About Nicotinic Acid
Nicotinic acid, also known as niacin or vitamin B3. It is a water-soluble vitamin that plays an important role in many bodily functions, including energy metabolism, cell signaling, and DNA repair. It is found naturally in a variety of foods, including meat, poultry, fish, nuts, seeds, and legumes. It is also added to some fortified foods and is available as a dietary supplement. Nicotinic acid is one of two main forms of vitamin B3, the other being nicotinamide. The Nicotinic acid market is experiencing growth, but it's also subject to certain challenges, such as potential side effects associated with high doses and fluctuations in raw material prices. However, the various factors are expected to continue driving the market forward in the foreseeable future.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key players are adopting numerous strategies to gain market attention and to increase their market share, this strategy can be listed as increasing product portfolio, making partnerships to adopt certain technologies, and acquiring small players to finish the competition in the future. As well as investing money in the R&D sector to make technical upgrades to the product. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Nicotinic Acid market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BASF SE (Germany), Jubilant Pharmova Limited (India), Vertellus (United States), Evonik Industries AG (Germany), Merck KGaA (Germany), DSM (Netherlands), Lasons India Pvt.Ltd. (India), NutraScience Labs (United States), GEHRING-MONTGOMERY, INC. (United States) and THE CHEMICAL COMPANY (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Jiangsu Brother Vitamins Co.,Ltd. (China), YUKI GOSEI KOGYO CO., LTD. (Japan), Shandong Hongda Biological Technology Co., Ltd. (China), Western Drugs Ltd. (India), Spectrum Chemical (United States) and Lonza (Switzerland).
Segmentation Overview
AMA Research has segmented the market of Global Nicotinic Acid market by , Application (Pharmaceuticals & Healthcare, Food & Beverage, Feed Additives, Agrochemical and Others) and Region.
On the basis of geography, the market of Nicotinic Acid has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Form , the sub-segment i.e. Solid will boost the Nicotinic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Grade, the sub-segment i.e. Pharmaceutical Grade will boost the Nicotinic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Source, the sub-segment i.e. Natural will boost the Nicotinic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Demand for Functional and Enriched Foods
Market Growth Drivers:
Rising Awareness of Health Benefits and Growing Geriatric Population
Challenges:
High Doses can Cause Flushing, Itching, and Other Side Effects
Restraints:
Strict Regulations on Supplement Usage
Opportunities:
Expansion of the Animal Feed Industry and Development of Sustained-Release Formulations
Market Leaders and their expansionary development strategies
In February 2023, Evonik Industries renewed its collaboration with Myriad Genetics to develop and commercialize nicotinamide riboside (NR) as a dietary supplement. It demonstrates the combined expertise of Evonik in developing and manufacturing NR and Myriad Genetics' experience in clinical research and market access.
In October 2022, BASF launched Niacinamide EX, a new high-purity nicotinamide active ingredient specifically designed for cosmetic applications. This new product specifically caters to the cosmetic industry and promises enhanced stability and efficacy in skincare products.
Key Target Audience
Manufacturer, Government Bodies, Suppliers & Distributors, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.