The increasing incidences of cardiovascular diseases and lack of proper nutrition in food is driving the market for Niacinamide.
Market Size – USD 623.1 Million in 2018, Market Growth – CAGR of 2.6%, Market Trends – Increase in the application in cosmetics.
The global Niacinamide market is forecast to reach USD 788.8 Million by 2027, according to a new report by Reports and Data. Niacinamide, also known as Nicotinamide, is an essential nutrient and is a form of vitamin B-3. A B-3 deficiency can lead to disorders of the kidneys, brain, and skin. Consumption of Nicotinamide can help prevent the deficiency of B-3. The nutrient is used for the treatment of skin diseases such as acne and eczema.
The product is found in small amount in meat, fish, nuts, mushrooms, and milk, and deficiency of this nutrient can lead to weakness, indigestion, anorexia, dementia, diarrhea, and irritability. Growth in the population across the globe and increasing awareness regarding the nutritional value in food is expected to drive the market in the food and beverage industry.
Niacinamide’s chemical name is 3-pyridine carboxamide. It is directly synthesized by the human body and is easily absorbed by the gastrointestinal (GI) tract. Major dietary sources of the product are milk, meat, and grains. It enhances the nutritional value of the food products. It is commonly used in cereals, bakery products, and beverages.
Developed regions such as North America are witnessing the maximum consumption of Niacinamide. Various industries, such as cosmetics, pharmaceuticals, paints, and beverages, are using Nicotinamide to enhance the quality of their products. The presence of several end-use major players are also propelling market growth.
Leading companies operating in the market and profiled in the report include:
Lonza Group, Vertellus, Vanetta, Zhejiang Lanbo Biotechnology, Foodchem International Corporation, Merck KGaA, Koninklijke DSM N.V., Bactolac Pharmaceutical Inc., BASF SE, and Lasons India, among others.
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Further key findings from the report suggest
- The market for Niacinamide is expected to grow owing to its increased applications for the treatment of pellagra, diabetes mellitus, acne, schizophrenia, and alcoholism. It is used in pharmaceutical products and is used to maintain proper heart functioning and healthy cholesterol levels. A rise in the pharmaceutical industry due to regular innovations and growing consumer awareness and affordability will be a significant driving factor for the market.
- It is used as a dietary supplement in tablets and capsules. It is employed in cosmetics as a skin and hair conditioning agent. It is undergoing clinical trials for its neuroprotective and antidiabetic effects, so as to use it in pharmaceutical drugs.
- Pharmaceutical Grade refers to the production processes used by pharmaceutical companies that manufacture drugs and other medicines. In the pharmaceutical industry, all drugs must undergo a rigorous approval process.
- The U.S. Food and Drug Administration (FDA) regulates dietary supplements differently than any other conventional medicine. The standards for the supplements are found in the Dietary Supplement Health and Education Act (DSHEA), a federal law that defines dietary supplements and sets health claim limits and product-labeling standards.
- Southeast Asia is expanding the market for Niacinamide. This is providing ample growth opportunities for the market in Asia Pacific. Presently, China is the leader in the supplier of the market product, followed by emerging nation India.
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Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.
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Global Niacinamide Market Segmentation:
Grade Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Pharmaceutical Grade
- Feed Grade
Form Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
End-Users Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2016-2027)
- Human Nutrition
- Animal Nutrition
The global Niacinamide market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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