Malaysia Vitamin B3 Market Shipment Analysis
Malaysia Vitamin B3 Market registered a decline of -50.5% in value shipments in 2021 as compared to 2020 and an increase of 7.76% CAGR in 2021 over a period of 2017. In Vitamin B3 Market Malaysia is becoming less competitive as HHI index in 2021 was 9122 while in 2017 it was 8749. Herfindahl Index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means less numbers of players or countries exporting in the market.
Malaysia has reportedly relied more on imports to meet its growing demand in Vitamin B3 Market. India is unable to meet its increasing needs of this product with domestic production hence we see the trend is shifting towards import shipment to meet its demand The import factor of Vitamin B3 Market in 2021 was 7.85 while in 2017 it was 3.9. China, Germany, Singapore, Philippines and Canada were among the top players of the market in 2021, where China acquired the largest market share of 95.48% with a shipment value of 3.17 million USD in 2022 China also offered the product below the average market price thus having a competitive advantage over others In 2017 China had the largest market share of 93.43% with the shipment value of 4.32 million USD. The country was offering its product with an average price which is higher than the average market price offered in the country. Although China offers its product above the market average price, it remained at the leadership position indicating the brand value it holds in the Malaysia Vitamin B3 Market in 2017.
