Global Niacin and Niacinamide Market Poised for Significant Growth, Projected to Reach USD 2.5 Billion by 2032

The global niacin and niacinamide market is experiencing significant growth, with the market value reaching an impressive USD 1.23 billion in 2022. According to recent market analysis, this growth trajectory is set to continue, with projections estimating the market to expand to USD 2.5 billion by 2032, reflecting a robust CAGR of 5.2% from 2022 to 2032.

Niacinamide, a form of vitamin B3, has emerged as a star ingredient in the beauty and skincare industry. The increasing penetration of social media and the rise of influencer marketing have spurred demand for niacinamide-based products, making it a go-to ingredient in skincare routines globally. Known for its ability to brighten skin, reduce acne, and hydrate, liquid niacinamide is now widely recommended by dermatologists and skincare experts.

“Niacinamide is an essential ingredient for maintaining healthy skin,” says a leading dermatologist. “Its benefits go beyond aesthetic improvements, as it also helps prevent vitamin B3 deficiency, which can lead to more serious health issues affecting the skin, kidneys, and brain.”

With its versatility in addressing skin conditions such as acne and eczema, niacinamide’s popularity is expected to grow rapidly, driving further demand across the beauty and wellness sectors.

As the global market continues to expand, companies and consumers alike are recognizing niacinamide’s potential as a game-changing ingredient in skincare. The next decade is poised to witness substantial innovation and product development in this space, as the market prepares to meet increasing consumer demands.

Key Takeaways: Niacin and Niacinamide Market Growth

• The niacin and niacinamide market is flourishing, reaching USD 1.23 billion in 2022 and projected to hit USD 2.5 billion by 2032, with a steady growth rate of 5.2%.
• Niacin and niacinamide act as antioxidants, protecting cells from damage and potentially reducing chronic disease risks. This demand is expected to rise in the food and beverage industry.
• Companies can leverage this growth by introducing new niacin and niacinamide-based products like supplements or food additives.
• High research and development costs and strict regulations for new drugs might hinder market expansion.
• Misuse or excessive doses of niacinamide can cause side effects like nausea and skin irritation. This might limit demand.
• Niacin’s effectiveness in preventing heart attacks and strokes in older patients with cardiovascular issues is lower.
• The US is the leading market (21.1% share in 2021) due to factors like rising DCS (downer cow syndrome) in dairy animals and increasing childhood obesity.
• India is an emerging market (15.3% share in 2021) with rapid growth anticipated due to advancements in chemical research and rising healthcare costs.
• China’s East Asia market share was 7.5% in 2021. Growing reliance on contract research organizations (CROs) and government-funded research institutions position China as a potential future market leader.

Growing Need for Market Insights: Access Our Full Report for Thorough Analysis and Trends!

Competitive Landscape:

Key players are focused on introducing several disruptive solutions and securing regulatory approval to expand their product offerings. Additionally, they are prioritizing the establishment of new labs, pursuing mergers and acquisitions, and enhancing infrastructure development.

For instance:

• In May 2022, Lonza, and ALSA Ventures, announced a framework collaboration agreement to support the development and manufacturing of biologics and small-molecule drug candidates for ALSA’s portfolio of pre-clinical and early-clinical biotechs.
• In Dec 2021, leading science and technology company Merck announced a strategic acquisition of chord therapeutics.

Key Companies Profiled:

• Lonza Group AG
• Koninklijke DSM N.V.,
• Bactolac Pharmaceutical Inc.,
• Merck KGaA,
• BASF SE,
• Foodchem International Corporation,
• Evonik Industries AG,
• Jubilant Life Sciences Limited,
• Vertellus Specialties Inc,
• Fagron NV,
• Others

Niacin and Niacinamide Market by Category:

By Form:

• Dry
• Liquid

By Distribution Channel:

• Pharmacies & Drug Stores
• Hyper Markets and Super Market
• Others

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa (MEA)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:        

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube