Niacin is an organic compound with chemical formula “C₆H₅NO₂” and is a form of Vitamin B3. U.S. Food and Drug Administration (US FDA) has approved Niacin & Niacinamide to be used in the treatment of patients suffering from pellagra. It is also used to treat a number of diseases such as melanoma, hyperphosphatemia, etc. Usage of Niacin in skin care cosmetics is increasing as it helps in protection of skin cells from UV rays. The global niacin and niacinamide market was valued around 1 Billion in 2018 and is expected to flourish with a CAGR of over 5% in the forecast period of 2019-2027
Key Takeaways from Niacin and Niacinamide Market:
- Niacin has been a key drug for controlling high cholesterol levels for a long time. However, studies over the past half-decade have shown adverse side-effects associated with Niacin & Niacinamide.
- According to a study by University of Sydney, Niacinamide has also shown photo-protective effects against melanoma.
- The chemical is also being used across a number of applications that include animal nutrition, cosmeceuticals, etc.
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- Animal nutrition application accounted for over half of the market revenue in 2018 as the chemical provides the advantage of limiting various diseases such as Ketosis and other diseases affecting cattle.
- Developed regions are witnessing a health-consciousness trend that is creating immense opportunities for nutrition dietary supplements such as Niacin and Niacinamide.
- 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 an increase in diabetics, surging prevalence of metabolic dysfunction, and increasing issues related to overweight & obesity.
- Niacin’s biologically active form, Niacinamide, has been found to improve the human body’s energy production, as it performs the role of progenitor of NAD, which is an imperative molecule for energy metabolism.
- Niacinamide has been observed to increase cellular energy through inhibition of poly-ADP ribose polymerase enzyme, which is activated via damage to DNA and depletes supply of NAD to the human body.
“Consumers worldwide are following a trend of consuming high nutrition supplements that is expected to push the adoption of niacin and niacinamide with manufacturers focusing on expanding their portfolio and branding their products as having environmental benefits and lesser side-effects,” says a Fact.MR analyst.
Product Innovation Focused on Ensuring Lesser Side-Effects
The niacin and niacinamide market is well matured, however it has plenty of room for improvement. Niacin drugs with advanced benefits and lesser side-effects are expected to hit the shelves in the near future. Major players in the market including Jubilant Life Sciences Limited, Lonza Group AG, BASF SE, Koninklijke DSM N.V. are focusing on innovative production launches and acquisitions for increasing their reach in the global niacin and niacinamide market.
Chinese manufacturers along with the local regional players may find lucrative opportunities in the market, backed by government initiatives towards adoption of high-nutrition foods and the changing consumption preferences of consumers.
More Valuable Insights on Niacin and Niacinamide Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global niacin and niacinamide market, presenting historical demand data (2013-2017) and forecast statistics for the period of 2019-2027. The study divulges essential insights on the niacin and niacinamide market on the basis of form (powder, granular, and liquid) and end-use (human nutrition, pharmaceuticals. animal nutrition, cosmeceuticals, and others) across six major regions.
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Media Release: https://www.factmr.com/media-release/1129/global-niacin-and-niacinamide-market
Ram Singh
Fact.MR
media@factmr.com