The global Vitamin B3 market 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 growth in demand for functional and nutritionally enriched processed food products, feed fortification due to a rise in global meat & dairy product consumption, Prevalence of vitamin B3 deficiency has driven the market for vitamin B3 into further growth.
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Asia Pacific is the fastest-growing market during the forecast period in the global Vitamin B3
The Asia Pacific region dominated the vitamins market and was valued at USD 171.9 million in 2019 and is also projected to grow at the highest CAGR of 2.9%, in terms of value, during the forecast period
The key markets in the Asia Pacific region include China, India, Japan, and the Rest of Asia Pacific. The processed food industry in the Asia Pacific region is experiencing growth owing to the changing lifestyles of customers. It is also highly dynamic due to constant changes in consumer preferences, rapid urbanization, diet diversification, and the liberalization of foreign direct investment in the food sector. Furthermore, the rise in income level and significant consumer demand for nutritional & healthy products are expected to provide promising prospects for the growth and diversification of the region’s functional food & beverage products, which is, in turn, leading to growth in the consumption of vitamin-infused products, and thereby driving the market growth.
The nutrition segment of the Vitamin B3 is projected to account for the largest share, by application
By application, the nutrition segment accounted for the largest share in 2019. Vitamin b3 is used in majority of the vitamin blends, health suppkements and nutritional food & beverages. It has tremendous benefits for the animal and human body. Vitamin B3lowes LDL cholesterol and treats high cholesterol problems. This proves to be a preventive measure for various heart diseases. Vitamin B3 also improves brain functioning and skin health. In animals vitamin B3 improves bone health and reduces the risks of arthritis.
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The synthetic segment dominated the market for vitamin B3 by source
By source, the synthetic segment accounted for the largest market share in 2019. 2019 with a share of 90.0% in 2019, owing to the lower cost of production of synthetic vitamin B3 as compared to natural vitamin B3, coupled with a constrained supply of raw materials for the extraction of natural vitamins. Synthetic vitamin B3 is chemically synthesized and produced largely using coal tar, ammonia, acids, 3-cyanopyridine, and formaldehyde. They are produced on a large scale, and their popularity can be attributed to low manufacturing costs and greater stability than natural vitamins, providing considerable scope for the growth of this segment.