Vitamin B3 Market Size, Share & Trends Analysis Report By Source (Natural, Synthetic), By Form (Dry, Liquid), By Application (Animal Feed, Pharmaceutical), By Region, And Segment Forecasts, 2024 - 2030

Vitamin B3 Market Size & Trends

The global vitamin B3 market size was estimated at USD 372.0 million in 2023 and is expected to grow at a CAGR of 2.2% from 2024 to 2030. Vitamin B3, commonly referred to as niacin or nicotinic acid, plays a crucial role in the human body. It aids in energy release from the food we consume, the production of fatty acids and cholesterol, DNA repair, and the stress response. This water-soluble vitamin is essential for maintaining overall health, and sufficient levels are usually attained through a varied and balanced diet.

The increasing awareness of health and wellness among consumers is a significant market driver. In recent years, there has been a growing recognition of the importance of maintaining a balanced diet and ensuring adequate intake of essential nutrients. This heightened awareness has led to a surge in demand for vitamin supplements, including vitamin B3, as individuals seek to improve their overall health and well-being. One of the primary factors contributing to this trend is the rising prevalence of lifestyle-related diseases, such as obesity, diabetes, and cardiovascular disorders. These conditions are often linked to poor dietary habits and nutritional deficiencies.

According to a survey conducted by the National Health and Nutrition Examination Survey between 2003-2018 on 4,315 adults aged 20 years and more stated that participants who consumed more than 26.7 milligrams (mg) of niacin (Vitamin B3) daily exhibited a 30% lower risk of death from cardiovascular disease and a 35% lower risk of all-cause mortality compared to those with a daily niacin intake of 18.4 mg or less. As people become more educated about the role of vitamin B3 in preventing and managing diseases, they are increasingly turning to supplements to fill the nutritional gaps in their diets.

Concern over nutritional deficiencies is not limited to developed countries. In many developing regions, insufficient intake of vitamin B3 remains a public health issue. According to the World Health Organization (WHO), niacin deficiency can lead to pellagra, a condition characterized by dermatitis, diarrhea, and dementia. Governments and health organizations are promoting the consumption of fortified foods and supplements to address this issue. For instance, the WHO and other international bodies have actively initiated efforts to fortify staple foods with essential vitamins and minerals in vulnerable populations.

The expanding applications of Vitamin B3 in the pharmaceutical and cosmetic industries are significantly driving market growth. Known scientifically as niacin or nicotinic acid, this versatile vitamin has been recognized for its wide range of health benefits, leading to its increased use in various medical treatments and skincare products. Vitamin B3 is widely utilized in the pharmaceutical industry for its therapeutic properties. It is commonly prescribed for the treatment of pellagra, a condition caused by niacin deficiency, which manifests in symptoms such as dermatitis, diarrhea, and dementia.

In addition, niacin is used to manage hyperlipidemia, as it has been shown to effectively lower low-density lipoprotein (LDL) cholesterol and triglycerides while raising high-density lipoprotein (HDL) cholesterol levels. This makes it a valuable component in preventing and treating cardiovascular diseases. Recent research has also explored its potential role in neuroprotection, suggesting that niacin could contribute to the management of neurodegenerative disorders such as Alzheimer's disease.

Source Insights

Natural dominated the market and accounted for a share of 92.20% in 2023. This dominance is driven by the growing consumer preference for natural and organic products, as well as the rising awareness of the benefits of vitamins derived from natural sources. Naturally sourced Vitamin B3, commonly found in foods such as meat, fish, poultry, and grains, is favored for its bioavailability and perceived safety compared to synthetic alternatives. The market has seen significant growth due to the increasing demand for clean-label products, where consumers prioritize ingredients that are minimally processed and free from artificial additives. The trend towards sustainable and health-conscious consumption patterns has also contributed to the popularity of naturally sourced vitamins.

