Vitamin B3 Market – Development and Trends to 2025
by Mit K. SEOThe 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.
There has been a rise in the
prevalence of vitamin deficiencies due to hectic lifestyles, shortened
mealtime, and loss of nutrition during cooking and processing of food in recent
years. However, rising consumer awareness regarding this has resulted in a
focus on vitamin intake. Additionally, rising awareness about diseases caused
by vitamin deficiency is also fueling consumers to adopt vitamin B3 in their
busy lifestyles.
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Vitamin B3 is an essential
micronutrient commercially available in natural and synthetic forms; it is used
in pharmaceutical, nutrition, consumer, agrochemicals, and other applications
for enrichment or fortification purposes, to enhance the nutrient value of the
end products.
Vitamin B3 is exhibiting strong growth
in demand with the rising trend for functional, nutraceutical, and fortified
food products. The markets in North America and Europe have been growing
consistently due to the established vitamin supplements and premixes industry
and the presence of international vitamin manufacturers. The Asia Pacific
region is also a major market for vitamin B3, where China is projected to grow
at a significant rate due to the rise in investments by major manufacturers,
including DSM, Jubilant, and Lonza in the country.
The rising demand for vitamin B3 as
feed additives or in premixes from the animal nutrition industry and increasing
demand for high-quality meat products have also been essential factors
responsible for increasing the demand for vitamin B3 across the world. There
have been several initiatives that have been undertaken by vitamin B3
manufacturers to help strengthen their production capabilities through the
expansion of their manufacturing facilities. Many companies have also looked at
acquisitions of vitamin B3 and premix manufacturing companies to help increase
their product portfolio.
The Asia Pacific market was the
largest in 2019, also having the highest CAGR of 2.9%. The market in this
region is majorly driven by India and China, which are the largest producers,
exporters, and consumers of vitamins. Further, the rise in incomes, increase in
purchasing power, and significant consumer demand for nutritional & healthy
products are also driving the consumption of vitamins in various industries in
the region.
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North American and European consumers
are becoming increasingly health-conscious, which has led to the growing
consumption of nutrient-rich foods in these regions. The market in these
regions is also driven by the prevalence of chronic diseases due to hectic and
unhealthy lifestyles. In RoW, various government initiatives in terms of food fortification
with vitamins, along with an increase in consumer awareness about the benefits
of functional foods and growth of health-consciousness, are fueling the market
growth for vitamin B3.
The production process of vitamin B3, mainly synthetic, is considered
to have a potentially harmful impact on the environment if proper standard
operating procedures are not followed. Most synthetic vitamins are manufactured
from petroleum extracts and coal tar derivatives, which leave a significant
effect on the environment. This poses to be a challenge for the Vitamin B3
industry.
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Created on Jan 13th 2021 02:46. Viewed 136 times.