Niacin (vitamin b3), also known as nicotinic acid, is an organic molecule that is usually classified as one of the 20 to 80 necessary nutrients for humans. It is part of the vitamin B3 complex, which is made up of nicotinamide and other vitamins. It's made up of C6H5NO2 and belongs to the pyridine carboxylic acids family.
Many processed meals with a greater concentration of fortified packaged goods, tuna, salmon, and certain vegetables include niacin (vitamin b3). People who have high blood cholesterol and a niacin or vitamin B3 deficiency often take niacin supplements.The vitamin is essential for the body, and a lack of it can result in nausea, skin and mouth sores, anemia, migraines, and exhaustion. A lack of five essential vitamins, niacin, vitamin C, thiamin, vitamin D, and vitamin A, causes a niacin deficiency in persons with pandemic deficient illnesses.
COVID-19 Impact Analysis
The influence of COVID-19 on feed consumption has had a direct impact on meat and livestock products and byproducts, such as milk and eggs. Worldwide, there has been an increase in the demand for plant-based vitamin supplements and nutritional alternatives, which have strengthened the market for such supplements.Several vitamin B3 supplements with immunity-boosting qualities, are on the market, and sales have increased since the introduction of the new coronavirus to reduce the risk of infection.
Following the epidemic and the resulting global lockdown, people's health awareness has increased dramatically, resulting in a heightened demand for items that boost immunity. Due to the lockdowns, closures of international borders, and delays in cross-border transit caused by the COVID-19 epidemic throughout regions, manufacturing of vitamin B3 is expected to stall in 2020. Governments around the world are taking steps like social distancing to limit the number of people who can work together in the workplace.From 2021 onwards, the market for vitamin B3 will gradually revive as government limitations are projected to relax.
Despite the fact that food demand is increasing, COVID-19 has had a substantial influence on supply. Lockdowns and a spike in infected cases have resulted in manpower shortages and a decrease in raw material supplies.
Food supplies have been delayed as a result of the disruption in delivery channels. The demand for vitamin B3 processing in the milk and dairy industry, on the other hand, is rising now and is expected to rise further in the first and second quarters of 2021.
Top Impacting Factors
- During the forecast period, the healthcare industry is expected to fuel the market's overall growth.
- Because niacin is so important to one's health, the use of niacin supplements is on the rise around the world, which is expected to promote market growth.
- Vitamin B3 deficiency can result in nausea, skin and mouth sores, anemia, headaches, and exhaustion. Take niacin pills to avoid these folks, which are expected to boost the market expansion even further.
- Niacin supplementation can assist to lower the risk of heart disease. The demand for niacin is predicted to increase as a result of this cause.
- During the projection period, people who avoid taking external supplements are expected to limit market growth.
- People's lack of understanding of niacin (Vitamin B3) is expected to stymie market expansion over the forecast period.
- Increased Demand for Monogastric Animal Nutrition Supplements
- Because monogastric animals are unable to generate vitamin B complex molecules in the same way that ruminants do, there is a high demand for vitamin supplements in this industry. Due to the coordinated growth of these sectors, key businesses are building a market presence in the poultry and swine sectors. In developing countries, such as Asia Pacific and Latin America, these industries are gaining traction. Globally, there has been a significant demand for the usage of additives in these expanding markets due to the increase in demand for complex feed in these regions.
- Changes in Regulatory Policies as a Result of Environmental Impact
If suitable standard operating procedures are not followed, the production process of vitamin B3, which is mostly synthetic, is thought to have a potentially negative impact on the environment. The vast majority of synthetic vitamins are made from petroleum extracts and coal tar derivatives, both of which have substantial environmental consequences. Vitamin manufacturing is thought to cause a significant amount of pollution, prompting vitamin makers to take initiatives to reduce their carbon footprint.The Chinese government's change in environmental rules is one of the primary challenges affecting the worldwide vitamin market. To achieve sustainable production and prevent air pollution, the Chinese government has implemented rigorous limitations. Vitamin manufacturers in China are experiencing a difficulty in that they must boost production to satisfy rising demand, which has an impact on worldwide vitamin supplies. Concerns over the long-term production of vitamins in other countries may also prompt national governments to take similar steps.
Key Benefits of the Report
- This study presents the analytical depiction of the vitamin b3 industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the vitamin b3 market share.
- The current market is quantitatively analyzed to highlight the vitamin b3 market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed vitamin b3 market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Report
- Which are the leading players active in the ‘vitamin b3 market’?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is “vitamin b3 market” prediction in the future?
- Which will be the niches at which players profiling with recent advancements should set a presence?
- What are the driving factors and opportunities in the market?
- What are the current trends and predicted trends?
- What are the challenges faced in the "vitamin b3 market"?
Vitamin B3 Market Report Highlights
By Product Type
By Distribution Channel
Key Market Players
Prinova Group, Shijiazhuang Donrex Co., Ltd., OEL Pharm Tech, BASF SE, Tianjin Aikang Biotechnology Co., Ltd., Solvay Pharmaceuticals, Vitablend Nederland, Zhejiang Guobang Pharmaceutical Co. Ltd., Yantai Dongcheng Biochemicals Co., Ltd., Nutrient Treatment International Co., Ltd.