Niacinamide Market

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During the forecast period, the Global Niacinamide Market is expected to expand from its 2022 valuation of USD 543.92 Million at a CAGR (Compound Annual Growth Rate) of 4.00%.

The increased awareness about the benefits of Niacinamide among consumers is expected to fuel the demand for Niacinamide-based cosmetic and personal care products. Social media platforms such as YouTube and Instagram have become key sources of information for many consumers regarding various skincare trends and products. A large number of bloggers and vloggers have started sharing their experiences with using different skincare products.

The product's health benefits include its ability to manage cholesterol and vitamin B3 levels in the body, its rising usage in skin care cosmetics, the growing public's knowledge of the importance of eating nutritious food supplements, and its ability to boost the body's energy metabolism. The opportunities for the Niacinamide Market to grow will increase as the cosmetics and healthcare industries grow over the forecast period.

One of the main market restraints is the high cost of Niacinamide. This ingredient is not widely available and can be quite expensive. In addition, Niacinamide is not well-known to consumers, so they may be hesitant to purchase products containing this ingredient.

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Another restraint is the limited number of clinical studies on Niacinamide. While there is some evidence to support its efficacy, more research is needed to confirm its effectiveness. Finally, Niacinamide can cause side effects such as dryness, irritation, and redness, so it's important to use it sparingly and only as directed by a healthcare professional.

Top Market Trends:

● The favorable regulatory environment for Niacinamide-based products is a major driver of market growth. In the United States, Niacinamide-based products are classified as cosmetics and are regulated by the Food and Drug Administration (FDA).

● The FDA has a favorable stance towards Niacinamide-based products and has issued a number of guidances that support the use of Niacinamide in cosmetics. In addition, a number of clinical studies have shown the efficacy of Niacinamide-based products, which is expected to further support market growth.

● Government regulations regarding the use of Niacinamide in cosmetics and personal care products are expected to drive market growth during the forecast period. In Europe, the Cosmetic Regulation (EC) No 1223/2009 requires all ingredients used in cosmetics products to be assessed for safety before they can be placed on the market. The European Commission’s Scientific Committee on Consumer Safety (SCCS) has published several opinions on Niacinamide concluding that it is safe for use in cosmetic products up to a maximum concentration of 5%.

Market Segmentation:

The Niacinamide Market is categorized based on grade, grade, end-uses, and region. Based on grade, the market is segmented into pharmaceutical grade and feed grade. Based on form, the market is split into granular, powder, and liquid. Based on end-uses, the market is segmented into pharmaceuticals, cosmeceutical, human nutrition, and animal nutrition. Based on region, the market is split into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Based on Grade

The Pharmaceutical Grade Niacinamide Market is segmented based on grade into USP, EP, and BP. The USP grade Niacinamide is further sub-segmented into USP 31 and USP 32. The EP grade Niacinamide is further sub-segmented into EP 7.0 and EP 7.5. The BP-grade Niacinamide is further sub-segmented into BP98 and BP2002. The feed-grade Niacinamide Market is segmented based on grade into FCCIV and USP. The FCCIV grade Niacinamide is further sub-segmented into FCCIV A and FCCIV B. The USP grade Niacinamide is further sub-segmented into USP 31 and USP 32. Niacinamide of a pharmaceutical grade is employed in the treatment of a variety of medical disorders, including pellagra and Hartnup disease, amongst others. The pharmaceutical and feed-grade Niacinamide Market is expected to grow at a CAGR of 5.5% from 2019 to 2024.

Based on Form

Granular Niacinamide is the most popular form of supplement. It is easy to take, has a long shelf life, and is relatively affordable. However, granular Niacinamide can be difficult to dissolve in water and may cause stomach upset if taken in large doses. Powder Niacinamide is a more potent form of supplement. It is also easy to take and has a long shelf life, but it is more expensive than granular Niacinamide. Powder Niacinamide may also cause stomach upset if taken in large doses. Liquid Niacinamide is the most expensive form of supplement. It is absorbed more quickly by the body than either granular or powder Niacinamide, but it has a shorter shelf life and must be refrigerated. Liquid Niacinamide is also more likely to cause stomach upset if taken in large doses. The most common dose is 500 mg per day. Granular Niacinamide is the most widely used form in the market owing to its easy handling and storage properties. Powder Niacinamide is also extensively used in many applications such as food & beverages, cosmetics, and pharmaceuticals. Liquid Niacinamide is witnessing significant demand from the cosmetics industry for the production of several skincare products.

