Niacin and Niacinamide Market: Global Industry Analysis and Forecast (2023-2029)

Global Niacin and Niacinamide Market size was valued at US$ 9.71 Bn. in 2022 and the total revenue is expected to grow at 4.5% through 2023 to 2029, reaching nearly US$ 13.22 Bn.
Niacin and Niacinamide Market Overview:
Vitamin B3 comes in the form of niacin. Yeast, meat, fish, milk, eggs, green vegetables, and cereal grains all contain it. Niacin is also made in the body from the amino acid tryptophan, which is abundant in protein-rich foods. It is frequently seen in combination with other B vitamins when taken as a supplement. Niacin when dissolved in water and consumed by mouth, niacin is absorbed by the body. If eaten in proportions more than what the body requires, it is converted to niacinamide.To know about the Research Methodology :- Request Free Sample Report

The report has covered the market trends from 2022 to forecast the market through 2029.
Market Dynamics:
The global niacin and niacinamide markets are rising in response to advancements in the fields of health and nutrition. In order to sustain good health, the body's active vitamin requirements must be met. This reason, together with a growing emphasis on eating a well-balanced diet, has resulted in a surge in global niacin and niacinamide demand. Furthermore, the obvious health benefits of B-type vitamins have contributed to the global market's expansion. Over the next decade, the global Niacin and niacinamide market is expected to grow at doubled rate.

The public's rising understanding of the benefits of taking healthy food supplements has fueled market demand. Furthermore, the public's desire to develop healthy eating habits has opened up a wide range of options for market vendors. As a result, the worldwide niacin and niacinamide market is expected to mature in the coming years.

The establishment of Regulatory Control on Supplement Usage Limit is likely to act as a restraining factor. Further, rules and regulations imposed by the government agencies on the manufacturing procedures as per the standard guidelines are estimated to obstruct the growth of the market. Also, Scarcity of Ingredients and Price Sensitivity are likely to act as a Challenge.
Niacin and Niacinamide Market Segment Analysis:
The Dry segment is dominating the Product segment of the Niacin and Niacinamide Market:

In the Vitamin B3 market, the dry sector is the most popular and fastest-growing mineral kind. Because of its widespread availability and ease of use. With increased consumer knowledge of the health and nutritional benefits of vitamin B3, which treats micronutrient deficiencies, and a growing consumer focus on preventative healthcare, vitamin B3 demand is expected to skyrocket. The dry form of vitamin B3 had the majority of the vitamin B3 market share. Increased demand for vitamin B3 fortification of food and feed products has prompted major vitamin B3 producers such as Lonza Group and DSM to expand their production capacities by establishing manufacturing sites in high-demand areas like China. These reasons, combined with the widespread availability of vitamin B3 for a variety of uses, have boosted the segment's rise.

The Pharmaceutical segment is considered to supplement the growth of the Niacin and Niacinamide Market.

Niacin and Niacinamide have a lot of potential in pharmaceuticals, owing to the increased interest among health-conscious consumers in preventative healthcare. The antihyperlipidemic effect of vitamin B3 (niacin) is well established. Antihyperlipidemic drugs are a varied range of medications used to treat high amounts of fats (lipids) in the blood, such as cholesterol (hyperlipidemia). Due to the significant frequency of vitamin deficiencies in both developed and developing countries, the demand for vitamin B3 is increasing. Further, medicinal use of and daily supplement are the major factors leading towards the market expansion.
Regional Insights:
The Asia Pacific is likely to boost the growth of the Niacin and Niacinamide Market.

The increased health consciousness among consumers in the Asia Pacific as a result of the rising occurrences of chronic diseases such as cancer, diabetes, high blood pressure, and osteoporosis has fueled the expansion of the vitamin B3 market. Furthermore, there is a significant frequency of vitamin B3 deficiency in the population, resulting in widespread adoption of vitamin-infused product categories such as nutrition, agrochemicals, consumer goods, pharmaceuticals, and others. India and China, the world's largest producers, exporters, and consumers of vitamins, dominate the industry in this region.

Furthermore, rising earnings increased purchasing power, and significant consumer demand for nutritional and healthful products are pushing vitamin consumption in a variety of businesses across the region. Europe is estimated to gain significant market share in the forecast period. Due to rising rates of downer cow syndrome (DCS) in dairy cattle and an increasing number of instances associated with pediatric obesity, the European area will continue to lead the global Niacin and niacinamide market in terms of revenue generation.

The objective of the report is to present a comprehensive analysis of the Niacin and Niacinamide Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Niacin and Niacinamide Market dynamics, structure by analyzing the market segments and project the Niacin and Niacinamide Market size. Clear representation of competitive analysis of key players by Grade, price, financial position, Grade portfolio, growth strategies, and regional presence in the Niacin and Niacinamide Market make the report investor’s guide.
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Niacin and Niacinamide Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 9.71 Bn.


Forecast Period 2023 to 2029 CAGR:
4.5%
Market Size in 2029:
US $ 13.22 Bn.


 Segments Covered:
by Product
Powder
Granular
Liquid


by Application
Pharmaceuticals
Cosmeceuticals
Human Nutrition
Animal Nutrition
Others


by Form
Powder
Granular
Liquid



Niacin and Niacinamide Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Niacin and Niacinamide Market Key Players are:
1. Lonza Group AG
2. Koninklijke DSM N.V.
3. BASF SE
4. Evonik Industries AG
5. Foodchem International Corporation
6. Merck KGaA
7. Bactolac Pharmaceutical Inc
8. Jubilant Ingrevia
9. Chemzone Pharma
10.Medihome Pharma
11.MB Vet Chem
12.Shandong Hongda Biotechnology Co., Ltd. (China)
13.Vertellus (US)
14.Jiangsu Brother Vitamin Co. Ltd. (China)
15.Annexin Pharmaceuticals AB (publ)
FAQs:
1. What is the Niacin and Niacinamide market value in 2022?
Ans: Niacin and Niacinamide market value in 2022 was estimated as 9.71 Billion USD.

2. What is the Niacin and Niacinamide market growth?
Ans: The Niacin and Niacinamide market is anticipated to grow with a CAGR of 4.5% in the forecast period and is likely to reach USD 13.22 Billion by the end of 2029.

3. Which Application segment is expected to dominate the Niacin and Niacinamide market during the forecast period?
Ans: The animal nutrition segment dominated the Niacin and Niacinamide Market. The Dominance of the segment can largely be attributed to its property which aids in the reduction of Ketosis in dairy cattle, resulting in increased milk production.

4. Who are the key players in the Niacin and Niacinamide market?
Ans: The major players are Brother Enterprises Holding Co., Ltd., Zhejiang NHU Company Ltd., Fagron NV, Vertellus Specialties Inc., Jubilant Life Sciences Limited, Evonik Industries AG.

5. What is the key driving factor for the growth of the Niacin and Niacinamide market?
Ans: Increase in demand of Niacin and Niacinamide market due to rising applications in the disease and major focus on a daily balanced diet is likely to fuel the growth of the market.