Niacinamide Market Research, 2031
The global niacinamide market size was valued at $546.1 million in 2021, and is projected to reach $832.4 million by 2031, growing at a CAGR of 4.3% from 2022 to 2031. Niacinamide is the form of vitamin B3 which has a large number of applications in the pharmaceuticals, nutraceuticals and cosmeceuticals. Vitamin B3 deficiency can be avoided by administering niacinamide in various dosage forms including powders, liquids, injection, tablets and capsules.
According to the American Academy of Dermatology, 84.5 million Americans, one in four were impacted by skin disease and also skin disease cost the US health care system $75 billion in medical, preventative, and prescription and non-prescription drug costs. Thus, the rising number of this skin related diseases caused the researchers turn their focus towards the niacinamide products, which gave rise to various treatments options including that are used to treat many of the above conditions, thus causing the rise in the sales of the niacinamide products.
National Center for Biotechnology Research (NCBI), states that, changes to a healthier lifestyle were observed in 56.2% population and this was motivated in a post-COVID-19 era, which caused the shift of people towards the lifestyle changing products which includes the nutrition, cosmetics, medications and organic products which further provided opportunities for the growth of the niacinamide market share.
Additionally, researchers are trying to innovate new formulations that can be easily accessible to the consumers. The companies are focusing on manufacturing products with high quality and having high effectiveness which lead to a large scale investment by the key players. This will provide a growing factor to the niacinamide market size. For instance, in January 2021, Foodchem launched the Ginseng Flavor in the existing product EnerUP, the Energy Drink preparation energy drink that have entered the market since 2019.
Furthermore, owing to high efficacy, safety, and clinical benefits of niacinamide, the market players are focusing on reusing niacinamide as antilipemic agent to treat hyperphosphatemia in dialysis patients, which in turn, will accelerate the niacinamide market share.
Additionally, vitamin B3 enhances digestive health in dairy cattle, which may help prevent metabolic diseases. This will further lead to the increase in the demand of niacinamide for animals. For instance, Niacin RP is the niacinamide nutrition developed by Jubilant Ingrevia is the animal nutrition containing niacinamide which will cause the niacinamide market growth.
Impact of COVID-19 on Niacinamide Market
The COVID-19 pandemic have proved to be an incomparable global public health emergency that has affected almost every industry, and the effects are expected to impact on the growth of markrt during the niacinamide market forecast period. Several changes in consumer demand and behavior, buying habits, supply chain redirection, and significant government initiatives have been seen around the globe. The COVID-19 pandemic has changed the nutrition pattern, other substance uses and other health-related behaviors of the population. Additionally, people have adopted healthy nutritional supplements to increase their immunity during the pandemic.
The niacinamide market is segmented into Type, Application and Distribution Channel.
The niacinamide market is segmented on the basis of type, by application, by distribution channel and region. On the basis of product type, the market is segmented 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. On the basis of distribution channel, the market is segmented into hospital pharmacies, online pharmacies and drug stores & retail pharmacies.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia, India, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Segment Review
By product type, the market is segmented into powder, liquid and others. The liquid segment generated maximum revenue in 2021, and is estimated to be the fastest growing segment, with a high CAGR of 5.0% owing due to increase in the usage of niacinamide solutions that are used in the skin treatments, rising concerns about the skin care, large number of products offering by the market players, etc.
Depending on the application, the market is divided into pharmaceutical, cosmeceutical, and human nutrition. The cosmeceutical segment dominated the market in 2021, and is estimated to grow with a CAGR of 4.8% in the forecasted period due to increased demand for cosmetics to treat skin problems and ailments, development of various anti-aging treatments, and prevention of vitamin B3 deficiency.
Depending on distribution channel, the market is divided into hospital pharmacies, online providers and drug store & retail pharmacies. The drug stores & retail pharmacies owned the largest share of the market in 2021, because patients mostly prefer retail pharmacies as they offer the precise drug according to status of disease of patient and accessibilities of the facilities. On the other hand, the online pharmacies are expected to grow at the highest CAGR of 5.7% during the forecast period due to easy accessibility, time saving and heavy discounts & offers provided by these online platforms which also boost sales of niacinamide containing medications.
Region wise, in niacinamide industry, North America acquired a major share, owing to the presence of key players, rising government initiatives, well-developed healthcare infrastructure, and rising awareness about the health and fitness. The region registered the growth at a CAGR of 3.9%. However, Asia-Pacific is expected to witness the highest growth rate for the niacinamide market throughout the forecast period with a CAGR of 6.1%. The major factors that drive the growth of the market is the elevating consumer demand for nutritional and healthy products like vitamins supplements, and increasing awareness about benefits of niacinamide in various diseases are expected to provide prospects for the growth of the niacinamide market trends in this region. Also, the rise in market players investing in research and development are leveraging market.
The major companies profiled in this niacinamide industry 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, Veer Chemie, Vertellus and among others.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the niacinamide market analysis from 2021 to 2031 to identify the prevailing niacinamide market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the niacinamide market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global niacinamide market trends, key players, market segments, application areas, and market growth strategies.
Niacinamide Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 832.4 million |
 Growth Rate | CAGR of 4.3% |
 Forecast period | 2021 - 2031 |
 Report Pages | 315 |
 By Type |
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 By Application |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Lasons India Pvt Ltd, Merck KGAA, Fagron Inc., Veer Chemie, Jubilant Life Sciences Limited, Evonik Industries AG, Koninklijke DSM N.V, Glossier, Lonza Group, Foodchem International, Brother Enterprises Holding Co., Ltd, Vertellus |
Analyst Review
This section provides various opinions of top-level CXOs in the niacinamide market. The niacinamide market has piqued interest of healthcare providers, patients, and consumers, owing to several benefits offered by these products to reduce skin problems and other related diseases, and to manage patient health efficiently. There have been remarkable advancements in development of niacinamide products to provide advanced options for dermatological applications and to groom lifestyles. As the market is saturated and is growing at a steady rate in developed nations, Asia-Pacific and LAMEA are expected to offer high growth opportunities to key players in this market.
According to perspectives of CXOs of leading companies in the market, significant advancements in niacinamide products with increase in clinically backed research and increase in niacinamide deficiency disorders, along with rise in sales of cosmetics products is projected to increase the usage rate of niacinamide globally. Presently, rapid adoption of these products due to COVID 19 is witnessed in the world with the aim of changing lifestyles and healthcare management.
Increase in awareness regarding benefits of niacinamide, rise in usage of cosmetic products, and rise and investments in research & development activities are the upcoming trends of Niacinamide Market.
Cosmeceutical is the leading application of Niacinamide Market.
North America is the largest regional market for Niacinamide Market
Niacinamide Market is projected to reach $832.41 million by 2031, registering a CAGR of 4.3% from 2022 to 2031.
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.
The base year is 2021 in Niacinamide Market.
Yes, the Niacinamide Market report provides PORTER Analysis.
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