The global niacinamide market revenue was around US$ 546.4 million in 2021 and is estimated to reach US$ 832.7 million by 2031, growing at a compound annual growth rate (CAGR) of 4.3% during the forecast period from 2022 to 2031.
Niacinamide is the form of vitamin B3 which has several uses in medicines, nutraceuticals, and cosmetics. It can be given in several dose forms, including powders, injections, liquids, capsules, and tablets to prevent vitamin B3 insufficiency.
Factors Influencing Market Growth
The businesses are concentrating on producing high-quality and efficacy products, which has prompted significant investment from the major players. Thus, it is anticipated to propel the market growth.
The market participants are concentrating on employing niacinamide as an antilipemic medication to treat hyperphosphatemia in dialysis patients because of its high efficacy, clinical advantages, and safety. Thus, it boosts market expansion.
Increase in prevalence of vitamin B3 deficits and rising demand for processed foods with added nutrients. Such factors drive market growth.
Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Due to the lockdown enacted by the government, the shutdown of numerous plants and factories has significantly impacted global supply chains, impacting production, delivery schedules, and product sales on the market. Therefore, the niacinamide market has grown as the demand for Vitamin B3 has increased. The majority of industries, except medical supplies and life support products, have been severely damaged. This is because, throughout the pandemic period, people became more aware of its health benefits.
Regional Insights
North America dominated the market in terms of the highest shares. This is due to the existence of prominent companies, growing government efforts, a developed healthcare infrastructure, and growing health and fitness consciousness in this region.
However, Asia-Pacific is anticipated the highest growth rate throughout the projection period. The market is primarily 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 key players in this region. Furthermore, more industry participants are leveraging the market by increasing their R&D expenditures.
Leading Competitors
The leading competitors in the global niacinamide market are:
Lasons India Pvt Ltd
Foodchem International
Glossier
Koninklijke DSM N.V
Evonik Industries AG
Jubilant Life Sciences Limited
Merck KGaA
Vertellus
Lonza Group
Fagron Inc
Brother Enterprises Holding Co, Ltd
Veer-Chemie
Others
Segmentation Analysis
The global niacinamide market segmentation focuses on Type, Application, Distribution Channel, and Region.
Segmentation based on Type
Powder
o Natural
o Synthetic
Liquid
Others
Segmentation based on Application
Pharmaceutical
Cosmeceutical
Human Nutrition
Segmentation based on Distribution Channel
Hospital Pharmacies
Online Pharmacies
Drug stores and Retail Pharmacies
Segmentation based on Region
North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America
