The global niacin and niacinamide market experienced remarkable growth in 2022, achieving a valuation of USD 1.23 Billion, and is projected to expand to USD 2.5 Billion by 2032, according to a recent market analysis. The market is anticipated to grow at a robust CAGR of 5.2% during the forecast period from 2022 to 2032.
Key factors driving this growth include increasing consumer awareness regarding skincare benefits and the rising adoption of liquid niacinamide in the cosmetic and personal care industries. Niacinamide, a critical component of skincare regimens, is favored by dermatologists and aestheticians for its skin-brightening, acne-reducing, and hydrating properties.
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The market’s rapid expansion is further propelled by the pervasive influence of social media and the growing trend of influencer marketing, which are expected to fuel demand over the next decade.
“Niacinamide, also known as vitamin B3 or nicotinamide, plays a vital role in maintaining skin health and addressing conditions like acne and eczema,” said a FMI, a leading industry analyst. “Its use not only enhances skin appearance but also helps prevent B3 deficiency-related issues affecting skin, kidneys, and the brain.”
As consumer preferences lean towards multifunctional skincare solutions, the demand for niacinamide-based products is expected to continue its upward trajectory globally.
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)
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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.
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