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.
The Vitamin B3 market 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.
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.
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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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