Global Vitamin B3 Market was valued at US$ XX Million in 2020 and is anticipated to reach US$ XX Million by 2027 displaying an elevated CAGR of XX% over the forecast period (2021-2027).
The demand for vitamin B3 is on the rise owing to the rising prevalence of conditions such as irritability, poor concentration, anxiety, fatigue, restlessness, apathy, and depression. An estimated 275 million people suffer from anxiety disorders. That's around 4% of the global population, with a spread of between 2.5% and 6.5% of the population per country. Around 62% of those suffering from anxiety are female (170 million), compared with 105 million male sufferers. Moreover, as per the Anxiety & Depression Association of America, Anxiety disorders are the most common mental illness in the U.S., affecting 40 million adults in the United States age 18 and older, or 18.1% of the population every year. Anxiety disorders are highly treatable, yet only 36.9% of those suffering receive treatment in the United States.
Moreover, it was found that one chronic medical condition can cause B3 deficiency. Also, Crohn's disease, which affects almost 800,000 Americans, can cause vitamin B3 deficiency. People who are underdoing dialysis treatment and patients with Cancer and HIV also have an increased risk of niacin deficiency. Due to which the demand for vitamin B3 is promulgating.
As per National Kidney Foundation, Over 2 million people worldwide currently receive treatment with dialysis or a kidney transplant to stay alive. Also, As per the National Institute of Diabetes and Digestive and Kidney Diseases, More than 661,000 Americans have kidney failure. Of these, 468,000 individuals are on dialysis.
A rise in the number of disease-related to the skin, digestive system, and nervous system is leading to the growing demand for vitamin B3. As per a study, out of the 440 million acute noncancerous medical conditions reported in the United States annually, more than 22 million are for acute digestive conditions, with 11 million from gastroenteritis and 6 million from indigestion, nausea, and vomiting. Moreover, Almost 75% of people with mental disorders remain untreated in developing countries with almost 1 million people taking their lives each year. In addition, according to the World Health Organization (WHO), 1 in 13 globally suffers from anxiety. Vitamin B3 helps in reducing the prevalence of such problems.
Glanbia plc, Jubilant Life Sciences Ltd., Shandong Hongda Biotechnology Co., Ltd., Lonza Group AG, Jiangsu Brother Vitamin Co. Ltd., Lasons India, NutraScience Labs, Spectrum Chemical Mfg. Corp, Vertellus, and the Chemical Co., etc, are some of the prominent players operating in the Vitamin B3 market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
Insights Presented in the Report
"Amongst Type, Animal Feed segment holds the significant share"
Based on the Type, the market is fragmented into Feed Grade and Pharmaceutical Grade. Vitamin B3 is essential for the health of the skin, bones, joints, mucous membranes, digestive system, and central nervous system. In animal feed additives, its main functions are to prevent skin lesions and digestive diseases, to promote animal growth, improve egg production and hatching rate, to ensure feather growth.
"Amongst Form, Liquid segment to dominate the market during the forecast period"
Based on the form type, the market is mainly fragmented into Dry and Liquid. The Dry segment grabbed XX% market share and captured US$ XX Mn in 2020. Moreover, the market of this segment is expected to proliferate with a CAGR of XX% in the forthcoming coming period of 2021-27. However, the liquid segment is expected to witness exhibit growth in coming years owing to the benefits such as less time to break down and be absorbed.
"Amongst Sources, Artificial segment grabbed Major Market share in 2020"
Based on sources, the market is mainly fragmented into Natural and Synthetic. In 2020, the synthetic segment grabbed the major market share and dominated the market. The segment gathered an XX% revenue share in 2020.
Amongst Application, Beverage segment grabbed Major Market share in 2020"
Based on Application, the market is mainly fragmented into pharmaceuticals, Nutrition, Consumer, and Agrochemical. In 2020, the pharmaceutical segment grabbed XX% market share. The segment gathered an XX% revenue share in 2020. The Nicotinic Acid form of Vitamin B3 is used medically to treat and prevent Vitamin B3 deficiency (pellagra) and to lower the blood cholesterol levels of patients with high cholesterol levels.
