Market Overview

The global niacin and niacinamide market is a highly competitive and dynamic market, with steady growth over the past few years. Niacin and niacinamide are both forms of Vitamin B3 and are widely used in dietary supplements, food and beverage, personal care and cosmetic products, and pharmaceuticals.

According to the latest report by Market Research Future (MRFR), the global niacin and niacinamide market is expected to grow at a CAGR of 5.9% during the forecast period from 2021 to 2028. The increasing demand for dietary supplements, rising awareness of the health benefits of Vitamin B3, and the growing demand for niacin and niacinamide in the cosmetic industry are some of the key factors driving the market growth.

Meaning 

Niacin and niacinamide are both forms of Vitamin B3, which is an essential nutrient required by the human body for proper functioning. Niacin and niacinamide have similar chemical structures but differ in their chemical properties and biological effects.

Niacin is an organic compound and is commonly referred to as nicotinic acid, while niacinamide is also an organic compound but is also known as nicotinamide. Niacin and niacinamide are both water-soluble and can be easily absorbed by the body.

Executive Summary

The global niacin and niacinamide market is expected to grow at a steady pace during the forecast period from 2021 to 2028. The increasing demand for dietary supplements, rising awareness of the health benefits of Vitamin B3, and the growing demand for niacin and niacinamide in the cosmetic industry are some of the key factors driving the market growth.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

1. Increasing demand for dietary supplements: Niacin and niacinamide are widely used in dietary supplements, as they have been found to provide several health benefits such as improving cholesterol levels, reducing the risk of cardiovascular diseases, and promoting healthy skin.
2. Rising awareness of the health benefits of Vitamin B3: The growing awareness of the health benefits of Vitamin B3 has led to an increase in demand for niacin and niacinamide in the food and beverage industry, personal care and cosmetic products, and pharmaceuticals.
3. Growing demand for niacin and niacinamide in the cosmetic industry: Niacin and niacinamide are commonly used in cosmetic products, as they have been found to promote healthy skin by improving skin texture, reducing hyperpigmentation, and minimizing the appearance of fine lines and wrinkles.

Market Analysis

The global niacin and niacinamide market is expected to grow at a CAGR of 5.9% during the forecast period from 2021 to 2028. The increasing demand for dietary supplements, rising awareness of the health benefits of Vitamin B3, and the growing demand for niacin and niacinamide in the cosmetic industry are some of the key factors driving the market growth.

Market Drivers

1. Increasing demand for dietary supplements
2. Rising awareness of the health benefits of Vitamin B3
3. Growing demand for niacin and niacinamide in the cosmetic industry

Market Restraints

1. High dosage of niacin can lead to side effects such as flushing and itching
2. Limited availability of raw materials
3. Regulatory constraints

Market Opportunities

1. Growing demand for natural and organic products
2. Increasing focus on research and development activities
3. Emerging markets in Asia-Pacific and Latin America

Market Dynamics

The global niacin and niacinamide market is a highly competitive and dynamic market, with several factors influencing the market growth. The increasing demand for dietary supplements, rising awareness of the health benefits of Vitamin B3, and the growing demand for niacin and niacinamide in the cosmetic industry are some of the key drivers of the market growth. However, high dosages of niacin can lead to side effects such as flushing and itching, and regulatory constraints can pose a challenge to the market growth. Nonetheless, there are also several opportunities for the market, such as the growing demand for natural and organic products and increasing focus on research and development activities.

Regional Analysis

The niacin and niacinamide market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Asia-Pacific is expected to dominate the market during the forecast period, owing to the increasing demand for dietary supplements and cosmetic products in the region. North America and Europe are also expected to witness significant growth, driven by the rising awareness of the health benefits of Vitamin B3 and the growing demand for niacin and niacinamide in the food and beverage industry.

