The global niacin and niacinamide market is on a rapid growth trajectory, with the market value reaching USD 1.23 billion in 2022. New market projections indicate that this growth will continue, with the market expected to expand to USD 2.5 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of 5.2% from 2022 to 2032.
Niacinamide, a potent form of vitamin B3, has gained remarkable traction in the beauty and skincare industry, emerging as a star ingredient. Its rise in popularity is driven by the increasing influence of social media platforms and influencer marketing, leading to heightened consumer awareness and demand for niacinamide-based products. Known for its skin-brightening, acne-reducing, and hydrating properties, niacinamide has become a key component in skincare routines worldwide.
"Niacinamide is an essential ingredient for maintaining healthy skin," says Dr. Jane Doe, a leading dermatologist. "Its benefits extend beyond aesthetic improvements. Niacinamide also helps prevent vitamin B3 deficiency, which can lead to more serious health issues affecting the skin, kidneys, and brain."
In addition to its skincare benefits, niacinamide’s versatility in treating a variety of skin conditions, including acne, eczema, and hyperpigmentation, positions it as a high-demand ingredient in both beauty and wellness markets. Dermatologists and skincare experts widely recommend liquid niacinamide for its effectiveness and ability to improve skin health.
As demand continues to rise, industry players are poised to invest in innovation and product development, further fueling the market's expansion. With consumers increasingly turning to niacinamide for its health and beauty benefits, the market is positioned for substantial growth over the next decade.
The continued evolution of the global niacinamide market underscores its transformative role in skincare and wellness, paving the way for future advancements that will shape the beauty industry in the years to come.
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.
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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)
