The niacin & niacinamide market growth witnessed massive slowdown in its progress as a result of the spread of Covid-19 pandemic across the globe. But in the post covid world, with the changing eating habits and awareness concerning health benefits of various dietary supplements has been gradually increasing the consumption of niacin & niacinamide. As recovery commences in 2021, major players are recuperating their positions through production expansion, capacity utilizations and online selling in 2021 keeping in view the covid-19 norms.
Leading corporations including 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, Zhejiang NHU Company Ltd., and Brother Enterprises Holding Co., Ltd., are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.
They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc. to lead the global market for niacin and niacinamide with largest market share.
Niacin and niacinamide’s growing market for key companies is being driven by the rising number of end users, particularly in the cosmeceutical sector. For instance, Mamaearth recently introduced its Niacin Face Toner with Niacinamide and Witch Hazel for Acne and Open Pores, which aids in tightening pores without actually over-drying the skin. An even complexion is made possible by the antioxidant properties. It also has no toxic chemicals or mineral oils, and it improves the texture of the skin overall. Furthermore, due to its capacity to combat hyperpigmentation, Manmatters, a platform for holistic male wellness, introduced REJUV Niacinamide Face Serum. Your skin is shielded from moisture loss and dullness by a barrier made of free fatty acids.
Niacin is an organic compound, and considered to be one of the most essential nutrients for humans, as niacin deficiency causes pellagra. Niacinamide, an amide of niacin, is also referred to as nicotinic acid amide or nicotinamide. Niacin and niacinamide are integral components of Vitamin B3, and are often leveraged as supplements interchangeably.
These are commonly found in several food products such as meat, fish, beans, eggs, green vegetables, and yeast. Niacin and niacinamide are also sought in various vitamin supplements, particularly in vitamin B-complex supplements.
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Food Fortification Guidelines on Including Niacin and Niacinamide in Majority of Food Products to Propel their Market Growth
Niacin and Niacinamide have been approved by the U.S. Food and Drug Administration for treating patients with pellagra. Over the years, niacin has remained well-recognized for treating individuals with high cholesterols, however recent studies have showcased niacin to have adverse side effects when used to treat cholesterol levels.
In countries with malnutrition being one of the major concerns, regulatory bodies are setting up guidelines for food fortification including edible oil, salt, milk, wheat flour, and rice. Inclusion of niacin and niacinamide in majority of these food products is one of the aspects of food fortification in these countries, in order to prevent vitamin B3 deficiency.
Deficiency of vitamin B3 leads to development of pellagra. Although pellagra is less prevalent in developed regions on the back of food fortification programs, certain countries in Africa such as Ethiopia, Zaire, and Malawi have a slew of reported cases related to pellagra. A health-conscious trend is fostering across the developed regions, with consumer awareness concerning health benefits of various dietary supplements such as niacin and niacinamide witnessing a rise. In addition, utilization if niacin in the cosmetics, particularly in skin care cosmetics, is gaining huge attraction owing to its ability of protecting skin cells from UV rays.
As projected by Future Market Insights (FMI) in its new research analysis, the global market for niacin and niacinamide will ride on a steady CAGR during the forecast period (2017-2026). Global sales of niacin & niacinamide are estimated to garner roughly US$ 1,500 Mn revenues by 2026-end.
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Europe to Lead Global Niacin and Niacinamide Market in Terms of Revenues
Europe will continue to lead the global niacin and niacinamide market, in terms of revenues. Rising incidences of downer cow syndrome (DCS) in dairy cattle, and increasing number of cases related to childhood obesity are prime factors expected to influence demand for niacin & niacinamide in the region.
Physical inactivity and unhealthy consumption patterns are main reasons for overweight and obesity in young as well as elder population across European countries, which is becoming a major concern for the region’s healthcare sector. Niacin has potential to enhance adiposity, insulin sensitivity, glucose tolerance, and lipid profile, while modulating adiponectin level, thereby complementing obesity management effectively. Physicians in the region are highly recommending intake of vitamin B3 supplements, such as niacinamide, for tackling complications associated with obesity.
In addition, niacin has been closely linked with improving energy metabolism, and increasing glucose content in cows. Government as well as private institutes in the region are taking initiatives in spreading awareness about niacin’s benefits of preventing and treating DCS and improving milk production in cows among dairy producers.
Key Research Findings from FMI’s Report
Powder form of niacin and niacinamide will remain sought-after among consumers, with sales projected to account for over two-third revenue share of the market during 2017 to 2026
Animal nutrition is anticipated to remain the largest end-use of niacin and niacinamide across the globe during the forecast period
Competition Tracking
Key players profiled by FMI’s report include 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, Zhejiang NHU Company Ltd., and Brother Enterprises Holding Co., Ltd.
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