Vitamin B3 Market by Type and Geography - Forecast and Analysis 2022-2026

At a progressing CAGR of 5.44%, the Niacin (vitamin B3) market share is expected to reach an estimated value of USD 104.26 million by 2026. The report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches.

This vitamin B3 market research report extensively covers the market by the following demographic segmentation:

• Type - Food grade and pharmaceutical grade 
• Geography - North America, Europe, Asia, and Rest of World (ROW)

The vitamin B3 market vendors studied and compiled in this report are Agro Cool India Ltd., Brother Enterprises Holding Co. Ltd., Foodchem International Corp., Glanbia plc, Ishita Drugs and Industries Ltd., Jubilant Pharmova Ltd., Koninklijke DSM NV, Lasons India Pvt. Ltd., Lonza Group Ltd., Merck KGaA, Shandong Hongda Biotechnology Co. Ltd., Spectrum Laboratory Products Inc., TER HELL and Co. GmbH, The Chemical Co., Twinlab Consolidated Holdings Inc., Vanetta Ltd., Veer Chemie and Aromatics Pvt. Ltd., Vertellus Holdings LLC, Western Drugs Ltd., and Yuki Gosei Kogyo Co. Ltd. among others.

What will the Vitamin B3 Market Size be During the Forecast Period?

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Vitamin B3 Market: Key Drivers, Trends, and Challenges

The increasing prevalence of vitamin B3 deficiency is notably driving the vitamin B3 market growth, although factors such as regulatory control on supplement usage limit may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the niacin market. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Vitamin B3 Market Driver

• One of the key factors driving the global vitamin B3 industry growth is the increasing prevalence of vitamin B3 deficiency.
• The deficiency of vitamin B3 leads to weak immunity and causes diseases such as pellagra, dermatitis, dementia, and diarrhea, which are increasing among consumers.
• The rising number of dermatitis and skin-related cases will increase the demand for vitamin B3 supplements.
• According to the National Institutes of Health (NIH), the Dietary Supplement Label Database recommends 16 milligrams (mg) of vitamin B3 in one day for people aged 4 years and above who are consuming a 2,000-calorie diet.
• According to the UNO, the global geriatric population will exceed 1.5 billion people by 2050. Seniors have a higher risk of having vitamin B3 deficiency.
• The growing awareness about the benefits of vitamin supplements in preventing the onset of diseases will be boosting the growth of the market during the forecast period.

Key Vitamin B3 Market Trend

• Increasing consumer spending on nutrient supplements is one of the key vitamin B3 market trends that is expected to impact the industry positively in the forecast period.
• The increasing consumer spending is attributed to rising disposable incomes.
• The rising personal consumption expenditures have led to a surge in expenditures on food products such as dietary supplements.
• The high population of expatriates along with the hectic lifestyles of the rising working population will drive the demand for packaged dehydrated food products with high nutritional value.
• The significant increase in consumer spending on personal and food supplement products will boost the growth of the concerned market in the coming years.

Key Vitamin B3 Market Challenge

• One of the key challenges to the global vitamin B3 industry growth is the regulatory control on supplement usage limits due to side effects such as flushing.
• The RDA for vitamin B3 is 14 mg niacin equivalents (NE) for women, 16 mg NE for men, 18 mg NE for pregnant women, and 17 mg NE for lactating women.
• In the US, the manufacturers must adhere to the guidelines formulated by the Food and Drug Administration (FDA).
• In the EU, manufacturers of vitamin B3 must adhere to rules and regulations set by the European Food Safety Authority (EFSA).
• In India, the Food Safety and Standards Authority of India (FSSAI) certifies nutrient supplement products and promotes public health through supervision and ensuring food safety.
• The regulatory control may limit the demand for the products and thereby impact the growth of the market in focus during the forecast period.

This vitamin B3 market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global vitamin b3 market as a part of the pharmaceutical market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the vitamin B3 market during the forecast period.

