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Expert Opinion: Global vitamin B3 Market
ASSO International Consulting estimates that global vitamin B3 will reach $1.5 billion by 2030!Niacinamide, also called nicotinamide, is a form of vitamin B-3, an essential nutrient. A B-3 deficiency can lead to disorders of the skin, kidneys, and brain. Taking niacinamide can help prevent B-3 deficiency. Niacin, also known as nicotinic acid, is an organic compound and is, depending on the definition used, one of the 20 to 80 essential human nutrients. Together with nicotinamide it makes up the group known as Niacin complex. It has the formula C6H5NO2 and belongs to the group of the pyridinecarboxylic acids. ASSO International Consulting analyst Lucas estimates the global vitamin B3 market size at USD 1.15 billion in 2022 and is expected to reach USD 1.5 billion by 2030, with a CAGR (2022-30) of 3.04%. Lucas said that the current demand for vitamin B3 has exceeded 90,000 tons, and the future market demand is expected to exceed 120,000 tons.
Figure Vitamin B3 Product
Source: ASSO International Consulting
The demand for vitamin B3 is mainly driven by the feed industry, where more than 70% of vitamin B3 is used in feed additives, followed by the food and beverage industry. , Lonza, Jubilant Life Sciences, Vertellus, Brother Enterprises, Lasons India, and Vanetta, among others, have production bases in China, India, and Europe, with growing production capacity. Vertellus Europe's production capacity has been transferred to China. The pollution of the whole chain of the vitamin industry is not small, resulting in the general transfer of the production capacity of the vitamin industry to China. With the advantages of Chinese enterprises' production capacity, the competitiveness of other foreign enterprises has gradually declined. It is expected that the new production capacity in the future will mainly come from China and India. Vitamin B3 is an industry with concentrated oligarchs and high technical barriers, and it is difficult for new entrants to challenge the existing market pattern in the short term.
Figure Vitamin B3 Market Size (US$ Million) (2017-2030)
Source: ASSO International Consulting
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The Global Vitamin B3 Market Research Report 2022-2030 report released by ASSO Consulting Company provides a basic overview of the vitamin B3 industry, including definition, classification, application and industrial chain structure. Discuss development policies and plans as well as manufacturing processes and cost structures. The report then focuses on major industry players in Global, including company profiles, product images and specifications, sales, market share, and contact information. More importantly, the vitamin B3 industry development trends and marketing channels were analyzed. Providing the main statistical data on the current status of the industry is a valuable guide and direction for companies and individuals interested in the market.
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