Niacinamide is the form of vitamin B3, which has a large number of applications in pharmaceutical, nutraceutical and cosmeceutical products. Vitamin B3 deficiency can be avoided by taking niacinamide in various dosage forms, including powders, liquids, injections, tablets, and capsules. According to the National Center for Biotechnology Information (NCBI), individual skin conditions ranged 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 melanoma of the skin, and 0.03% for keratinocyte carcinoma and the remaining percentage for other diseases.
The growing number of these skin conditions has given rise to various treatment options, including niacinamide products which are used to treat many of the above conditions, leading to an increase in sales of niacinamide products. Since vitamin B3 supports the immune system by reducing inflammation and damage to the lungs, there has been a high demand for immunity-boosting products during the COVID-19 pandemic. Furthermore, the growing niacinamide market trends are attributed to the growing demand for nutritionally enriched processed products and the prevalence of vitamin B3 deficiencies.
The global niacinamide market was estimated at $546.08 million in 2021 and is expected to hit $832.4 million by 2031, registering a CAGR of 4.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
- CAGR: 4.3%
- Current Market Size: USD 832.4 Million
- Forecast Growing Region: APAC
- Largest Market: North America
- Projection Time: 2021 – 2031
- Base Year: 2021
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Impact of Covid-19 on Niacinamide Market-
- The outbreak of the pandemic has changed nutrition pattern along with health-related behaviors of individuals across the world.
- People have now started adopting healthy nutritional supplements to boost their immunity, which has had a sheer positive impact on the global niacinamide market.
The global Niacinamide market is analyzed on the basis of type, application, distribution channel, and region. The report performs a comprehensive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can take advantage of breaking it down and devising gimmicks based on the fastest growing and highest revenue generating segments in the report.
By type, the liquid segment contributed nearly half of the revenue of the global Niacinamide market in 2021 and is expected to dominate by 2031. The same segment would also show the fastest CAGR of 5.0% over the entire forecast period.
According to the app, the cosmeceutical segment earned nearly three-fifths of the total market revenue in 2021 and is expected to dominate by 2031. The same segment would also project the fastest CAGR of 4.8% for the full forecast period.
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Based on distribution channel, the drug stores and retail pharmacies segment contributed to more than half of the global dicing tapes market revenue in 2021, and is expected to dominate by 2031. The online pharmacies segment, however, would showcase the fastest CAGR of 5.7% throughout the forecast period.
Based on region, the global niacinamide market across North America generated nearly two-fifths of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, on the other hand, would manifest the fastest CAGR of 6.1% during the forecast period. The other provinces analyzed in the report include LAMEA and Europe.
The key market players analyzed in the global niacinamide market report include
Evonik Industries AG,
Jubilant Life Sciences Limited,
Koninklijke DSM N.V,
Brother Enterprises Holding Co., Ltd,
Vertellus, Lasons India Pvt Ltd,
Foodchem International Corporation,
and Veer Chemie.
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