Vitamin B3 Market: Current Analysis and Forecast (2021-2027)
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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