"North America represents one of the largest markets of Vitamin B3 market"
For a better understanding of the market dynamics of the Vitamin B3 market, a detailed analysis was conducted for different regions across the globe including North America, Europe, Asia Pacific, and the Rest of the world. North America dominated the market and generated revenue of US$ XX Million in 2020 owing to the change in lifestyle and prevalence of lifestyle diseases such as cardiovascular disease, obesity, and Diabetes. Moreover, the inclination toward living a healthy life is leasing to the growing consumption of supplements including vitamin B3.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Vitamin B3 (Niacin), is a water-soluble?B vitamin?found naturally in some foods, added to foods, and sold as a supplement. The two most common forms of niacin in food and supplements are nicotinic acid and nicotinamide. Niacin is water-soluble so that excess amounts the body does not need are excreted in the urine. Niacin works in the body as a coenzyme, with more than 400 enzymes dependent on it for various reactions. Niacin helps to convert nutrients into energy, create cholesterol and fats, create and repair DNA, and exert antioxidant effects.
The severe deficiency of Vitamin B3 leads to the occurrence of several diseases such as skin,?digestive system, and nervous system. Moreover, other problems such as thick, scaly pigmented?rash?on skin exposed to sunlight, swollen mouth and brightly red?tongue, ?vomiting?and?diarrhea, ?headache, apathy, ?fatigue, ?depression, disorientation, and memory loss. As per a study, out of the 440 million acute noncancerous medical conditions reported in the United States annually, more than 22 million are for acute digestive conditions, with 11 million from gastroenteritis and 6 million from indigestion, nausea, and vomiting.
Moreover, Depression is the leading cause of disability worldwide. Almost 75% of people with mental disorders remain untreated in developing countries with almost 1 million people taking their lives each year. In addition, according to the World Health Organization (WHO), 1 in 13 globally suffers from anxiety. Vitamin B3 helps in reducing the prevalence of such problems.
Based on the Type, the market is fragmented into Feed Grade, Pharmaceutical Grade. The feed grade segment of the Global Vitamin B3 market grabbed the major market share and dominated the market. The segment captured around XX% market share and generated USD XX Mn in 2020 and is expected to grow at a CAGR of XX% during the forthcoming years. However, the pharmaceutical grade segment would grow remarkably in the forecast period.
Based on the Form, the market is fragmented into Dry and Liquid. The Dry segment grabbed major market share and captured XX% market revenue in 2020. However, the Liquid segment would emerge in the forecast period and would witness the highest CAGR during the forthcoming period as the liquid form can be taken in flexible doses?and are good for children and older adults to take. They are absorbed into your system faster
Based on the Source, the market is segmented into Natural and Synthetic. The synthetic form grabbed XX% market share and gathered USD XX Mn in 2027. Moreover, the segment is expected to reach USD XX Mn by 2027 with a growth of XX% CAGR during 2021-2027. However, the Natural form is expected to witness the highest CAGR during the forecast period.
Vitamin B3 has several application areas such as Pharmaceutical, Nutrition, Consumer, and Agrochemicals. The Pharmaceuticals segment generated revenue worth USD XX million in 2020 and is expected to reach USD XX million by 2027. However, the nutrition segment is expected to witness an exhibit growth during the forecast period
For a better understanding of the market adoption of the Vitamin B3 market, the market is analyzed based on its worldwide presence in the countries such as North America (the United States and Canada), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea and Rest of APAC), and Rest of World. North America constitutes a major market for the Vitamin B3 industry and generated revenue of USD XX Million in 2020 owing to the rising demand for supplements among consumers.
Some of the major players operating in the market are Glanbia plc, Jubilant Life Sciences Ltd., Shandong Hongda Biotechnology Co., Ltd., Lonza Group AG, Jiangsu Brother Vitamin Co. Ltd., Lasons India, NutraScience Labs, ?Spectrum Chemical Mfg. Corp, Vertellus, and the Chemical Co., etc., Several M&As along with partnerships have been undertaken by these players to develop Vitamin B3 solutions.
