For the Quarter Ending June 2025
North America
• As of June 2025, the CFR Los Angeles Nicotinamide Spot Price was recorded at USD 5010/MT and reflected a 1.57% month-over-month drop, after an earlier steep fall of 8.12% in May. This reflects a steadily weakening Price Index fuelled by subdued demand and oversupplied market conditions.
• Why did the price change in July 2025? The Nicotinamide Spot Price in North America continued its downward trajectory into July 2025 due to persistently low procurement activity across pharmaceuticals and food-grade formulations. With high inventory carryovers and no major policy shifts or logistic bottlenecks, buyers remained cautious. The lack of recovery in downstream demand delayed any price stabilization that resulted in further market softness in the July Price Index.
• Demand from fortified foods, immunity supplements, pharmaceutical formulations and personal care segments remained weak in Q2. Major U.S. buyers adopted a need-based procurement strategy and waited for improved buying conditions.
• Elevated inventory levels across U.S. ports and distribution hubs dampened restocking interest. Buyers relied on existing stockpiles due to continued low offtake, further softening the Nicotinamide Price Forecast.
• Uninterrupted production in China and other export hubs ensured abundant supply with no bottlenecks. Logistical flows into major ports like Los Angeles functioned smoothly, placing no upward pressure on prices.
• Earlier uncertainties around U.S. tariff policy on Chinese-origin Nicotinamide influenced price concessions from exporters. This created a deflationary effect on the Nicotinamide Spot Price throughout the quarter.
• Falling maize prices (key fermentation feedstock) led to a reduction in Nicotinamide Production Cost Trend globally, enabling exporters to maintain competitive offers even amid weak buyer sentiment.
• Buyers delayed procurement in June in anticipation of Q3 price correction, expecting better clarity on pricing. This anticipatory approach further pressured sellers to reduce offers.
• Chinese and Indian exporters lowered quotations aggressively to clear slow-moving inventories. The continuous production against sluggish global offtake translated to a broader bearish sentiment.
• With limited signs of demand revival, the Nicotinamide Price Forecast indicates continued softness into early Q3 unless pharmaceutical demand rebounds or maize costs rise again.
Asia Pacific
• As of June 2025, the CFR Busan Nicotinamide Spot Price was USD 4850/MT, down 3.19% from May. This capped a quarter-long decline, including an 8.41% drop in May, affirming APAC’s deflationary pricing trend.
• Why did the price change in July 2025? In July 2025, the Nicotinamide Spot Price in APAC markets such as South Korea declined further, reflecting prolonged weak downstream offtake and a heavy inventory position. Without any logistical or policy disruptions, consistent oversupply and inactive procurement kept the July Price Index depressed.
• The pharmaceutical, nutraceutical, and functional food segments showed little restocking throughout Q2. Personal care players also postponed purchases, awaiting improved consumer movement.
• APAC buyers, especially in South Korea, were holding elevated stocks from previous cycles. The slow turnover of these inventories meant very little forward buying during the quarter.
• Exporters in China and India operated at full capacity with no production disruptions. The ample supply created intense competition among sellers and pressured prices.
• The fall in maize and glucose prices enabled manufacturers to cut costs and maintain margins even at lower selling prices, reinforcing the downtrend in Nicotinamide Spot Price.
• Trade logistics remained fluid with no major disruptions at Busan and other key ports. Consistent container availability and stable transit times supported smooth inflows.
• Importers in APAC maintained a cautious procurement pattern. Many delayed bulk orders and chose to monitor price stabilization signals before committing to Q3 contracts.
• To stay competitive amid widespread surplus, exporters adjusted pricing aggressively. This aligned with their strategy to maintain shipment flows despite weak end-user engagement.
• Without any catalysts for demand recovery, the Nicotinamide Price Forecast for APAC remains bearish for early Q3. Any turnaround depends on a rebound in supplement and skin-care product sales or seasonal upturns in fortified food demand.
Europe
• In July 2025, the Nicotinamide Spot Price in Europe dropped further as buyers in Germany and wider EU markets continued deferring purchases amid high stock availability and tepid downstream demand. With no new trade restrictions or macroeconomic stimulus, the market remained bearish, reflecting a weaker Price Index.
• The CFR Hamburg Nicotinamide Spot Price in June 2025 stood at USD 4930/MT, down 2.57% month-on-month. This followed an 8.5% drop in May, indicating sustained pressure on the Nicotinamide Price Index from oversupply and cautious procurement behavior.
• European importers entered Q2 with sizable inventories, especially across the pharmaceutical and dietary supplements sectors. This dampened demand for fresh imports and encouraged a drawdown strategy.
