The market's expansion would be aided by increasing patient awareness of vitamin B3's benefits
Covid-19 Impact & Market Status
Due to travel prohibitions and business closures, the COVID-19 has had a negative impact on economies and businesses in a number of countries. The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market. Most sectors, with the exception of medical supplies and life support items, had been severely hit, but the niacinamide market has actually received a boost during this period as the demand for Vitamin B3 has risen. This is due to the fact that people have become more aware of it’s health benefits during the pandemic time.
Pharmaceutical Grade segment in High Demand
The pharmaceutical grade product is currently earning the highest share in the market and is predicted to continue in the same way during the analysis period due to the ever-increasing demand for pharmaceutical grade niacinamide in the production of cosmeceuticals, pharmaceutical products, and for treating other skin problems. Also, the availability of high-quality nutraceuticals and pharmaceutical grade niacinamide at reasonable price is increasing the popularity of the market among the people.
Powder segment to earn Highest Revenue
The powder sector currently has the highest revenue share in the market, and it is predicted to account for a significant revenue share during the analysis period due to the growing use of powdered niacinamide in food and drinks, nutrition powders, bakery mixes etc. It also cures enlarged pores and uneven skin texture, as well as maintaining skin's functional and structural integrity, strengthening its popularity as a skincare product.
Pharmaceutical segment to remain Atop
The pharmaceutical segment earns a significant revenue in the market and it is predicted to rise at a rapid rate during the analysis period due to the increased use of niacinamide in the treatment of autoimmune skin disorders, acne, skin problems etc. It's also utilised to prevent cancer, vitamin B3 deficiency, and other related disorders including pellagra. It reduces the likelihood of developing rough scaly areas, and these important elements are predicted to continue to drive this segment's revenue growth.
North America expected to Dominate
North America currently has the largest revenue share and is predicted to dominate the market over the analysis period due to the rising use of niacinamide in the form of cosmetics, dietary supplements, bakery items, and multivitamin supplements. Furthermore, the North American market's revenue growth is predicted to be fuelled by the availability of a wide range of products and their increasing affordability.
Asia-Pacific market for niacinamide is rising at an extremely rapid rate due to the presence of large corporations in these regions, rising disposable income, rising healthcare expenditure and also the high demand for cosmetic products among the people.
The niacinamide market is expected to rise at a faster rate due to rising demand for the product due to its health benefits and its use in skincare products.
Niacin is a kind of Vitamin B3 and is an organic molecule that has several health benefits for the human body. In the world of vital supplements, niacinamide and niacin are interchangeable and are present in various types of meat and vegetables naturally. During the projection period 2022-2029, the niacinamide market is expected to increase at a CAGR of 3.12 percent, from USD 662 million in 2022 to around USD 820.83 million in 2029.
In response to improvements in the realms of health and nutrition, the niacinamide industry is growing. The active vitamin requirements of the body must be satisfied in order to maintain optimum health. This, combined with an increasing emphasis on eating a well-balanced diet, has led to an increase in global niacin and niacinamide demand. Furthermore, the evident health advantages of B-type vitamins have aided in the growth of the global market. The worldwide niacinamide market is predicted to increase rapidly over the next decade.
Market demand has been spurred by a growing public awareness of the benefits of consuming healthy dietary supplements. Furthermore, the public's desire to establish healthy eating habits has provided market merchants with a wide selection of possibilities.
Although niacinamide is a well-tolerated and safe cosmetic, long-term usage at excessive levels can produce serious liver and other organ side effects. Individuals who take oral niacinamide may experience nausea, diarrhoea, heartburn, and gas. Furthermore, excessive dosages of niacinamide might raise serum histamine levels, which can trigger allergic reactions in persons who are prone to skin allergies.
The market has intense competition due to the high demand and consists of several big corporations such as BASF SE, Lonza Group, Vertellus, Vanetta, Zhejiang Lanbo Biotechnology, Foodchem International Corporation etc.
Latest Innovations in the Niacinamide Market: A Snapshot
- TRI-K Industries Inc. introduced Fision Glowplex niacinamide-peptides in October 2021 to improve skin radiance, support uniform skin tone, obscure skin defects, and reduce the appearance of hyperpigmentation and black spots.
Niacinamide Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 820.83 million|
|Growth Rate||CAGR of 3.12% during 2021-2028|
|Segment Covered||Type, Form, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||The top companies that hold the market share in niacinamide market are BASF SE, Lonza Group, Vertellus, Vanetta, Zhejiang Lanbo Biotechnology, Foodchem International Corporation & among others.|
Key Segments of the Niacinamide Market
Type Overview, 2022-2029 (USD Million)
- Pharmaceutical Grade
- Feed Grade
Form Overview, 2022-2029 (USD Million)
Application Overview, 2022-2029 (USD Million)
- Human Nutrition
- Animal Nutrition
Regional Overview, 2022-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa