Niacinamide Market

Global Niacinamide Market Size (2023 to 2028)

The global niacinamide market is forecasted to be worth USD 796 Million by 2028 from USD 682.6 million in 2023, growing at a CAGR of 3.12% from 2023 to 22028.

Niacinamide is one of the forms of vitamin B3, and it is also known as nicotinamide. Niacinamide is present in many plants and animal products, and dietary supplements. It is water-soluble and can be consumed every day. It is used to treat certain types of skin diseases, cancer, and diabetes. Consuming niacinamide can help prevent B-3 deficiency. It's found in many foods like meat, fish, milk, eggs, green vegetables, fruits, and cereals. It is a chemo-sensitizing agent and a type of radio-sensitizing agent.

Impact of COVID-19 on the global niacinamide market:

Coronavirus shook the world for a considerable amount of time, and acute Kidney Injury is a severe coronavirus disease 2019 consequence. Niacinamide is primarily used in cosmetics. During the pandemic, the production activities in the cosmetics industry were reduced, which resulted negatively in the niacinamide market in the initial days of COVID-19. On the other hand, niacinamide has shown some promise for treating AKI unrelated to COVID-19. Based on the research, nutritional supplementation helps to reduce viral load and hospitalization rates in COVID-19 patients.  Vitamins have immunomodulatory and antioxidant effects. In addition, some control immune cell gene expression and enhance the efficacy and differentiation of immune cells. As a result, the market has had slight growth during the pandemic.

MARKET DRIVERS:

The growing usage of niacinamide in cancer treatment is one of the major factors propelling the niacinamide market.

Niacinamide increases blood flow to cancer cells and blocks certain enzymes required for those cells to repair DNA damage. This makes cancer cells more responsive to chemotherapy and radiation treatment. A scientific study in 2015 shows that individuals with a high risk for skin cancers could prevent the disease with oral niacinamide intake. In addition, Niacinamide reduces the PARP-1 gene's excess activation, related to cell senescence, cancer, and aging, and protects against UV-induced immunosuppression. It is also used for treating chronic kidney disease. Loss of kidney function affects the body’s ability to clean and filter blood and control blood pressure. According to research, niacinamide may help lower phosphate levels in individuals with kidney dysfunction by preventing its absorption.

The rising demand for skin care products and growing usage of niacinamide in skin care is further anticipated to boost the niacinamide market growth.

Niacinamide reduces oil production, which helps treat acne. It also reduces fine lines and pigmentation and gives protection again sun rays and wrinkles. It is also used in maintaining cholesterol levels in the body. In addition, Niacinamide helps to reduce inflammation-related skin diseases like eczema, acne, and other skin conditions that cause redness. For instance, Mamaearth, an Indian-based skincare company, introduced its Niacin Face Toner with Niacinamide & Witch Hazel for Acne and Open Pores. Niacinamide is also used in growing long hair due to its circulation-boosting properties. It enhances the appearance and feel of hair, suppleness, and sheen. It also improves the texture of hair, helping to build Keratin.

Niacin (Vitamin B3) is also used for animal metabolism, increasing market demand in coming years. This vitamin plays a role in production processes as well as the synthesis of fatty and amino acids, which is essential for the achievement of milk. Therefore, niacin supplements have positive benefits on cattle growth. Furthermore, with its availability in feed and internal production, the microbial synthesis of niacin in the stomach is a vital source for dairy cows.

MARKET RESTRAINTS:

On the other hand, a lack of awareness regarding the benefits of niacinamide and strict regulatory forms are anticipated to showcase a negative impact on the global niacinamide market. Side effects such as stomach upset, gas, dizziness, headache, and rash may challenge the market growth. In addition, Niacinamide cream may t cause mild burning, itching, or redness.

This research report has been segmented and sub-segmented into the following categories based on Grade, Form, End-user & Region:

Niacinamide Market – By Grade:

• Pharmaceutical Grade
• Feed Grade

Based on the grade, the pharmaceutical-grade segment accounted for the highest share of the global niacinamide market in 2021. The increasing use of niacinamide in pharmaceuticals drives the segment forward. In addition, Niacinamide may be used as a pharmaceutical reference standard for the various chromatography techniques used to identify the analyte in plasma, pharmaceutical formulations, and infant/adult nutritional formula powder.

Niacinamide Market – By Form:

• Granular
• Powder
• Liquid

Based on the form, the granular segment led the niacinamide market worldwide in 2021. Granular niacinamide is used in baking mixes, cereals, nutrition bars, nutrition powders, and hard-shell capsules, among other food, beverage, and dietary supplement applications. Using niacinamide in levels less than 35 mg per day is considered safe.

Niacinamide Market – By End-User:

• Pharmaceuticals
• Cosmeceuticals
• Human Nutrition
• Animal Nutrition

Based on the end-user, the human nutrition segment is anticipated to lead the niacinamide market worldwide during the forecast period. Vitamin B3 is necessary for our body's cells to carry out important chemical reactions and transform the food you eat into useful energy. Niacinamide, or vitamin B3, is commonly found in animal-based foods like meat and chicken, and nicotinic acid, or vitamin B3, in plant-based foods like nuts, seeds, and green leafy vegetables.

Niacinamide Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

North America dominated the market for niacinamide worldwide in 2022, owing to the awareness of niacinamide and the increasing consumption of niacinamide-related foods. According to the National Institutes of Health, most people in the United States consume vitamin B3 daily without needing a supplement. In addition, the US FDA has approved niacin to treat high cholesterol and prevent vitamin B3 deficiency and related illnesses, including pellagra.

The Asia Pacific region is expected to have the largest share during the forecast period. Niacinamide has become quite popular recently. These products are used in India due to awareness of product usage among people for their skin and the reduction of other diseases. Other factors such as increasing demand for efficient cosmetics, growing healthcare expenditure., many pharmaceutical and cosmeceutical companies, and increasing research and development drive the region forward.

The Europe niacinamide market has moderate growth. Factors such as increasing incidences of dairy cattle, increasing research and development, increased milk production rising obesity, presence of key market players, and unhealthy food consumption are favoring the European market. In addition, many people in Europe do not follow a diet, which is accelerated by diseases such as diabetes and heart-related diseases, resulting in demand for the niacinamide market.

Key Market Players:

Merck KGaA, BASF SE, Lonza, Koninklijke DSM N.V., Bactolac Pharmaceuticals, Inc., Foodchem International Corporation, Evonik Industries AG, Jubilant Life Sciences Limited, Vertellus Specialties Inc., Vanetta, Fagron, Inc., ZHEJIANG NHU COMPANY LTD., Brother Enterprises Holding Co., Ltd., Lasons India Pvt. Ltd. are few of the major companies operating globally in Niacinamide market profiled in this report.

Recent Market Developments:

• Fision GlowPlex, in 2021, TRI-K combined the strength of peptides with gold standard niacinamide, using its renowned NaturePep natural peptide technology.
• ScieGen, a Bactolac Pharmaceutical subsidiary, will increase production in April 2020 to fulfill the expanding demands of the nutraceutical business.
• In July 2019, Jubilant Life Sciences will raise the price of Vitamin B3 by 10%.