Who are the Major Vitamin B3 Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Agro Cool India Ltd.
• Brother Enterprises Holding Co. Ltd. 
• Foodchem International Corp.
• Glanbia plc
• Ishita Drugs and Industries Ltd.
• Jubilant Pharmova Ltd.
• Koninklijke DSM NV
• Lasons India Pvt. Ltd.
• Lonza Group Ltd.
• Merck KGaA
• Shandong Hongda Biotechnology Co. Ltd.
• Spectrum Laboratory Products Inc.
• TER HELL and Co. GmbH
• The Chemical Co.
• Twinlab Consolidated Holdings Inc.
• Vanetta Ltd.
• Veer Chemie and Aromatics Pvt. Ltd.
• Vertellus Holdings LLC
• Western Drugs Ltd.
• Yuki Gosei Kogyo Co. Ltd.

 

This statistical study of the vitamin B3 market encompasses successful business strategies deployed by the key vendors. The vitamin B3 market is fragmented and the vendors are deploying growth strategies such as investment in R&D to compete in the market.

Product Insights and News

• Brother Enterprises Holding Co. Ltd.  - The company offers vitamin B3 namely Nicotinamide.
• Brother Enterprises Holding Co. Ltd.  - The spices segment focuses on providing key components and solutions for customers in the food, daily chemical, and other industries.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The vitamin B3 market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Vitamin B3 Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the vitamin B3 market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Vitamin B3 Market?

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37% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for vitamin B3 in North America. Market growth in this region will be faster than the growth of the market in Rest of World (ROW).

The busy lifestyles, rising income levels, and awareness regarding the benefits of vitamin B3 among consumers will facilitate the vitamin B3 market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 led to an increase in the sales of vitamin B3 products such as vitamin B3 tablets and others in APAC in 2020. The COVID-19 pandemic led to a shift in the spending patterns of the US, Canada, and Mexico consumers on healthy diets and nutritional supplements. Consumers increased their expenditure on nutritional supplements to boost their immunity in 2020. Additionally, due to lockdown restrictions, several consumers stocked up on nutrient supplements such as vitamin B3 to reduce their potential exposure to COVID-19 by venturing outside. The shift toward nutritional supplements and the rising popularity of buying these products on e-commerce channels will further propel the growth of the regional vitamin B3 market during the forecast period.

What are the Revenue-generating Type Segments in the Vitamin B3 Market?

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The vitamin B3 market share growth by the food-grade segment will be significant during the forecast period. Consumers are more inclined toward taking vitamin B3 from food rather than tablets or other supplements due to the toxicity of the products. Thus, the food-grade segment in the global vitamin B3 market will witness growth in the forecast years.

This report provides an accurate prediction of the contribution of all the segments to the growth of the vitamin B3 market size and actionable market insights on post COVID-19 impact on each segment.

You may be interested in:

Vitamins market - The market size has the potential to grow by $28.04 billion during 2020-2024, and the market's growth momentum will accelerate during the forecast period because of the steady increase in year-over-year growth.

Nutritional Supplements market - The market has the potential to grow by USD 27.67 billion during 2020-2025, and the market's growth momentum will accelerate at a CAGR of 4%.

Vitamin B3 Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 5.44%
Market growth 2022-2026	$ 104.26 million
Market structure	Fragmented
YoY growth (%)	4.29
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 37%
Key consumer countries	US, Canada, Denmark, China, and India
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Agro Cool India Ltd., Brother Enterprises Holding Co. Ltd. , Foodchem International Corp., Glanbia plc, Ishita Drugs and Industries Ltd., Jubilant Pharmova Ltd., Koninklijke DSM NV, Lasons India Pvt. Ltd., Lonza Group Ltd., Merck KGaA, Shandong Hongda Biotechnology Co. Ltd., Spectrum Laboratory Products Inc., TER HELL and Co. GmbH, The Chemical Co., Twinlab Consolidated Holdings Inc., Vanetta Ltd., Veer Chemie and Aromatics Pvt. Ltd., Vertellus Holdings LLC, Western Drugs Ltd., and Yuki Gosei Kogyo Co. Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Vitamin B3 Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive vitamin B3 market growth during the next five years
• Precise estimation of the vitamin B3 market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the vitamin B3 industry across North America, Europe, Asia, and Rest of World (ROW)
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of vitamin B3 market vendors

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