Niacin and Niacinamide Market Overview
The Niacin and Niacinamide Market was valued at USD 1,111.19 million in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2030, reaching approximately USD 1,648.88 million. This growth is driven by the increasing recognition of the health benefits associated with these essential nutrients.
Definition and Health Benefits
Niacin, also known as vitamin B3, is crucial for human health, playing a significant role in lowering cholesterol levels and reducing the risk of cardiovascular diseases. It aids in increasing healthy HDL cholesterol while lowering triglycerides. Niacinamide, a derivative of niacin, is utilized in treating various conditions including diabetes, acne, and osteoarthritis, and is effective in treating pellagra (niacin deficiency).
Niacin and Niacinamide Market Report Dynamics
The growth of the niacin and niacinamide market is fueled by several factors:
Health Benefits: Medical research highlights niacin's potential to prevent metastatic melanoma and its role in preventing chronic renal disease and slowing the progression of type 1 diabetes.
Rising Health Issues: An increase in health challenges such as skin disorders, diabetes, and heart diseases is driving demand. Niacin is widely used to manage cholesterol levels and prevent pellagra.
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Animal Nutrition Demand: As the livestock industry expands, the demand for niacin, which helps reduce ketosis in dairy cattle, is increasing. This has a direct positive impact on milk production.
Cosmetic Applications: The growing use of niacinamide in skincare products is propelling market demand due to its effectiveness in protecting skin cells from UV damage.
Adverse Effects: Despite its benefits, excessive niacin intake can cause side effects such as nausea, rashes, and blood sugar fluctuations, which may limit its use among certain populations.
Niacin and Niacinamide Market Regional Insights
Europe: In 2020, Europe accounted for 39.6% of the market share, bolstered by rising incidences of downer cow syndrome and a robust pharmaceutical and cosmeceutical industry. The focus on improving dairy cattle health is crucial in this region.
North America: The region is significant for its high prevalence of obesity and associated health issues, increasing the demand for niacin and niacinamide supplements.
Asia Pacific: This region is witnessing rapid growth due to population increases and changing lifestyles, contributing to a rising need for nutritional supplements.
Niacin and Niacinamide Market Segmentation
By Form: The powder segment is anticipated to dominate the market, favored for its quick onset of action. The liquid segment is also notable for its higher absorption rates and flexibility in dosing, expected to grow at a CAGR of 7.6% during the forecast period.
By Application: The animal nutrition segment led the market, primarily due to its effectiveness in improving milk yield and fat content in dairy cows. The cosmeceuticals segment is projected to grow at a CAGR of 7.9%, driven by increasing use in skincare formulations.
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Niacin and Niacinamide Market Key Players
Brother Enterprises Holding Co., Ltd. (China)
Zhejiang NHU Company Ltd. (China)
Fagron NV (Netherlands)
Vertellus Specialties Inc.( United States )
Jubilant Life Sciences Limited (Noida)
Evonik Industries AG (Germany)
Foodchem International Corporation (China)
BASF SE (Germany)
Merck KGaA (Germany)
Bactolac Pharmaceutical Inc. ( United States )
Koninklijke DSM N.V. (Netherlands)
Lonza Group AG (Switzerland)
Key questions answered in the Niacin and Niacinamide Market are:
- What is Niacin and Niacinamide?
- What was the Niacin and Niacinamide market size in 2023?
- What is the growth rate of the Niacin and Niacinamide Market?
- Which are the factors expected to drive the Niacin and Niacinamide market growth?
- What are the different segments of the Niacin and Niacinamide Market?
- What growth strategies are the players considering to increase their presence in Niacin and Niacinamide?
- What are the upcoming industry applications and trends for the Niacin and Niacinamide Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Niacin and Niacinamide Market?
- What segments are covered in the Niacin and Niacinamide Market?
- Who are the leading companies and what are their portfolios in Niacin and Niacinamide Market?
- What segments are covered in the Niacin and Niacinamide Market?
- Who are the key players in the Niacin and Niacinamide market?
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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