• Downstream sectors such as fortified foods, fatigue formulations, and skincare products registered minimal restocking activity. End-users purchased strictly for ongoing needs, signaling a weak Nicotinamide Demand Outlook.
• Port operations at Hamburg and other major EU ports were stable. Consistent lead times and smooth customs processing ensured that availability was not a concern for importers.
• Chinese exporters, facing global oversupply and weak sentiment, reduced their quotations significantly. These offers directly influenced European import prices, resulting in double-digit cumulative declines for Q2.
• Global production costs stayed subdued due to falling glucose (maize-derived) feedstock prices. This allowed exporters to sustain aggressive pricing without operational stress.
• Buyers remained aligned with real-time consumption metrics. Any speculative or forward purchasing was avoided, keeping overall trade volume low.
• The European Nicotinamide market in 2025 has been normalizing from last year’s firm price cycles. This reversionary trend maintained price softness throughout Q2.
• Given no sign of immediate demand recovery or input cost spikes, the Nicotinamide Price Forecast remains weak for Q3 in Europe, unless macroeconomic conditions or retail trends improve.
For the Quarter Ending March 2025
North America
In the first quarter of 2025, the North American market for Nicotinamide recorded a notable average price decline of 16.64%. This movement in the Vitamin B3 market was largely driven by sluggish downstream demand from key sectors like pharmaceuticals, nutraceuticals and personal care. Buyers and procurement specialists showed caution in fresh purchases due to the presence of ample inventories carried over from the previous year’s end.
Seasonal transition from winter to early summer months also contributed to this price adjustment, as consumption patterns in Vitamin B3 supplements and related formulations remained modest. Additionally, the market experienced steady logistics with no major disruptions which allowed Vitamin B3 suppliers and distributors to maintain consistent deliveries. However, tariff structures in place on certain pharmaceutical raw materials slightly pressured margins and encouraged nicotinamide distributors to adopt competitive pricing strategies.
The overall niacinamide demand stayed underwhelming, with production cycles in major North American facilities paced conservatively to avoid oversupply situations. The region’s Vitamin B3 market exhibited a cautious and well-strategized procurement environment throughout the first quarter of 2025.
Asia Pacific
In the Asia Pacific region, the Vitamin B3 market recorded a 16.32% average price decrease in the first quarter of 2025 from previous quarter. This decline was most visible in South Korea and other key markets influenced by regional price shifts. A primary factor affecting this drop was the subdued procurement activity during the Chinese Lunar New Year holidays, which typically slows down trading and production cycles across APAC.
Major Vitamin B3 suppliers and distributors carried sufficient inventory into the new year, limiting aggressive buying behaviour. Additionally, seasonal transition from winter to spring further eased demand for Vitamin B3 supplements and nutraceutical blends, with consumption patterns adjusting to milder weather. The pharmaceutical sector also witnessed routine demand levels, without any significant increase in Vitamin B3 formulations.
The logistics operations remained smooth throughout the region in first quarter of 2025 and ensured uninterrupted product availability. The overall niacinamide market sentiment in APAC was shaped by conservative procurement strategies, well-managed stock levels and the cautious pace of downstream sector demand recovery post-holiday period.
Europe
During the first quarter of 2025, the European Nicotinamide market, led by Germany as a major hub has witnessed a 17.29% average price drop on quarterly basis. This sharp decline in market value niacinamide reflected subdued demand across pharmaceuticals, Vitamin B3 supplements and personal care formulations. The European Vitamin B3 market carried forward sizable inventories from the final quarter of 2024 and this limited the urgency for fresh procurements.
The downstream demand remained moderate, as health supplement consumption tends to stabilize post-winter months. Vitamin B3 distributors in Europe maintained a steady supply chain without major logistical constraints which helped in maintaining consistent availability. Procurement strategies remained cautious, with buyers carefully managing stock levels in anticipation of routine seasonal demand rather than any immediate spikes.
Furthermore, well-timed production cycles in region ensured there were no unexpected supply shortfalls and contributed to a balanced market environment. The Vitamin B3 market across Europe displayed a well-regulated approach, as niacinamide consumption remained aligned with historical trends for the first quarter of the year.
For the Quarter Ending December 2024
North America
During Q4 2024, the Nicotinamide (Vitamin B3) market in North America demonstrated a mixed trend, with initial firmness in October followed by persistent weakness through December. The quarter began with robust momentum as pharmaceutical and nutrition supplement manufacturers engaged in active procurement by the US importers amid supply concerns and rising production costs in China. However, this bullish sentiment proved short-lived as market fundamentals shifted significantly.
