Report Ocean presents a new report on vitamin B3 market size, share, growth, industry trends, and forecast 2030, covering various industry elements and growth trends helpful for predicting the market’s future.
The vitamin B3 market is expected to elevate at a compound annual growth rate (CAGR) of 2.8% over the forecast period from 2021-2030.
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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.
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.
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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
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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
What are the aspects of this report that relate to regional analysis?
The report’s geographical regions include North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The report provides a comprehensive analysis of market trends, including information on usage and consumption at the regional level.
Reports on the market include the growth rates of each region, which includes their countries, over the coming years.
How are the key players in the market assessed?
This report provides a comprehensive analysis of leading competitors in the market.
The report includes information about the key vendors in the market.
The report provides a complete overview of each company, including its profile, revenue generation, cost of goods, and products manufactured.
The report presents the facts and figures about market competitors, alongside the viewpoints of leading market players.
A market report includes details on recent market developments, mergers, and acquisitions involving the key players mentioned.
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