The global niacin and niacinamide market was valued at USD 1.2 Billion in 2021 and is expected to reach USD 2.5 Billion by 2032. Demand in the market is poised to rise at a robust 5.2% CAGR over the forecast period (2022 to 2032). Growth in the market is underpinned by rising awareness regarding skincare and the increasing use of liquid niacinamide in the cosmetic and personal care industry.
With the growing penetration of social media and the advent of influencer marketing, the demand in the market is predicted to burgeon at a rapid pace over the upcoming decade. Niacinamide is the most essential ingredient in the skincare regime. Liquid niacinamide aids in brightening the skin, reducing acne or flaws on the skin, and also hydrates. Hence, numerous dermatologists and aestheticians prefer niacinamide as the most essential ingredient in beauty treatments.
Niacinamide also referred to as nicotinamide, is a type of vitamin B3. A lack of B3 can cause problems with the skin, kidneys, and brain. Utilizing niacinamide can help prevent B3 deficiency. Additionally, topical niacinamide may help treat skin conditions such as acne and eczema.
| Attributes | Key Insights |
|---|---|
| Niacin and Niacinamide Market Value 2021 | USD 1.02 Billion |
| Estimated Market Size 2022 | USD 1.23 Billion |
| Projected Market Value 2032 | USD 2.05 Billion |
| CAGR 2022 to 2032 | 5.2% |
| Share of Top 5 Countries | 53.5% |
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As per Future Market Insights (FMI), the overall sales in the niacin and niacinamide market grew at a CAGR of 5.3% between 2015 and 2021. The global niacin and niacinamide market held a share of approximately 1.0% of the overall USD 123.1 Billion global dietary supplements market, in 2021.
Niacin has been widely used to lower lipoprotein, triglycerides, very-low-density lipoprotein (VLDL), total cholesterol, low-density lipoprotein (LDL) cholesterol, and statin drugs. Niacin is also the most effective agent for raising plasma levels of high-density lipoprotein (HDL) cholesterol. Niacin has shown in clinical trials that it can balance cardiovascular risk in people with diabetes mellitus or mixed dyslipidemia, reducing cardiovascular morbidity and death, particularly when taken with statin medications.
Throughout the forecast period, it is anticipated that the niacin and niacinamide market will grow more quickly than average due to rising consumer demand for the product due to its health benefits. These benefits include maintaining vitamin B3 and cholesterol levels, increasing the usage of skin care cosmetics, raising awareness of the consumption of healthy food supplements, and enhancing energy metabolism. Backed by this, FMI predicts the global niacin and niacinamide market to grow at a CAGR of 5.2% over the forecast period (2022 to 2032).
Increasing Use of Niacin & Niacinamide in Health Supplements to Drive the Sales
Niacin (vitamin B-03) is a substance frequently used as an antioxidant in the food and beverage industry. Niacinamide also reduces the amount of harmful free radicals, which can damage DNA and cells and raise the risk of chronic illnesses like cancer and heart disease. Hence, demand for this ingredient is expected to surge in corporate as the need for superior products to maintain a pipeline of novel products in the form of supplements or the food & beverage industry.
As a result, businesses now have the opportunity to increase their market presence. Niacin exists in two chemical forms. One type is used for pellagra or nutritional supplements, while the other is utilized for hyperlipoproteinemia or peripheral vascular disease as nicotinic acid alone (niacinamide). To reduce the global burden of skin diseases, the adoption of products with niacin and niacinamide is expected to rise over the forecast period.
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Producing a new molecular entity is money-consuming and could be expensive to finish. As a result, it is projected that the market for niacin and niacinamide would be constrained by the high cost of medication research and the stringent process for regulatory clearance.
Negative side effects could result from using niacinamide at excessive dosages or without consideration for cases of moderate illnesses. As a result, it is anticipated that the rise in adverse effects brought on by inaccurate information and other unfavorable side effects would limit the growth of niacinamide demand. Nausea, vomiting, rashes, skin blistering and irritation, and allergic responses are a few minor niacinamide adverse effects.
The effectiveness of niacin in reducing the risk of heart attacks and strokes is lower in older patients with cardiovascular problems who are advised to take laropiprant and extended-release niacin.
Patients with severe hypotension, peptic ulcer disease, or liver illness should avoid excessive doses of niacin. Additionally, the supplement has been related to liver damage, can lead to hypotension, and may even result in peptic ulcers.
Rising Prevalence of Downer Cow Syndrome in the USA to Aid the Growth
The USA is considered to be the largest market for niacin and niacinamide and accounted for a market share of around 21.1% within the global niacin and niacinamide market in 2021. Growth in the market is poised to expand to the rising prevalence of downer cow syndrome (DCS) in dairy animals and an increase in pediatric obesity cases in the USA
Additionally, with the growing presence of numerous pharmaceutical and cosmeceutical businesses, the demand in the USA niacin and niacinamide market is predicted to grow over the forecast period.