Based on End Users

Pharmaceutical Niacinamide is used in the treatment of pellagra, a disease caused by niacin deficiency. It is also used to treat dyslipidemia and cardiovascular disease. Cosmeceutical Niacinamide is used in cosmetics and skin care products as an anti-aging ingredient. It is also used to treat acne and other skin conditions. Human Nutrition Niacinamide is used as a dietary supplement to treat niacin deficiency and prevent deficiencies of other B vitamins. It is also used to lower cholesterol and triglyceride levels. Animal Nutrition Niacinamide is used in animal feed as a vitamin supplement. It is also used to prevent niacin deficiencies in animals. The cosmeceutical segment is estimated to be the fastest-growing application segment of the Niacinamide Market during the forecast period. The pharmaceutical industry is the major end-user of Niacinamide. Niacinamide is used as a dietary supplement and as an active ingredient in several over-the-counter (OTC) drugs. It is also used in the treatment of pellagra, which is caused by niacin deficiency.

Based on Region

The North American Niacinamide Market is expected to grow at a CAGR of 5.5% during the forecast period. The US and Canada are the major countries contributing to the growth of the Niacinamide Market in North America. The rising demand for cosmeceuticals and nutritional supplements is driving the growth of the Niacinamide Market in this region. The European Niacinamide Market is projected to grow at a CAGR of 4.5% during the forecast period. The UK, Germany, France, Italy, and Spain are the major countries contributing to the growth of the Niacinamide Market in Europe. As a result of the rising demand for Niacinamide from the cosmetics and personal care industry in North America, the market for Niacinamide is anticipated to expand at a compound annual growth rate (CAGR) that is highest among all other regions throughout the forecast period. As a result of the rising demand for Niacinamide from the food and beverage industry in Asia-Pacific countries, the market for Niacinamide is anticipated to expand at the second-highest CAGR throughout the period covered by the forecast.

The increasing demand for personal care products and dietary supplements is driving the growth of the Niacinamide Market in this region. The Asia Pacific Niacinamide Market is estimated to grow at a CAGR of 6.5% during the forecast period. China, Japan, India, South Korea, and Australia are the key countries contributing to the growth of the Niacinamide Market in the Asia Pacific. The rising demand for skin-lightening products and anti-aging products is driving the growth of this market in this region. The Latin American Niacinamide Market is projected to grow at a CAGR of 5.0% during the forecast. The Middle East and Africa region is estimated to grow at a moderate rate during the forecast period. The market in this region is anticipated to be driven by the growing demand for Niacinamide from the cosmetics industry. Additionally, the presence of a large number of pharmaceutical and nutraceutical manufacturers in the region is expected to contribute to the growth of the market.

Competitive Landscape:

The key players in the Global Niacinamide Market include- Lonza Group, Vertellus, Vanetta, Zhejiang Lanbo Biotechnology, Foodchem International Corporation, Merck KGaA, Koninklijke DSM N.V., Bactolac Pharmaceutical Inc., BASF SE, Lasons India and others.

Recent Developments:

● A partnership in HMO was announced in February 2019 between DuPont Nutrition & Health and Lonza Specialty Ingredients. In order to hasten commercialization and provide superior HMOs to customers, Dupont has entered into a strategic partnership with Lonza. The partnership with Lonza was instrumental in formulating a strategy for expanding the company and introducing superior health and wellness products to the market.

● Lonza acquired Novartis' sterile fill factory in July 2019. (Switzerland). Ingredients for healthcare and nutrition products will be produced there. As a result, it can provide more of its products to more people.

● Fision GlowPlex, a line of Niacinamide-peptides developed by TRI-K Industries Inc., was released in October 2021 with the stated purpose of improving hyperpigmentation conditions, dark spots, and uneven skin tone through various means.

Segmentation of the Global Niacinamide Market: