The global vitamin B3 market is expected to elevate at a compound annual growth rate (CAGR) of 2.8% over the forecast period from 2021-2030.
The growing number of poor health conditions is driving the growth of the vitamin B3 market. This is attributed to poor health conditions like irritability, anxiety, poor concentration, fatigue, apathy, restlessness, depression. Over 275 million people are affected by anxiety disorders, which account for over 4% of the global population. Moreover, according to the Anxiety & Depression Association of America, Anxiety disorders have affected over 40 million adults in the United States, which makes it the most common mental illness found in the population. Thus, the anxiety treatments will ultimately raise chances for the consumption of B3 vitamins.
Request To Download Free Sample of This Strategic Report @https://reportocean.com/industry-verticals/sample-request?report_id=BWCC648
Moreover, chronic diseases can cause severe deficiency of B3 vitamins in the body. Crohn’s disease can also lead to the deficiency of the B3 vitamin. Over 800,000 Americans suffer from Crohn’s disease. These factors are expected to exhibit some promising growth in the global Vitamin B3 market. Apart from that, cancer patients, HIV patients, and people undergoing dialysis treatment are more prone to niacin (Vitamin B3) deficiency. Due to this, the global vitamin B3 market is expected to boost during the forecast period.
According to the National Kidney Foundation, around 2 million people undergo dialysis treatment or kidney transplantation worldwide. Such treatments and diseases can further fuel the growth of the global vitamin B3 market.
Moreover, the rising number of skin diseases and problems related to the digestive system and nervous system will exceed the demand for vitamin B3. Around 440 million cases of acute noncancerous medical conditions are registered in the United States annually. Apart from that, around 75%mental disorder cases in developing countries are not getting proper treatment. Moreover, World Health Organization (WHO) estimates that 1 out of 13 suffers from an anxiety disorder. The treatment of these diseases will automatically boost the demand for Vitamin B3.
COVID-19 Impact Analysis
In response to the COVID-19 outbreak, people took on additional measures to strengthen their immunity, resulting in a greater need for vitamin B3. However, disruptions in the supply chain due to lockdown slightly hampered the growth of the market.
Regional Analysis
North America is dominating the global vitamin B3 market. A wide range of product offerings and the rise in mental & physical illness are key factors contributing to the market’s growth. Apart from that, Asia Pacific would forecast the most active growth in the global vitamin B3 market because of the pervasiveness of chronic diseases, boosting demand for health and nutritional supplements among the people in this region.
Market Segmentation
By Type
- Feed Grad
- Pharmaceutical Grade
By Application
- Pharmaceutical
- Nutrition
- Consumer
- Agrochemical
By Source
- Natural
- Synthetic
By Form
- Dry
- Liquid
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Key Players
- Shandong Hongda Biotechnology Co., Ltd., (China)
- Lonza Group AG, (Europe)
- Jiangsu Brother Vitamin Co. Ltd., (China)
- Lasons India, (India)
- NutraScience Labs, (United States)
- Spectrum Chemical Mfg. Corp, (United States)
- Jubilant Life Sciences Ltd, (India)
- Vertellus, (United States)
- The Chemical Co., (United States)
- Other prominent players
Table of Content
Chapter 1: Global Vitamin B3 Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Vitamin B3 market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Vitamin B3 Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Vitamin B3 market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Vitamin B3 market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Vitamin B3 market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Vitamin B3 market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Vitamin B3 business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
About Report Ocean:
Report Ocean is a renowned provider of market research reports, offering high-quality insights to clients in various industries. Their goal is to assist clients in achieving their top line and bottom line objectives, thereby enhancing their market share in today’s competitive environment. As a trusted source for innovative market research reports, Report Ocean serves as a comprehensive solution for individuals, organizations, and industries seeking valuable market intelligence.