The market dynamics transformed notably post-October, influenced by increasing availability of competitively priced material from Asian sources. US buyers adopted a cautious stance, reducing procurement volumes as supply chains normalized and inventories remained comfortable. The steady demand from nutrition and animal feed sectors proved insufficient to prevent the downward trend, while domestic distributors initiated strategic destocking to manage year-end positions.
December witnessed intensified bearish sentiment as suppliers accelerated destocking initiatives amid growing competition ahead of Christmas holidays. The animal feed sector's seasonal slowdown further weakened demand fundamentals, while pharmaceutical buyers maintained minimal inventory positions. End-users leveraged the softening market conditions to negotiate better terms, adopting a wait-and-watch approach as bearish sentiment deepened. The quarter concluded with sustained downward pressure as strategic destocking and cautious buying patterns dominated market dynamics.
APAC
In Q4 2024, Nicotinamide (Vitamin B3) prices in APAC markets experienced significant volatility, beginning with sharp appreciation in October before transitioning to a sustained downward trend. The initial price surge was driven by production cost increases and temporary supply tightness following China's Golden Week. However, post-holiday operations resumed with rapidly changing market sentiment as improved production rates and softening demand fundamentals emerged.
Chinese manufacturers, who initially maintained firm positions citing production costs and environmental compliance requirements, gradually adjusted their stance as market conditions shifted. The region witnessed increasing competition among producers, with several facilities ramping up production rates to maintain market share. Trading activities slowed considerably as both domestic and international buyers adopted increasingly conservative purchasing strategies.
December brought systematic destocking initiatives as manufacturers focused on managing year-end inventories amid weakening market conditions. Several facilities reported increasing inventory pressure despite attempts to optimize production rates. The combination of improved supply availability, softening demand patterns, and strategic inventory management by producers accelerated the downward price trajectory. Export markets remained particularly challenging, with competitive pressures intensifying as suppliers sought to maintain market share.
Europe
In Q4 2024, Nicotinamide prices in Germany reflected the global market volatility, starting with October's firmness before aligning with the broader downward trend. The quarter began with strong market fundamentals as buyers responded to rising Asian offers and supply uncertainties. However, European manufacturers soon faced increasing pressure to adjust prices as market conditions deteriorated.
The bearish sentiment intensified through November despite stable pharmaceutical sector demand. Buyers leveraged the shifting market dynamics to optimize procurement costs, while merchants faced growing margin pressure. The market witnessed increased competition among distributors, with several players actively reducing stock positions to align with weakening prices.
December's market dynamics were characterized by accelerated price depreciation as European distributors competed to reduce inventories. The combination of strategic destocking, ample supply availability, and seasonal demand slowdown maintained strong downward pressure. While consumption patterns remained relatively steady across pharmaceutical applications, the market's bearish orientation strengthened through quarter-end. The sustained price decline reflected both global market fundamentals and regional demand softness, creating an increasingly challenging environment for suppliers maintaining higher price positions.
FAQs
1. What is Nicotinamide and how is it different from Niacin?
Nicotinamide is a water-soluble form of vitamin B3, distinct from niacin (nicotinic acid) in that it does not cause flushing. While both forms are converted into NAD? (nicotinamide adenine dinucleotide) in the body, nicotinamide is more commonly used in pharmaceutical and dermatological formulations due to its better tolerability.
2. What are the main industrial applications of Nicotinamide?
Nicotinamide is widely used in pharmaceuticals (especially in B-complex supplements), dermatological preparations (as an active in acne and anti-aging treatments), animal feed premixes, and functional foods and beverages. Its role in cellular metabolism makes it a critical input in energy-related formulations.
3. What drives the global demand for Nicotinamide?
The demand for nicotinamide is primarily driven by the growth of health supplements, fortified foods, cosmeceuticals, and veterinary nutrition. Rising consumer awareness of NAD? precursors in metabolic health and increased dermatological product launches also play a significant role in sustaining demand.
4. Who are the major producers and exporters of Nicotinamide?
China remains the dominant producer and exporter of nicotinamide due to its large-scale, cost-effective manufacturing capabilities. Other contributors include European and Indian manufacturers, though they largely rely on imports of upstream intermediates like 3-cyanopyridine.
5. How does feedstock availability impact Nicotinamide pricing?
Nicotinamide production relies on feedstocks such as 3-cyanopyridine or methylpyridines. Disruptions or price volatility in these intermediates—often derived from petrochemical or coal-based sources—can influence production costs and global price trends for nicotinamide.