Use of Niacin and Niacinamide in Beauty Products to Boost the Sales
India is an emerging market for niacin and niacinamide and accounted for a market share of 15.3% in the global niacin and niacinamide market in 2021. Due to the rapid development of chemical studies and the rising costs of healthcare in India, it is anticipated that the niacin and niacinamide market will witness lucrative growth opportunities.
With the growing expansion of the healthcare sector, India is expected to be a prominent research and development (R&D) hub for pharmaceutical manufacturers. As a result, India has improved its standing as a key influence in the international pharmaceutical sector, serving as a base for raising Research and Development while simultaneously serving as a consumer country.
Further, growing concerns regarding skincare, the adoption of niacinamide in serums is expected to boost the growth in the market. On the back of these factors, the demand in India's niacin and niacinamide market is predicted to surge at a rapid pace over the forecast period.
Increasing Use of Niacin and Niacinamide in the Pharmaceutical Sector to Push Sales
China led the East Asia niacin and niacinamide market with a share of around 7.5% in 2021. Small and major biopharmaceutical businesses are relying on the contract research organization (CRO) industry to supply research services to their Research and Development operations in recent years.
Due to the existence of multiple government-funded pharmaceutical and medical institutions with state-of-the-art equipment, clinical trial, and research are now significant industries in China. These factors are expected to make China one of the emerging niacin and niacinamide market.
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Dry Form to Contribute Nearly 4/5th of Sales in the Niacin and Niacinamide Market
On the basis of form, the dry form of niacin and niacinamide accounted for the highest share of around 76.4% in 2021. Due to its longer shelf life and lower price than the liquid form, the dry form has the largest market share. Additionally, dry niacin and niacinamide have a quicker origin of an effect than other forms, which is what is fueling the segment's market expansion.
The acceptance of niacin and niacinamide as a preferred therapy for skin rejuvenation and the rising demand for niacin and niacinamide in improving vitamin deficiency are factors expected to raise the demand for niacin and niacinamide globally.
Based on distribution channels, the pharmacies & drug stores segment dominated the market for niacin and niacinamide with a share of around 64.5% in 2021. It is the most widely adopted channel for self-prescribed drugs for daily use in skin rejuvenation and other products.
Key players are concentrating on introducing a number of disruptive solutions and obtaining regulatory body approval in order to increase their product offerings. They are also concentrating on establishing new labs, concentrating on mergers and acquisitions, and infrastructure development.
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| Attribute | Details |
|---|---|
| Estimated Market Size 2022 | USD 1.23 Billion |
| Projected Market Value 2032 | USD 2.05 Billion |
| CAGR 2022 to 2032 | 5.2% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2015 to 2021 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, Germany, the UK, France, Italy, Spain, Russia, BENELUX, Japan, South Korea, India, Thailand, Indonesia, Malaysia, Australia, New Zealand, Turkey, South Africa, North Africa, and GCC Countries. |
| Key Segments Covered | Form, Distribution Channel, and Region |
| Key Companies Profiled | Lonza Group AG; Koninklijke DSM N.V.; Bactolac Pharmaceutical Inc.; Merck KGaA; BASF SE; Foodchem International Corporation; Evonik Industries AG; Jubilant Life Sciences Limited; Vertellus Specialties Inc; Fagron NV; Others |
| Report Coverage | Market Forecast, Competition Intelligence, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
The global niacin and niacinamide market is worth USD 1.2 Billion in 2021.
The niacin and niacinamide market is expected to reach USD 2.5 Billion by the end of 2032, with sales revenue expected register a 5.2% CAGR.
North America holds 27.0% of the global niacin and niacinamide market in 2021.
The USA led the North America niacin and niacinamide market with a share of around 21.1% in 2021.
Japan Niacin and niacinamide market is expected to account for a demand share of 5.4% in 2021.
USA, India, China, Japan and Germany are the top 5 countries that are driving the demand for niacin and niacinamide market.
From 2015 to 2021, the market for niacin and niacinamide expanded at the rate of 5.3%.
Germany held a global share of around 4.2% in 2021 in the niacin and niacinamide industry space.
1. Executive Summary | Niacin and Niacinamide Market 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Market Background 6. Global Market Demand (in Value or Size in USD Million) Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, by Form 7.1. Dry 7.2. Liquid 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, by Distribution Channel 8.1. Pharmacies & Drug Stores 8.2. Hyper Markets and Super Market 8.3. Others 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, by Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia 9.6. Oceania 9.7. Middle East and Africa (MEA) 10. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 11. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 12. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. East Asia Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. South Asia Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Oceania Market 2015 to 2021 and Forecast 2022 to 2032 16. Middle East and Africa (MEA) Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Market Structure Analysis 18. Competition Analysis 18.1. Lonza Group AG 18.2. Koninklijke DSM N.V. 18.3. Bactolac Pharmaceutical Inc. 18.4. Merck KGaA 18.5. BASF SE 18.6. Foodchem International Corporation 18.7. Evonik Industries AG 18.8. Jubilant Life Sciences Limited 18.9. Vertellus Specialties Inc. 18.10. Fagron NV 18.11. Others 19. Assumptions and Acronyms Used 20. Research Methodology
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Niacin and Niacinamide Market
