The global niacin market reached a value of about USD 334.7 million in 2021. The industry is projected to grow at a CAGR of around 4.80% in the forecast period of 2022-2027 to reach a value of about USD 441.3 million by 2027.
The global niacin industry report comprehensively analyses the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. Niacin is an essential vitamin that aids in managing the digestive system, skin, and nervous system. The increasing consumer interest in health and wellness drives the rising demand for vitamins and supplements. The inclusion of vitamins and supplements in daily diets by consumers is leading the market growth. In the industry report, the critical demand indicator is the highest category spender by region—the Asia Pacific region.
Niacin or nicotinic acid, also known as vitamin B3, is a water-soluble B vitamin that can be found in some foods, added to foods, and purchased as a supplement. It is made from the amino acid tryptophan by both plants and mammals. Nicotinic acid and nicotinamide are the most frequent types of niacin found in foods and supplements. As niacin is water-soluble, any excess that the body doesn't require is eliminated in the urine. Niacin functions as a coenzyme in the body, with over 400 enzymes for various reactions. It aids in converting nutrients into energy, the formation of cholesterol and lipids, the formation and repair of DNA, and antioxidant properties. The niacin industry report comprises segments by application (Pharmaceutical, Personal Care Products, Agricultural, Livestock), nutrition type (human, animal), form (liquid, solid) and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
Asia Pacific region holds a significant share in the niacin industry as India and China are the world's largest producers, exporters, and consumers of vitamins. With the growing health consciousness among consumers and increasing concerns about meeting the required amount of nutrition, the demand for health supplements is surging. Furthermore, consumer interest in preventing conditions like skin disease fatigue, diabetes, digestion etc., are propelling the industry forward. The vitamin is also a key ingredient in animal feed additives to conquer deficiency issues in animals for acquiring good quality meat and milk. This application is thereby resulting in increased demand. Other factors such as growing health concerns among individuals, rise in disposable incomes, and strict regulatory policies lead pharmaceutical companies to manufacture vitamin B supplements leading to the market's growth.
However, the consumption of the vitamin can lead to certain side-effects like nausea, rashes, headache etc., which can cause hesitancy in its consumption which can act as a market restraint.
The global niacin industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global niacin regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Niacin can be produced from the essential amino acid tryptophan, a five-step process with quinolinic acid as the penultimate molecule, in addition to absorbing it from food. Aspartic acid is used by some bacteria and plants in a route that also leads to quinolinic acid. The conversion efficiency in humans is estimated to require 60 mg of tryptophan to produce 1 mg of niacin. The procedure necessitates the use of riboflavin, vitamin B6, and iron. Because maise niacin is poorly accessible and corn proteins are deficient in tryptophan relative to wheat and rice proteins, pellagra results from a corn-dominant diet. In the industrial sector, Synthesis, Ammoxidation of 3-methylpyridine yields nicotinonitrile. Nitrile hydratase is then utilised to catalyse nicotinonitrile to nicotinamide, converted to niacin. Ammonia, acetic acid, and paraldehyde, on the other hand, are used to produce 5-ethyl-2-methyl-pyridine, which is subsequently oxidised to niacin.
The vitamin is increasingly included as a superior antioxidant in the food and beverage sector. Its primary role is to lower levels of dangerous free radicals that may damage DNA and cells, reducing the risk of chronic illnesses including cancer and heart disease and gaining traction among consumers. It also aids in the production of energy in three stages: it breaks down sugars to produce glucose; it allows fats to be converted into lipids, which are needed by all cells; and finally, it works with proteins in food to make essential brain chemicals like serotonin, which aid in appetite control and mood regulation. The following benefit of its consumption is driving the sales in the sector.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Manufacturers of niacin are focusing their efforts on growing markets to maximise profit margins. Primary producers in the global market are constantly introducing new niacin products. Product launches, mergers and acquisitions, and contracts and partnerships are among the techniques used by the market's leading companies. These techniques would result in effective and high-performance items, the support of market laws, and improved customer pleasure.
1. Executive Summary
2. Niacin Market Snapshot
2.1. Niacin Market Outlook
2.2. Niacin Category Analysis, by Type
2.2.1. Nutrition Grade
2.2.2. Feed Grade
2.3. Regional Overview
2.3.1. North America
2.3.3. Asia Pacific
2.3.4. Latin America
2.3.5. Middle East and Africa
3. Impact of Recent Events
4. Niacin Value Chain Analysis
5. Niacin Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Niacin Cost Structure
9. Niacin Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Niacin Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. SWOT Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. Koninklijke DSM N.V
14.2. Jubilant Life Sciences Ltd
14.3. Lonza Group AG
14.4. Vertellus Holdings LLC
The global niacin market size was valued at USD 330 million in 2021.
As per the applications provided, the pharmaceutical segment is anticipated to lead the market between the period 2022 – 2027.
The major demand for health and wellness supplements is one of the essential drivers of the market growth.
Lonza, Jubilant Life Sciences, Vertellus, Brother Enterprises, Zhejiang Lanbo Biotechnology, Lessons India, Vanetta, DSM, Tianjin Zhongrui Pharmaceutical, Resonance Specialties and Lonza are some of the leading companies in the market.
The Asia Pacific region of the industry holds a significant share in the market.
The global niacin market attained a value of USD 330 million in 2021, driven by the rising prevalence of health consciousness among individuals.
Consumer interest in avoiding skin disease, weariness, diabetes, and digestion, among others, is also moving the sector ahead. The vitamin is also used in animal feed additions to help animals overcome deficiency concerns and produce high-quality meat and milk. As a result of this application, demand has grown. Other reasons, such as rising health concerns among individuals, increasing disposable incomes, and stringent regulatory laws, drive pharmaceutical businesses to produce vitamin B supplements, resulting in market expansion. Aided by the growing use of vitamins in food and beverage products, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of yy%. The market is projected to reach USD yy billion by 2027.
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