Northbrook, IL -- (SBWIRE) -- 08/06/2021 -- The global Vitamin B3 market size 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. 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.

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By type, the feed grade segment accounted for the highest share in Vitamin B3 market.

Vitamin B3 feed grade is a vital part of improved metabolism. It helps the body process fats, carbohydrates, and amino acids in animals. Vitamin B3 is essential for the health of the skin, bones, joints, mucous membranes, digestive system, and central nervous system. It is one of the more frequently supplemented vitamins, particularly in the swine and broiler industries. For feed grade application in broilers, vitamin B3 is used to partly correct leg problems while still maintaining rapid weight gains. Whereas in swine, niacin supplementation before slaughter appears to improve pork quality. Vitamin B3 in dairy cattle has a number of beneficial effects.

The market for dry segment is projected to account for the largest share during the forecast period, by form
By form, dry is the segment which accounted for the highest marlet share as well as the highest growth rate in the Vitamin B3. Global consumption rised in 2019 as dry forms have the ease to get incorporated into various ingredients. Dry forms are easier to transport and travel with for long distances as well.

Vitamin B3 in the market is required for the proper functioning of the body, and each type imparts different health benefits, such as the enhancement of skin health, production of red blood cells and cellular energy, and the proper functioning of the nervous system. Multiple benefits of vitamin B3, such as the increase in metabolism, maintenance of immunity and digestive health, and their application in multiple industries, have led to the dominance of this segment in the vitamin B3 market.

The synthetic segment dominated the market for vitamin B3 by source.
By source, the synthetic segment accounted for the largest market share in 2019. 2019 with a share of 90.0% in 2019, owing to the lower cost of production of synthetic vitamin B3 as compared to natural vitamin B3, coupled with a constrained supply of raw materials for the extraction of natural vitamins. Synthetic vitamin B3 is chemically synthesized and produced largely using coal tar, ammonia, acids, 3-cyanopyridine, and formaldehyde. They are produced on a large scale, and their popularity can be attributed to low manufacturing costs and greater stability than natural vitamins, providing considerable scope for the growth of this segment.

The nutrition segment of the Vitamin B3 is projected to account for the largest share, by application
By application, the nutritionsegmentaccounted for the largest share in 2019. Vitamin b3 is used in majority of the vitamin blends, health suppkements and nutritional food & beverages. It has tremendous benefits for the animal and human body. Vitamin B3lowes LDL cholesterol and treats high cholesterol problems. This proves to be a preventive measure for various heart diseases. Vitamin B3 also improves brain functioning and skin health. In animals vitamin B3 improves bone health and reduces the risks of arthritis.

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Asia Pacific is the fastest-growing market during the forecast period in the global Vitamin B3
The Asia Pacific region dominated the vitamins market and was valued at USD 171.9 million in 2019 and is also projected to grow at the highest CAGR of 2.9%, in terms of value, during the forecast period.

Leading companies are Lonza Group AG (Switzerland), Jubilant Life Sciences Ltd (India), Shandong Hongda Biotechnology Co., Ltd. (China), Vertellus (US), Jiangsu Brother Vitamin Co. Ltd.(China), DSM (Netherlands), Vanetta (china), Lasons India (China), Zhejiang Lanbo Biotechnology(China), Tianjin Zhongrui Pharmaceutical (China), Foodchem (China), NutraScience Labs (US), Gehring Montgomery, Inc. (US), The Chemical Co. (US), Yuki Gosei Kogyo Co., Ltd.(Japan), Zhejiang Chemvplus Biotech Co. (China), Ltd, Ishita Drugs & Industries Ltd.(India), The Western Drugs Ltd.(India), Spectrum Chemical Mfg. Corp (US), and Glanbia plc (Ireland).

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