Table of Contents
1 MARKET INTRODUCTION
1.1. Market Definitions
1.2. Objective of the Study
1.3. Limitation
1.4. Stake Holders
1.5. Currency Used in Report
1.6. Scope of the Global Vitamin B3 Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1. Research Methodology for the Global Vitamin B3 Market
2.1.1. Main Objective of the Global Vitamin B3 Market
3 INDUSTRY PERFORMANCE
4 EXECUTIVE SUMMARY
5 COVID-19 IMPACT
6 GLOBAL VITAMIN B3MARKET REVENUE
7 MARKET INSIGHTS BY TYPE
7.1. Feed Grad
7.2. Pharmaceutical Grade
8 MARKET INSIGHTS BY FORM
8.1. Dry
8.2. Liquid
9 MARKET INSIGHTS BY SOURCE
9.1. Natural
9.2. Synthetic
10 MARKET INSIGHTS BY APPLICATION
10.1. Pharmaceutical
10.2. Nutrition
10.3. Consumer
10.4. Agrochemicals
11 MARKET INSIGHTS BY REGION
11.1. North America Vitamin B3Market
11.1.1. The U.S
11.1.2. Canada
11.1.3. Rest of North America
11.2. Europe Vitamin B3Market
11.2.1. Germany
11.2.2. France
11.2.3. U.K.
11.2.4. Spain
11.2.5. Italy
11.2.6. Rest of Europe
11.3. Asia Pacific Vitamin B3Market
11.3.1. China
11.3.2. Japan
11.3.3. India
11.3.4. Australia
11.3.5. South Korea
11.3.6. Rest of Asia Pacific
11.4. Rest of the World Vitamin B3Market
12 VITAMIN B3MARKET DYNAMICS
12.1. Market Drivers
12.2. Market Challenges
12.3. Impact Analysis
13 DEMAND AND SUPPLY SIDE ANALYSIS
13.1. Demand Side Analysis
13.2. Supply Side Analysis
13.2.1. Top Product Launches
13.2.2. Top Business Partnerships
13.2.3. Top Merger & Acquisitions
14 VALUE CHAIN ANALYSIS
15 VITAMIN B3 MARKET OPPORTUNITIES
16 VITAMIN B3 MARKET TRENDS & INSIGHTS
17 COMPETITIVE SCENARIO
17.1. Porter's Five forces analysis
17.1.1. Bargaining power of Supplier
17.1.2. Bargaining power of Buyer
17.1.3. Industry Rivalry
17.1.4. Availability of Substitute
17.1.5. Threat of new Entrants
18 COMPANY PROFILED
18.1. Glanbia plc
18.1.1. Key Facts
18.1.2. Business Description
18.1.3. Key Product/Services Offerings
18.1.4. Growth Strategy
18.1.5. SWOT Analysis
18.1.6. Key Financials
18.1.6.1. Revenue Split
18.1.6.2. Financial Overview of Glanbia Plc
18.1.7. Recent Developments
18.1.7.1. Product Launch
18.1.7.2. Partnerships
18.1.7.3. Business Expansion and Investments
18.1.7.4. Merger and Acquisition
18.2. Shandong Hongda Biotechnology Co., Ltd.
18.3. Lonza Group AG
18.4. Jiangsu Brother Vitamin Co. Ltd.
18.5. Lasons India
18.6. NutraScience Labs
18.7. Spectrum Chemical Mfg. Corp
18.8. Jubilant Life Sciences Ltd
18.9. Vertellus
18.10. The Chemical Co.
19 DISCLAIMER
Glanbia plc
Jubilant Life Sciences Ltd.
Shandong Hongda Biotechnology Co.
Ltd.
Lonza Group AG
Jiangsu Brother Vitamin Co. Ltd.
Lasons India
NutraScience Labs
Spectrum Chemical Mfg. Corp
Vertellus
and the Chemical Co