Niacin and Niacinamide are revolutionary supplements that have gained traction for their ability to cut squamous cell and basal cell skin cancers by nearly 20% giving unprecedented rigor to its market. In addition, niacinamide based cosmetic and skin care formulations, on the back of their anti-ageing properties are gaining significant momentum. As a result, the market will nearly double to reach a valuation of US$ 1.6 Bn by 2027, as these attributes will help to position niacin and niacinamide as a miracle supplement in the near future. Fact.MR opines that with heightened uptake by drug and skin care product formulators, the global niacin and niacinamide market is projected to register a growth of over 5% over the forecast period (2019-2027).
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Key Takeaways from Niacin and Niacinamide Market:
- Animal nutrition accounts for over half of the market revenue due to high demand of niacin in animal nutrition on the premise of limiting medical conditions such as ketosis.
- Cosmeceuticals application held a nominal share within the niacin and niacinamide market in terms of value. However, with key players exploring newer application areas within the cosmeceutical industry, “Cosmeceuticals” will be the most lucrative application over the long term forecast witnessing a robust CAGR of ~ 7%
- With more than US$ 50 Bn being invested annually toward oncology R&D, the use of niacin and niacinamide for cancer treatment will provide an upswing to its market
- MR states that studies over the past half-decade have shown adverse side-effects associated with Niacin & Niacinamide. To mitigate adverse effects, market players including Jubilant Life Sciences Limited, Lonza Group AG etc. are pioneering research efforts to lessen the side effects of niacin.
- The Asia Pacific Excluding Japan (APEJ) region is expected to rise with the fastest CAGR over the long term forecast period of 2019-2027 due to surging prevalence of lifestyle diseases such as metabolic dysfunction, and obesity
“Rise of health conscious consumers worldwide has resulted in an escalated demand for niacin and nicinamide formulated supplements, pushing market players to align their portfolio and branding as per the market outlook of the chemical,” says Fact.MR analyst.
Niacin and Niacinamide Market: Segmentation
Fact.MR has studied the niacin and niacinamide market with detailed segmentation on the basis of form, end use, and region.