Competitive Landscape

Leading Companies in the Niacin and Niacinamide Market:

1. Lonza Group Ltd.
2. Jubilant Life Sciences Limited
3. Vertellus Holdings LLC
4. Brother Enterprises Holding Co., Ltd.
5. Vanetta Ltd.
6. Lasons India Pvt. Ltd.
7. Zhejiang Hengdian Apeloa Pharmaceutical Co., Ltd.
8. Lasons India Pvt. Ltd.
9. BASF SE
10. Koninklijke DSM N.V.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The niacin and niacinamide market is segmented based on type, application, and region. Based on type, the market is segmented into niacin and niacinamide. Based on application, the market is segmented into dietary supplements, food and beverage, personal care and cosmetics, and pharmaceuticals.

Category-wise Insights

1. Dietary supplements: Niacin and niacinamide are commonly used in dietary supplements, as they have been found to provide several health benefits such as improving cholesterol levels, reducing the risk of cardiovascular diseases, and promoting healthy skin.
2. Food and beverage: The growing awareness of the health benefits of Vitamin B3 has led to an increase in demand for niacin and niacinamide in the food and beverage industry, as they can be used as a fortifying agent in several food products such as cereals, bread, and dairy products.
3. Personal care and cosmetics: Niacin and niacinamide are commonly used in cosmetic products, as they have been found to promote healthy skin by improving skin texture, reducing hyperpigmentation, and minimizing the appearance of fine lines and wrinkles.
4. Pharmaceuticals: Niacin and niacinamide are also used in pharmaceuticals, as they have been found to provide several therapeutic benefits such as reducing inflammation and improving cognitive function.

Key Benefits for Industry Participants and Stakeholders

1. Increased demand for niacin and niacinamide in several industries
2. Growing market size and revenue opportunities
3. Opportunity for innovation and research and development activities
4. Increased demand for natural and organic products

SWOT Analysis

Strengths:

1. Widely used in several industries
2. Provides several health benefits
3. Availability of raw materials

Weaknesses:

1. High dosage can lead to side effects
2. Limited availability of raw materials
3. Regulatory constraints

Opportunities:

1. Growing demand for natural and organic products
2. Increasing focus on research and development activities
3. Emerging markets in Asia-Pacific and Latin America

Threats:

1. Intense competition from other players
2. Economic downturn and fluctuations in demand
3. Changing consumer preferences and trends

Market Key Trends

1. Growing demand for natural and organic products
2. Increasing focus on research and development activities
3. Rising awareness of the health benefits of Vitamin B3

Covid-19 Impact

The Covid-19 pandemic has had a mixed impact on the niacin and niacinamide market. While the pandemic has led to an increase in demand for dietary supplements and personal care products, the supply chain disruptions and reduced production capacity due to the pandemic have led to a shortage of raw materials and an increase in prices.

Key Industry Developments

1. In June 2020, Lonza Group Ltd. announced the launch of its new niacinamide ingredient for cosmetic and personal care products.
2. In February 2021, BASF SE announced the launch of its new niacinamide ingredient for skincare products, claiming to reduce the appearance of fine lines and wrinkles.

Analyst Suggestions

Industry analysts suggest that the niacin and niacinamide market is expected to witness significant growth during the forecast period, driven by the increasing demand for dietary supplements and cosmetic products. They also suggest that the market players should focus on research and development activities to develop innovative and sustainable products and leverage the emerging markets in Asia-Pacific and Latin America.

Future Outlook

The global niacin and niacinamide market is expected to witness steady growth during the forecast period from 2021 to 2028, driven by the increasing demand for dietary supplements, rising awareness of the health benefits of Vitamin B3, and the growing demand for niacin and niacinamide in the cosmetic industry. However, the market players should be prepared to face the challenges posed by the regulatory constraints and the changing consumer preferences and trends.

Conclusion

In conclusion, the niacin and niacinamide market is a highly competitive and dynamic market, with several key players operating in the market. The market is expected to witness steady growth during the forecast period, driven by the increasing demand for dietary supplements, rising awareness of the health benefits of Vitamin B3, and the growing demand for niacin and niacinamide in the cosmetic industry. The market players should focus on research and development activities to develop innovative and sustainable products and leverage the emerging markets in Asia-Pacific and Latin America.