[Report of 184 Pages] The market for niacin and niacinamide was valued at US$ 1.2 billion in 2021, and by 2032, it is anticipated to reach US$ 2.0 billion. Over the forecast period, demand in the market is anticipated to increase at a strong 5.2% CAGR (2022-2032). Rising skincare awareness and expanding use of liquid niacinamide in the cosmetic and personal care industries are driving market growth.
In its newly compiled report, Future Market Insights (FMI) states that the global niacin and niacinamide market will showcase a steady rise over the forecast period, 2017 to 2026. Sales of niacin and niacinamide across the globe are estimated to reach revenues worth approximately US$ 1,500 Mn by 2026-end.
Niacinamide – A Promising Supplement to Prevent Melanoma in High-Risk Patients
According to a group of researchers from University of Sydney, niacinamide has showcased photo-protective effects against melanoma development mechanisms. In addition, in vitro analyses have represented niacinamide’s potential to reduce melanoma cell proliferation and accelerate apoptosis. Induction of melanoma involves inflammation, immunosuppression, and DNA damage. According to cellular studies, niacinamide enhances DNA repair, reduces ultra-violet-induced immunosuppression, and offers anti-inflammatory effects on the skin. These aspects, in coordination with reductions attained in non-melanoma skin cancer (NMSC) incidences, and in vitro evidences, are likely to forge niacinamide as a promising supplement for preventing melanoma in high-risk patients. Randomized placebo-controlled trails are now being acquitted for determining the safety and efficacy of niacinamide in preventing melanoma induction.
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After years of remaining the mainstay drug for cholesterol therapy, niacin is no longer being considered to be prescribed for patients, as it has recently been related to increased risk of mortality, and adverse side effects. Niacin is losing its position of being beneficial in reducing strokes and heart attacks. Elder population with cardiovascular diseases, under age-group 50-80, who consumed extended release niacin and laropiprant (to reduce face flushing caused by niacin), have shown no reduction in risk of stroke rates and heart attacks. Additionally, concerns are being elucidated associated with niacin supplementation’s hazardous side effects such as liver problems, excess bleeding, excess infections, and gout.
APEJ to Reflect Fastest Expansion in Global Niacin and Niacinamide Market through 2026
Asia-Pacific excluding Japan (APEJ) is projected to reflect the fastest expansion in the global niacin and niacinamide market through 2026. The growth of APEJ can be highly attributed to surging prevalence of metabolic dysfunctions. Niacinamide has been witnessed to make improvements in a human body’s energy production, owing to its role as the progenitor of NAD – an imperative molecule for energy metabolism. The region’s healthcare practitioners are therefore recommending patients to consumer niacinamide with prescription from physicians for improving their energy metabolism.
North America is projected to register a steady expansion in the global niacin and niacinamide market through 2026. Demand for niacin & niacinamide in North America will primarily remain sustained by increasing rate of obesity. Over one-third of the North American population is currently suffering from obesity, according to the Centers for Disease Control and Prevention (CDC). Obesity-related conditions comprise heart disease, stroke, and type 2 diabetes. Niacin holds potential of improving adiposity, glucose tolerance, lipid profile, and insulin sensitivity, while modulating adiponectin level which further helps in treating obesity effectively.
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Key Takeaways from FMI’s Report on Niacin and Niacinamide Market for the Forecast Period 2017-2026
- Liquid and granular forms of niacin and niacinamide are expected to witness the fastest sales expansion through 2026. However, market revenue share of powder form of niacin and niacinamide will remain comparatively higher than the combined share of powder and liquid forms throughout the forecast period.
- Sales of niacin and niacinamide for end-use in cosmeceuticals and human nutrition will ride on the highest CAGRs through 2026. In contrast, niacin and niacinamide sales for end-use in animal nutrition will register the lowest CAGR, albeit this end-use segment is projected to account for the highest revenue share over the forecast period. Pharmaceuticals will remain a steadily expanding end-use of niacin and niacinamide.
Market Taxonomy
Region
- North America
- Latin America
- Europe
- Japan
- APEJ
- MEA
Form
- Powder
- Granular
- Liquid
End Use
- Human Nutrition
- Pharmaceuticals
- Animal Nutrition
- Cosmeceuticals
- Others
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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