The synthetic segment is expected to grow at a CAGR of 1.7% from 2024 to 2030. This growth is primarily driven by the consistent demand for affordable and stable vitamin supplements across various industries, including pharmaceuticals, food and beverages, and cosmetics. Synthetic vitamin B3, which is chemically identical to its naturally sourced counterpart, offers a cost-effective alternative for manufacturers aiming to meet the nutritional and therapeutic needs of a large consumer base.

Form Insights

Sales of dry vitamin B3 accounted for a revenue share of 82.80% in 2023. Dry vitamin B3, also known as niacin or nicotinic acid, is widely recognized for its essential role in supporting metabolic functions and overall health, driving its demand across various consumer segments. Moreover, its versatile applications in dietary supplements, pharmaceuticals, and food fortification further bolstered its market penetration.

Sales of liquid vitamin B3 are expected to grow at a CAGR of 3.1% from 2024 to 2030. Consumer preferences are shifting towards liquid supplements due to their perceived ease of consumption and quicker absorption compared to traditional pill forms. This trend is expected to bolster demand, especially among health-conscious consumers seeking convenient nutritional solutions. Secondly, ongoing innovations in liquid vitamin B3 formulations, such as improved taste profiles and enhanced bioavailability, are anticipated to attract a broader consumer base. These advancements aim to optimize product efficacy and user experience, further driving market expansion.

Application Insights

The animal feed segment accounted for a revenue share of 60.13% in 2023. This substantial market presence can be attributed to several key factors driving demand within the agricultural sector. Vitamin B3, also known as niacin, plays a crucial role in animal nutrition, particularly in promoting growth, enhancing metabolism, and supporting overall health. Its inclusion in animal feed formulations helps optimize feed conversion efficiency and improve nutrient utilization, which is critical for livestock health and productivity. Moreover, increased industrial farming practices and the rising demand for high-quality animal products have further fueled the adoption of vitamin B3-enriched feed additives.

Cosmetics is expected to grow at a CAGR of 5.6% from 2024 to 2030. Vitamin B3, also known as niacinamide, is prized in skincare and cosmetics for its multifaceted benefits. It is known to improve skin barrier function, reduce inflammation, enhance skin hydration, and even out skin tone. As consumer awareness of these benefits continues to rise, there is increasing demand for skincare products containing vitamin B3. Cosmetic formulations incorporating niacinamide are also favored for their compatibility with various skin types and conditions, making them versatile solutions in anti-aging, moisturizing, and complexion-enhancing products.

Regional Insights

The vitamin B3 market in North America captured a revenue share of over 29.12% in the market. Growing consumer awareness and preferences for nutritional supplements and fortified food products have fueled the consumption of vitamin B3 in the region. Its essential role in supporting overall health, including metabolism and cardiovascular function, has contributed to its popularity among health-conscious consumers in North America.  Moreover, the region's robust healthcare infrastructure and strong regulatory framework have supported the market's growth by ensuring product safety and efficacy standards. In addition, advancements in food fortification and dietary supplement formulations incorporating vitamin B3 have further expanded its application in various industries, including pharmaceuticals and cosmetics.

U.S. Vitamin B3 Market Trends

The vitamin B3 market in the U.S. is facing intense competition due to massive product innovation from categories including cosmetics, vitamin fortified food among others. In the U.S. cosmetics and beauty industry, vitamin B3, also known as niacinamide, plays a pivotal role as a highly sought-after ingredient. Known for its versatile skincare benefits, niacinamide is widely utilized in a variety of cosmetic formulations. Its popularity stems from its ability to improve skin barrier function, enhance moisture retention, reduce inflammation, and even out skin tone, making it suitable for a wide range of skin types and concerns. The demand for niacinamide in the U.S. cosmetics market is driven by increasing consumer awareness and preference for effective skincare solutions backed by scientific research. Skincare products containing niacinamide, such as moisturizers, serums, and anti-aging treatments, are favored for their ability to address multiple skin concerns simultaneously. This includes minimizing fine lines and wrinkles, improving texture, and promoting a more radiant complexion. For instance, in February 2024, Dove introduced ‘Dove VitaminCare+’ Deodorant, fortified with Vitamin B3 to enhance skin's natural odor defenses. It featured a revolutionary aluminum-free formula that delivered 72-hour odor control while nourishing underarm skin 10 layers deep. The deodorant is available in six covetable fragrances.

