Nicotinic Acid Market Outlook
Nicotinic acid, also known as vitamin B3 or niacin, is a colorless, water-soluble derivative of pyridine. The natural foods such as peanuts, avocado, green peas, mushrooms, potatoes, whole grains, meat, poultry, and fish are rich in nicotinic acid. Nicotinic acid helps to regulate metabolism. As nicotinic acid is a water-soluble vitamin, it cannot be stored in the body, and thus, should be consumed to fulfill the daily requirements of the body. Nicotinic acid provides various benefits such as it protects skin from sun damage, boosts brain function, lower triglycerides and decreases bad cholesterol levels. Nicotinic acid is used in industries such as food, pharmaceutical, cosmetic, animal nutrition, dietary supplements, and functional foods.
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Increase in Health-concerns Drives 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 are the number one cause of death all across the world. In 2017, around 31% of global death were due to cardiovascular diseases. The increase in the occurrence of cardiovascular diseases has increased awareness among consumers. The consumers are taking appropriate measures to maintain a healthy lifestyle. 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.
The increase in health-awareness among the 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 fulfill the daily nutritional requirements of the body. Nicotinic acid offers many beneficial properties such as it might prevent help to treat Type 1 Diabetes, increases HDL levels, treats pellagra, etc. The demand for vitamin supplements is increasing. According to 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 around 40% of the total dietary supplement sales. Thus, the rising demand for dietary supplements is expected to propel the nicotinic acid market.
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Nicotinic Acid Market Segmentation
The nicotinic acid market can be segmented on the basis of form, grade, end-use, and distribution channel –
The nicotinic acid market can be segmented on the basis of the form as:
The nicotinic acid market can be segmented on the basis of the grade as:
- Food Grade
- Feed Grade
- Pharmaceutical Grade
- Cosmetic Grade
The nicotinic acid market can be segmented on the basis of the end-use as:
- Food and Beverage
- Dietary Supplements and Functional Foods
- Pharmaceutical Industry
- Cosmetic and Personal Care
- Animal Nutrition
The nicotinic acid market can be segmented on the basis of the distribution channel as:
- Direct Sales/ B2B
- Indirect Sales/B2C Hypermarkets/Supermarkets Wholesalers Convenience Stores Specialty Stores Online Retailers
Nicotinic Acid Market: Regional Analysis
The increase in health and fitness trends in the Asia Pacific region is estimated to boosts the sales of nicotinic acid. The impact of western culture, increase in disposable income, hectic lifestyle, and high youth population is some of the drivers for 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.
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Nicotinic Acid Market: Key Participants
Few of the key market players in the nicotinic acid market are:
- Koninklijke DSM N.V.
- Jubilant Life Science Ingredients
- Lonza Group AG
- Aarti Drugs Ltd.
- Lasons India Pvt. Ltd.
- Resonance Specialities Limited
- Brother Enterprises Holding Co., Ltd.
- Triveni Chemicals