PUBLISHER: Allied Market Research | PRODUCT CODE: 1179738
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179738
The global niacinamide market was valued at $546.08 million in 2021, and is projected to reach $832.41 million by 2031, registering a CAGR of 4.3% from 2022 to 2031.
Niacinamide, a form of vitamin B3, is an essential nutrient in human body. Vitamin B3 deficiency can lead to skin disorders, kidney, and brain diseases, which can be treated by administering niacinamide products and supplements. Niacinamide can be obtained both naturally and synthetically. Naturally it is obtained from both beef and chicken livers and from eggs, fish, meat, and green vegetables. Synthetically it is produced by hydrolysis of nicotinonitrile, which is catalyzed by the enzyme nitrile hydratase from Rhodococcus rhodochrous.
World Health Organization (WHO) states that skin diseases are among the most common of all human health conditions and affects almost 900 million people in the world at any time. This skin conditions can be well treated by using niacinamide which includes reducing redness from eczema, acne, and other inflammatory skin conditions. In addition, it is used to prevent dermatological conditions, including autoimmune blistering disorders, acne, rosacea, ageing skin, and atopic dermatitis. Hence, owing to these applications, there is a greater demand for the drug in the cosmeceuticals sector, which propels growth of the market. Niacin has long been used to lower triglycerides and increase high-density lipoprotein (HDL) cholesterol. This further highlights its demand in the pharmaceuticals segment causing increase in sales of products.
In addition, vitamin B3 enhances digestive health in dairy cattle, which prevents metabolic diseases. According to the U.S. department of agriculture, supplementation of 12g of niacin per head per day can increase milk production by about 1lb. This further propels increase in demand for niacinamide for animals to enhance their digestive health. For instance, Niacin RP is the niacinamide nutrition developed by Jubilant Ingrevia, which is expected to propel the market growth.
Increase in awareness regarding benefits of niacinamide, rise in usage of cosmetic products, and rise and investments in research & development activities are the key drivers that lead to growth of the market. Top market players are investing in research and development activities to develop new niacinamide containing products. In addition, product launch and building a strong product portfolio is the major focus of the players. In addition, increasing consumer awareness and concerns about health benefits provides opportunities to the market players to manufacture products which have proven to be highly effective. Along with this, the growing prevalence of the skin related diseases, increasing vitamin B3 deficiency cases around the globe and increasing awareness among the people regarding the consumption of healthy food supplements provides a favorable environment for increasing sales of niacinamide products and for growth of the overall market. Furthermore, side effects associated with long-term use of niacinamide can affect sales of the products and hinder growth of the market.
The niacinamide market is segmented on the basis of type, application, distribution channel, and region. By type, it is divided into powder, liquid, and others. Further, the powder segment is divided into natural and synthetic. On the basis of application, the market is segmented into pharmaceutical, cosmeceutical, and human nutrition. According to the distribution channel, it is segmented into hospital pharmacies, online pharmacies, and drug stores & retail pharmacies. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major companies profiled in this report include Brother Enterprises Holding Co., Ltd, Evonik Industries AG, Fagron Inc, Foodchem International Corporation, Glossier, Jubilant Life Sciences Limited, Koninklijke DSM N.V, Lasons India Pvt Ltd, Lonza Group, Merck KGAA, and Veer Chemie, Vertellus.
Key Benefits For Stakeholders
By Type
By Application
By Distribution Channel
By Region