Europe Vitamin B3 Market Trends

The vitamin B3 market in Europe is expected to grow significantly during the forecast period. Within the dietary supplements sector, niacin is widely used to address deficiencies and promote overall health, particularly in regions where dietary intake may be insufficient. The market for niacin supplements in Europe benefits from increasing consumer awareness of preventive healthcare and the growing trend towards natural and functional ingredients. Innovations in formulation and product development continue to drive growth within the European vitamin B3 market, with manufacturers continually exploring new applications and delivery systems to meet evolving consumer demands. Overall, Europe remains a pivotal region for the utilization of vitamin B3 across nutritional supplements, cosmetics, and pharmaceuticals, reflecting its integral role in promoting health, wellness, and skincare excellence. Moreover, the market is shaped by stringent regulatory standards that prioritize consumer safety and product quality. This regulatory framework ensures that products containing niacin or niacinamide meet rigorous criteria for efficacy and safety, thereby bolstering consumer trust and market integrity.

Asia Pacific Vitamin B3 Market Trends

The vitamin B3 market in Asia Pacific is expected to witness a CAGR of 2.7% from 2024 to 2030. In the Asia Pacific region, the market for vitamin B3, also known as niacin or niacinamide, is significant within the broader nutritional supplements and cosmetics industries. The demand for vitamin B3 is driven by its essential role in promoting overall health and its diverse applications across various sectors. In dietary supplements, niacin is valued for its benefits in supporting metabolism and cardiovascular health, catering to the region's growing health-conscious consumer base.  The market is characterized by rapid urbanization, increasing disposable incomes, and rising awareness of health and wellness trends. These factors contribute to the market's growth as consumers seek products that offer both functional benefits and cosmetic enhancements. Regulatory frameworks and technological advancements further influence market dynamics, ensuring product quality and efficacy standards are met. Overall, the Asia Pacific region remains a pivotal hub for the expanding use and application of vitamin B3 across diverse industries.

Key Vitamin B3 Company Insights 

The vitamin B3 market is characterized by dynamic competitive dynamics shaped by a combination of factors including product innovation, regional production capabilities, and evolving consumer preferences. Leading manufacturers invest in R&D and technological advancements to provide cost-effective and quality products.

Market players are entering into joint ventures, partnerships, mergers, agreements, and acquisitions to strengthen their market position and expand their geographical reach. Companies are also focusing on raising consumer awareness of the ambiguity of the ingredients used while strictly adhering to international regulatory standards.

Recent Developments

• In March 2024, Imaraïs Beauty and The Vitamin Shoppe announced the launch of a range of vitamin gummies formulated to support beauty consumers' health and wellness goals, available exclusively at The Vitamin Shoppe and Super Supplements stores, as well as online at vitaminshoppe.com.

• In February 2024, Nature Made Advanced Multi Gummies were launched with a promise of 60% more total nutrients per serving in daily multivitamin gummies. These gummies offered a good source of Magnesium and Calcium, along with an excellent source of all 8 B vitamins combined. With just three daily gummies, they provided 20 essential nutrients for daily nutritional support. They were made available in formulas designed for men, women, and all adults.

Vitamin B3 Market Report Scope

Global Vitamin B3 Market Report Segmentation

This report forecasts volume & revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global vitamin B3 market report based on source, form, application, and region:

• Source Outlook (Volume, Metric Ton; Revenue, USD Million, 2018 - 2030)

  • Natural

  • Synthetic

• Form Outlook (Volume, Metric Ton; Revenue, USD Million, 2018 - 2030)

  • Dry

  • Liquid

• Application Outlook (Volume, Metric Ton; Revenue, USD Million, 2018 - 2030)

  • Animal Feed

  • Food and Beverage

  • Pharmaceutical

  • Cosmetics

  • Others

• Regional Outlook (Volume, Metric Ton; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • France

    • Germany

    • Spain

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa