressures.
Stable logistics conditions removed any structural price support.

Q2 2025 Market Dynamics

By June 2025, the CFR Los Angeles Spot Price reached USD 5010/MT, with a 1.57% MoM drop in June following an 8.12% plunge in May.

Reasons for ongoing price softness:

Persistently low procurement from pharmaceuticals and food-grade formulations.
High inventory carryovers, which significantly delayed Q3 restocking.
Consistent exports from major Asian producers, with no supply bottlenecks.
Global cost reductions, driven by falling maize prices.
Anticipatory buying delays, as buyers expected further price corrections.
Aggressive pricing from Chinese and Indian exporters seeking to clear slow-moving stock.

Why Did the Price Change in July 2025 in North America?

The decline continued due to:

Unimproved consumption in downstream sectors.
High inventories discouraging new purchase cycles.
Lack of policy or freight disruptions.
Ongoing bearish sentiment in global markets.

Q1 2025 Performance

In Q1 2025:

Nicotinamide prices in North America fell 16.64%.
Weak demand persisted across pharmaceuticals, supplements, and personal care.
Inventories carried over from late 2024 reduced fresh procurement.
Seasonal transitions lowered Vitamin B3 consumption.
Logistics remained stable, enabling consistent supply flow.
Pricing strategies remained competitive due to tariff-related margin pressures.

Q4 2024 Insights

North America saw:

Firmness in October 2024, driven by supply concerns.
Persistent weakness through December, as inventories rose.
Destocking initiatives, especially as year-end approached.
A downturn in animal feed demand.
Strategic buyer caution and wait-and-watch procurement behavior.

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APAC Market Overview (South Korea Focus)

Q3 2025 Market Performance

In South Korea, prices fell 8.68% quarter-over-quarter, with an average price of USD 4666.67/MT.

Key drivers include:

Persistently weak demand, especially early in the quarter.
Steady export volumes, limiting upward spot momentum.
Lower feedstock and energy costs, reducing production pressure.
A shift in buyer strategy from opportunistic to coverage-oriented.
Smooth regional logistics supporting stable availability.

Why Did the Price Change in September 2025 in APAC?

Buyer coverage renewed, tightening short-term spot demand.
Export offers firmed as suppliers reduced discounts.
Inventories began normalizing but remained high.
Restocking supported moderate recovery without causing price spikes.

Q2 2025 Market Dynamics

By June 2025, the CFR Busan price stood at USD 4850/MT, down 3.19% from May, capping an extended decline.

Key factors:

Weak restocking from pharmaceuticals and functional food producers.
Downstream caution following Chinese Lunar New Year disruptions.
Elevated inventories limiting forward buying.
Full production capacity across China and India creating oversupply.
Falling maize/glucose prices lowering production costs.
Smooth logistics providing consistent availability.
Aggressive export price reductions from major suppliers.
Why Did the Price Change in July 2025 in APAC?

Weak downstream engagement.
Heavy inventory positions.
Zero logistical disruptions.
Highly competitive exporter pricing.
Absence of demand revival catalysts.

Q1 2025 Performance

APAC saw a 16.32% QoQ price decline during Q1 2025.

Key contributors:

Lunar New Year slowdown.
High carryover stocks limiting new purchases.
Soft nutraceutical and personal care demand.
Routine pharmaceutical consumption patterns.
Smooth regional supply chains with efficient port operations.
Q4 2024 Insights

In APAC, Q4 2024 experienced:

Initial price firmness in October driven by production cost increases.
Rapid demand softening after Golden Week.
Rising competition among manufacturers.
Elevated inventories and slow-moving stock prompting aggressive destocking.
Stable logistics and intense export competition.

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Europe Market Overview (Germany Focus)

Q3 2025 Market Performance

Germany witnessed an 8.31% quarter-over-quarter price decline, with an average price of USD 4743.33/MT.

Drivers included:

Weak downstream nutraceutical and pharmaceutical demand.
Ample exports suppressing spot prices.
Stable production and logistics.
Slow but emerging restocking ahead of Q4.

Why Did the Price Change in September 2025 in Europe?

Synchronized restocking after July lows increased demand.
Export offers firmed, lifting CFR landed costs.
Downstream recovery reduced inventories.
Tightening availability pushed prices moderately higher.

Q2 2025 Market Dynamics

The CFR Hamburg price in June 2025 was USD 4930/MT, down 2.57% MoM, following an 8.5% fall in May.
Buyers deferred purchases due to high inventories.
Weak downstream uptake from supplements and skincare.
Stable port operations and abundant supply.
Asian exporters reduced quotations aggressively.
Production costs remained subdued globally.
Buyers focused entirely on real-time consumption, avoiding speculative purchases.

Q1 2025 Performance

Europe recorded a 17.29% average price drop in Q1 2025 due to:

High Q4 2024 inventory levels.
Soft post-winter personal care and supplement consumption.
Stable regional logistics.
Routine production cycles preventing shortages.

Q4 2024 Insights

Europe experienced:

Firm price sentiment in October, followed by sustained declines.
Strong competition among distributors.
Significant destocking pressure in December.
Seasonal slowdown in downstream consumption.
Production and Cost Structure Insights

Global Nicotinamide production costs remained stable to weaker throughout 2025 due to:

Declining maize and glucose feedstock prices.
Improved energy availability.
Stable labor and operations conditions in China and India.
Economies of scale in large integrated facilities.
Lower production costs enabled:

More competitive export pricing.
Ability to maintain margins even with softened global demand.
Continuous production cycles despite slow-moving inventories.
Procurement Behavior & Market Outlook

Key Procurement Trends Observed:

Buyers delayed major purchases through Q2-Q3 2025.
Procurement was strictly need-based, with many distributors exhausting internal inventory first.
Forward contracting reduced significantly due to ongoing price declines.
Buyers showed stronger engagement only during selective restocking phases in Q3.

Outlook for Q4 2025 and Early 2026

Gradual inventory normalization may lift spot prices modestly.
Downstream demand from nutraceuticals, fortified foods, and personal care is expected to improve seasonally.
Export offers may firm slightly if feedstock costs rebound.
Markets will remain sensitive to macroeconomic indicators, freight rate changes, and consumer demand recovery.

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Frequently Asked Questions (FAQ)

Why did Nicotinamide prices fall across global markets in mid-2025?
Due to oversupply, elevated inventories, slow downstream demand, competitive export offers, and stable production and logistics.

What is the main factor behind weak pharmaceutical demand?
Routine Vitamin B3 formulation cycles and normalized consumption patterns post-winter and post-pandemic.

How did falling maize prices affect Nicotinamide costs?
Lower maize and glucose prices reduced fermentation-based production costs, enabling cheaper export offers.

Why did APAC prices show slight recovery signals in September 2025?
Renewed buyer coverage, firmer export offers, and gradually normalizing inventories.

Is a price rebound expected in Q4 2025?
A mild recovery is possible with restocking cycles and improved downstream consumption.

Why did Europe face sharp declines in Q2 2025?
High stocks, weak supplement demand, and reduced export quotations from Asia.

What role did logistics play in 2025 price trends?
Efficient global logistics removed supply-side price support, making demand the primary driver.

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This release was published on openPR.