Niacin and Niacinamide Market Size, Share, Growth, and Industry Analysis By Type (Biochemical, Physical, Viral and Others), By Application (Biomedical, Protein Production and Others), Regional Insights, and Forecast From 2024 To 2032

Updated On: 22 April 2024

Niacin and Niacinamide Market REPORT OVERVIEW

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The global niacin and niacinamide market size was expected to be USD 1701.7 million in 2022. As per our research, the market is projected to touch USD 2144.1 million by 2029, exhibiting a CAGR of 3.3% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The vitamin B3 form known as niacinamide finds extensive use in medicines, nutraceuticals, and cosmetics. Niacinamide can be given in a number of dose forms, including powders, liquids, injections, tablets, and capsules, to prevent vitamin B3 insufficiency. Niacin is the chemical name for vitamin B3. It is found in many foods, including cereal grains, milk, eggs, green vegetables, and yeast. Tryptophan, a plentiful amino acid found in diets high in protein, is used by the body to produce niacin. When used as a supplement, it is commonly seen in conjunction with other B vitamins. Niacin is absorbed by the body when it is dissolved in water and taken orally. If consumed in quantities greater than what the body needs, it is transformed into niacinamide.

COVID-19 Impact: The Health and  Pharmaceuticals Benefits Among Consumers to Increase Market Demand

The COVID-19 pandemic has been an unmatched worldwide public health emergency that has impacted practically every industry, and its repercussions are anticipated to have an impact on market growth over the time of forecast for the niacinamide market. Around the world, there have been several shifts in consumer demand and behaviour, purchasing patterns, supply chain redirection, and considerable government interventions. The population's eating habits, use of other drugs, and other health-related behaviours have all changed as a result of the COVID-19 epidemic. People have also started using nutritional supplements to boost their health and immunity during the pandemic.

LATEST TRENDS

"The Dry Segment and Product Launches to  Expand the Market Share"

The dry segment of the mineral market for vitamin B3 is the most well-liked and quickest-growing mineral kind. because it is simple to use and widely accessible. The demand for vitamin B3 is anticipated to soar as consumer awareness of the health and nutritional advantages of vitamin B3, which cures micro-nutrient deficiencies, and a growing consumer focus on preventative healthcare increases. The majority of the vitamin B3 market was made up of the dry form. Major vitamin B3 producers like Lonza Group and DSM have expanded their production capacities by setting up manufacturing facilities in high-demand countries like China in response to rising demand for vitamin B3 fortification of food and feed products. These factors have contributed to the segment's growth, along with vitamin B3's ubiquitous availability for numerous applications.

Niacin and Niacinamide Market SEGMENTATION

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• By Type

Based on type; the niacin and niacinamide market is divided into biochemical, physical, viral and others.

The part biochemical is the leading part of the type segment.

• By Application

Based on the application; the niacin and niacinamide market is divided into biomedical, protein production and others.

The part biomedical is the leading part of the application segment.

DRIVING FACTORS

"The Rising Prevalence of Skin Related Diseases and Pharmaceutical Application to Uplift the Market Demand"

According to the American Academy of Dermatology, skin diseases affected 84.5 million Americans—one in four—and cost the US health care system $75 billion in medical, preventative, and pharmacy costs for prescription and over-the-counter medications. Thus, the increasing prevalence of skin-related diseases led researchers to focus on niacinamide products, which led to a variety of treatment alternatives, some of which are used to cure many of the conditions listed above and consequently increased sales of niacinamide products.

Due to the rising interest in preventative healthcare among consumers who are health-conscious, niacin and niacinamide have a lot of promise in the pharmaceutical industry. Niacin, a kind of vitamin B3, is widely known for its ability to reduce hyperlipidemia. The term "hyperlipidemia" refers to a condition in which the blood contains excessive levels of fats (lipids), such as cholesterol. The demand for vitamin B3 is rising as a result of the considerable prevalence of vitamin deficiencies in both industrialised and developing nations. Additionally, daily supplements and their use as medicine are the main drivers of market growth.

"The Awareness of Consuming the Healthy Supplements to Drive the Market Growth"

Niacin and niacinamide markets worldwide are expanding as a result of developments in the medical and food industries. The body's active vitamin requirements must be satisfied in order to maintain optimum health. Niacin and niacinamide demand have increased due to this factor and the increasing focus on eating a balanced diet.

Furthermore, the growth of the global market has been aided by the evident health advantages of B-type vitamins. The market for niacin and niacinamide is anticipated to increase in size during the following ten years. The market demand has been spurred by the public's growing awareness of the advantages of consuming nutritious food supplements. The public's willingness to adopt healthy eating practises has also given market vendors a variety of new possibilities. As a result, it is anticipated that the global niacin and niacinamide market will mature in the next years.

RESTRAINING FACTORS

"The Minor Side Effects by the Supplements to Restrain the Market Growth"

Niacinamide has a few minor side effects, such as nausea, vomiting, rashes, burning and irritation of the skin, and allergic responses. These side effects may prevent some people from using products containing this vitamin, which could restrain niacin and niacinamide market growth in the future.

Niacin and Niacinamide Market REGIONAL INSIGHTS

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"North American Region to Lead with Rising Awareness About Health, Fitness and Government Initiatives"

Due to the existence of significant players, growing government efforts, a well-developed healthcare infrastructure, and growing health and fitness consciousness, North America has gained a significant global niacin and niacinamide market share. The CAGR for the region was higher in terms of growth. The market is primarily being driven by rising consumer demand for dietary supplements and other healthy goods. Additionally, growing knowledge of the advantages of niacinamide in treating various diseases is anticipated to open up opportunities for the expansion of niacin and niacinamide market trends in this region. Additionally, more industry participants are leveraging the market by increasing their R&D expenditures.

KEY INDUSTRY PLAYERS

"Key Industry Players to Promote the Market Expansion"

The strategies used by market participants in recent years, such as extensions, had a substantial impact on the market's expansion. The study includes information and specifics about the businesses and how they engage with the market. Through suitable research, technological developments, expansions, and expanding machinery and equipment, the data is acquired and published. The companies that create and offer new products, the regions in which they operate, mechanisation, innovation methods, making the most money, and using their products to significantly impact society are other factors taken into account for this market.

List of Market Players Profiled

• Lonza (Switzerland)
• Koninklijke (The Netherlands)
• Bactolac (U.S.A)
• Merck (U.S.A)
• BASF (Germany)
• Foodchem (China)
• Evonik (Germany)
• Jubilant (India)
• Vertellus Specialties (U.S.A)
• Fagron (The Netherlands)
• Zhejiang NHU (China)
• Brother Enterprises (Japan).

REPORT COVERAGE

This report includes a thorough background analysis, a parent market evaluation, and an in-depth examination of market dynamics. Market size in the past, now, and in the future in terms of both value and volume. The report includes research on recent market developments, in-depth analysis of market shares and strategies of key competitors, as well as growing niche markets and regional market sectors.