Niacinamide Market Expected to Reach $832.4 Million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Niacinamide Market," The niacinamide market size  was valued at $546.08 million in 2021, and is estimated 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 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 National Center for Biotechnology Information (NCBI), individual skin diseases varied in size from 0.38% for dermatitis (atopic, contact, and seborrhea dermatitis), 0.29% for acne vulgaris, 0.19% for psoriasis, 0.15% for fungal skin diseases, 0.06% for malignant skin melanoma, 0.03% for keratinocyte carcinoma, and remaining percentage of other disease. The rising number of this skin related diseases gave rise to various treatments options including the niacinamide products that are used to treat many of the above conditions, thus causing the rise in the sales of the niacinamide products.

As vitamin B3 helps the immune system by reducing inflammation and damage to the lungs, there was a great demand for products that boost immunity during the COVID-19 pandemic. In addition, the growth of the niacinamide market trends is attributed to growth in demand for nutritionally enriched processed products and prevalence of vitamin B3 deficiencies.

In addition, The COVID-19 pandemic has proved to be an incomparable global public health emergency that has affected almost every industry, and the effects are expected to impact every industry growth during the 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 nutrition pattern, other substance use, and health-related behaviors of the population. In addition, people have adopted healthy nutritional supplements to increase their immunity during the pandemic. Such factors, in turn, propel the growth of niacinamide market size.

According to the type, based on niacinamide market analysis, liquid was the largest segment in 2021, and is expected to grow at a highest CAGR of 5.0% during the niacinamide market forecast period, owing to increase in usage of niacinamide solutions that are used in skin treatments, rising concerns about skin care, and large number of product offering by market players.

By application, the cosmeceutical segment held a dominant portion in the global niacinamide market in 2021. The segment is expected to grow at the fastest rate with a CAGR of 4.8% during the forecast period.

By distribution channel, the drug stores & retail pharmacies segment owned the largest niacinamide market share in 2021. On the other hand, the online pharmacies segment is expected to grow at the highest CAGR during the forecast period, owing to easy accessibility, time saving, and heavy discounts & offers provided by these online platforms, which also boosts sales of niacinamide containing medications.

Region wise, in niacinamide industry, North America acquired a major share, owing to presence of key players, rise in government initiatives, well-developed healthcare infrastructure, and rise in prevalence of health issues. However, Asia-Pacific is expected to witness highest growth rate with a CAGR of 6.1% for the niacinamide market throughout the forecast period.

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, and Veer Chemie, Vertellus.

Key findings of the study

• By type, the liquid segment was the highest contributor to the market in 2021.
• By application, the cosmeceutical segment was the highest contributor to the market in 2021, and is expected to continue this trend during the forecast period.
• Depending on distribution channel, the drug stores & retail pharmacies segment was highest contributor in 2021.
• Region wise, North America garnered largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.