The Niacin and Niacinamide Market size was estimated at $923.8 million in 2020, projected to grow at a CAGR of 5.8% during the forecast period 2021-2026. Niacin is a type of Vitamin B3 belonging to the family of the pyridinecarboxylic acids which can be consumed independently or in form of multivitamins. Niacin deficiency in humans may result in pellagra. As a result, it is an important food for humans. In the world of essential supplements, niacinamide, also known as Nicotinamide or Nicotinic Acid Amide, is interchangeably used with niacin.
The rising healthcare spending, customer preference for healthier eating habits, rising demand from cosmeceutical and pharmaceutical industry owing to its ability to protect skin cells from UV rays and benefiting against a variety of diseases are all driving the global Niacin and niacinamide market. Additionally, increasing prevalence of chronic diseases and rising government initiatives to raise awareness about the benefits of niacin and niacinamide are also likely to provide growth opportunities for the niacin and niacinamide industry. However, the stringent regulations along with, prominent side effects associated with niacin and niacinamide is predicted to pose a major threat to the market’s growth during the forecast period 2021-2026.
Niacin and Niacinamide Market Segment Analysis – By Form
On the basis of form, the market is divided into Powder, Granular and Liquid form. Powder segment account for the highest market share in 2020 owing to its higher shelf life and low cost when compared with liquid form. Additionally the onset of action of powdered Niacin and Niacinamide is rapid as compared to other forms thereby driving the market growth of the segment.
However the liquid segment accounted for the fastest market share in 2020 and it is expected to expand rapidly at a significant CAGR of 7.6% during the forecast period 2021-2026 owing to faster absorption rates and easy flexibility with dosing.
Niacin and Niacinamide Market Segment Analysis – By Application
Based on End User, the global Niacin and Niacinamide Market is segmented into Pharmaceutics, Cosmeceutics, Human Nutrition, Animal Nutrition and others. In 2020, the animal nutrition segment dominated the Niacin and Niacinamide Market. The Dominance of the segment can largely be attributed to its property which aid in the reduction of Ketosis in dairy cattle, resulting in increased milk production. According to recent lactation studies Cows supplemented with niacin reliably produce more milk with higher fat percentages.
However cosmeceuticals application segment accounted for the fastest market share in 2020 and is projected to grow at a CAGR of 7.9% during the forecast period 2021-2026. The dominance is due to increasingly usage of Niacinamide in the skin care product owing to its ability to protect skin cells from UV rays.
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Niacin and Niacinamide Market Segment Analysis – By Geography
Based on geography, Europe dominated the Niacin and Niacinamide Market with a region share of 39.6% in 2020 followed by North America and APAC. Rising cases of downer cow syndrome (DCS) in dairy cattle, as well as increasing cases of childhood obesity, are the major factors propelling the growth of Niacin and Niacinamide Market in this region. Moreover, the presence of large number of pharmaceutical and cosmeceutical companies that invest heavily on the research along is predicted to drive the market growth in this region.
Asia Pacific region is predicted to see the demand maturing in Niacin and Niacinamide Market owing to the rapid advancement in chemical studies, as well as the increasing healthcare expenditure in emerging economies such as China and India, which is predicted to create new opportunities for the regional Niacin and Niacinamide industry.
Niacin and Niacinamide Market Drivers
Application in Disease Prevention
Niacin and niacinamide have been shown to be beneficial in the treatment of a variety of diseases, including Pellagra and Melanoma. Taking extreme disorders like Schizophrenia into account, these chemicals have shown to be effective, and researchers are emphasizing the intake of niacin and niacinamide to combat Schizophrenia. Additionally, in vitro studies have shown that niacinamide has the ability to suppress melanoma cell proliferation and speed up apoptosis which is further set to propel the market forward during the forecast period 2021-2026.
Niacin and Niacinamide Market Challenge
Adverse Side Effects Associated with Consumption of Niacin
After years of being the go-to prescription for cholesterol treatment, niacin is no longer being recommended to patients because it has been linked to an increased risk of mortality and negative side effects. Niacin is losing its reputation for lowering the risk of strokes and heart attacks. There was no improvement in the risk of stroke and heart attacks in elderly people with cardiovascular disorders in the age group 50-80 who took extended release niacin and laropiprant. Concerns about niacin supplementation’s dangerous side effects, such as liver complications, excessive bleeding, infections, and gout, are also being investigated all these factor are predicted to act as a major impediment to the Niacin and Niacinamide Market’s growth during the forecast period 2021-2026.
Niacin and Niacinamide Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Niacin and Niacinamide Market. Key companies of this market are Brother Enterprises Holding Co., Ltd., Zhejiang NHU Company Ltd., Fagron NV, Vertellus Specialties Inc., Jubilant Life Sciences Limited, Evonik Industries AG, Foodchem International Corporation, BASF SE, Merck KGaA, Bactolac Pharmaceutical Inc., Koninklijke DSM N.V., and Lonza Group AG.
In April 2020, ScieGen, a subsidiary of Bactolac Pharmaceutical, bolster its production to meet growing demandsof nutraceutical industry.
In July 2019, Jubilant Life Sciences announces price increase of 10% for Vitamin B3 (Niacin and Niacinamide).
Geographically, The Europe region held 39.6% of the total market share in 2020 owing to the rising cases of downer cow syndrome (DCS) in dairy cattle, as well as an increase in cases of childhood obesity.
Rising demand from cosmeceutical and pharmaceutical industry owing to its ability of protecting skin cells from UV rays and benefiting against a variety of diseases are the major driving force for Niacin and Niacinamide Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Niacin and Niacinamide Market.
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