The nicotinic acid market is likely to record a strong CAGR during the forecast period.
Nicotinic acid, which is also known as Vitamin B3 or niacin, is a colourless, water-soluble derivative of pyridine. It can be extracted from natural foods such as peanuts, avocado, green peas, potatoes, mushrooms, whole grain, poultry and fish.
The benefits of nicotinic acids are driving the sales of nicotinic acid. These include protecting the skin from sun damage, boosting brain function, decreasing bad cholesterol and lowering triglycerides. It's used in pharmaceutical, cosmetic, animal nutrition, food and dietary supplements. The driving force behind the increased demand for nicotinic acid is its health benefits, as it helps in curing cardiovascular diseases as well as chronic diseases like type 1 Diabetes.
Covid-19 and its impact on the market have destroyed the marketing chain, supply chain and distribution channels. To recover from the damage and increase the sales of nicotinic acid, governments and companies are working together, running awareness programs and initiating R&D projects. This is likely to increase the sales of nicotinic acid in the forecast period.
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What are the Key Drivers and Restraints to the Nicotinic Acid Market?
The increasing prevalence of cardiovascular diseases is estimated to serve as one of the major drivers for the nicotinic acid market.
According to the World Health Organization, in 2017, cardiovascular diseases were the number one cause of death all across the world. In 2017, around 31% of global deaths were due to cardiovascular diseases.
The increase in the occurrence of cardiovascular diseases has increased awareness among consumers. Consumers are taking appropriate measures to maintain a healthy lifestyle. This again drives the sales of nicotinic acid as it helps them prevent heart diseases and lower their cholesterol levels.
Thus, the demand for cholesterol-reducing ingredients is anticipated to increase in the food and dietary supplement industry. Thus, nicotinic acid serves as a suitable option as it helps to reduce bad cholesterol, which further reduces the risk of cardiovascular diseases.
Also, nicotinic acid is available in liquid as well as powder form, which makes it easy for the manufacturers to develop healthy products according to their requirements, driving the demand for nicotinic acid in various industries.
The increase in health awareness among consumers is anticipated to have a positive impact on the nicotinic acid market. Consumers are adopting new habits to improve their health. The demand for dietary supplements is increasing among consumers. The consumer prefers the consumption of dietary supplements to fulfil the daily nutritional requirements of the body.
Nicotinic acid offers many beneficial properties such as might prevent help to treat Type 1 Diabetes, increasing HDL levels, treating pellagra, etc. The demand for vitamin supplements is increasing.
According to the NIH Office of Dietary Supplements (ODS), multivitamin/mineral supplements accounted for almost one-sixth of the total dietary supplement purchased, while vitamin and mineral containing supplements accounted for around 40% of the total dietary supplement sales. Thus, the rising demand for dietary supplements is expected to propel the demand for nicotinic acid.
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Which Region holds the Highest Growth Potential in the Nicotinic Acid Market?
The increase in health and fitness trends in the Asia Pacific region is estimated to boost the sales of nicotinic acid. The impact of western culture, increase in disposable income, hectic lifestyle, and high youth population are some of the drivers of the increase in the demand for nicotinic acid.
The high youth population and their inclination towards the gym and other fitness activities enhance the requirements of vitamins and proteins. Thus, the manufacturers of the dietary supplement industry are anticipated to develop dietary supplements which contain multivitamins and other essential nutrients that are required by the youth population. Therefore, the demand for nicotinic acid is anticipated to increase in the Asia Pacific region.
How is the Competitive Landscape in Nicotinic Acid Market?
The competitive landscape of nicotinic acid market is dynamic in nature as competitors form their strategies focusing on enhanced balancing levels, effectiveness and quality.
Key players holding substantial nicotinic acid market share include Koninklijke DSM N.V, Jubiliant Life Science Ingredients, Lonza Group AG, Aarti Drugs Ltd, Vertellus, Lasons India Pvt. Ltd, Resonance Specialties Limited, Brother Enterprises Holding Co. Ltd and Triveni Chemicals.
Recent Market Development:
Lonza Group AG and its pharmaceutical and biotech department celebrates 20 years of their South Korean nicotinic acid production facility that has been through several FDA approvals.
Lasons India Pvt. Ltd has introduced its program for exporting Vitamin b3 or nicotinic acid to more than 100 countries including China. This will drive the sales of nicotinic acid into new markets.
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Scope Of Report
Report Attribute
Details
Base year for estimation
2021
Historical data
2015 - 2020
Forecast period
2022 - 2032
Quantitative units
Revenue in USD billion, volume in kilotons, and CAGR from 2022 to 2032
Report coverage
Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis,
Segments covered
Form, Grade, End-User
Regional scope
North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia and New Zealand
Country scope
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Spain; Russia; Belgium; Poland; Czech Republic; China; India; Japan; Australia; Brazil; Argentina; Colombia; Saudi Arabia; UAE; Iran; South Africa
Key companies profiled
Koninklijke DSM N.V, Jubilant Life Science Ingredients, Lonza Group AG, Aarti Drugs Ltd., Vertellus, Lasons India Pvt ltd, Resonance Specialities Limited, Brother Enterprises Holding Co Ltd and Triveni Chemicals
Customization scope
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs.
Frequently Asked Questions
What Segment of Nicotinic Acid Market is Performing well by End User?
Food and Beverage is the biggest segment in the nicotinic acid market and is expected to hold a big portion of the market in the forecast period. This leads to the high demand for nicotinic Acid.
Who are the Key Players in the Nicotinic Acid Market?
Key players holding substantial nicotinic acid market share includes Koninklijke DSM N.V, Jubiliant Life Science Ingredients, Lonza Group AG, Aarti Drugs Ltd, Vertellus, Lasons India Pvt. Ltd, Resonance Specialities Limited, Brother Enterprises Holding Co. Ltd and Triveni Chemicals.
Which is the Key Driver in the Nicotinic Acid Market?
Demand for nicotinic acid is likely to rise as awareness about nicotinic acid products and their use in FMCG industries is rising. These factors are going to increase the sales of nicotinic Acid.
