New York, October 14, 2021 – Reports and Data has published its latest report titled “Niacinamide Market, By Grade (Pharmaceutical Grade, Feed Grade), By Form (Granular, Powder, Liquid), By End-use (Pharmaceuticals, Cosmeceuticals, Human Nutrition, Animal Nutrition, Others), And Region – Global Forecast To 2028”
Increasing use of niacinamide in the pharmaceutical, food & nutrition, and personal care industries is among the major factors driving market revenue growth
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According to Reports and Data, the global niacinamide market size was USD 639.3 million in 2020 and is expected to reach USD 809.3 million in 2028 and register a revenue CAGR of 2.6% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities:
Niacinamide is one of the types of vitamin B3 and belongs to the family of the pyridinecarboxylic acids, which are mostly consumer in the form of multivitamins. Deficiency of vitamin B3 can lead to kidney disorders, brain disorders, and various skin problems. Hence, niacinamide is used to treat skin diseases such as eczema and acne, and it is extensively used in a wide range of pharmaceutical products including nutraceuticals and cosmeceuticals. Revenue growth of the global niacinamide market is majorly supported by rising consumer awareness of health and wellness, increasing adoption of healthier lifestyles and eating habits, increasing consumer spending on healthcare products, and growing demand for cosmeceuticals and nutraceuticals. Growing prevalence of chronic diseases worldwide, rising awareness of the health benefits of niacinamide, and increasing use of niacinamide in animal nutrition products further bolster the global market revenue growth.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Pharmaceutical Grade Segment to Account for Largest Revenue Share:
Based on grade, the pharmaceutical grade segment is projected to reach the largest revenue share over the forecast period, owing to many favorable factors. Pharmaceutical-grade niacinamide is extensively used by pharmaceutical companies for the manufacture various drugs and therapeutics for diabetes mellitus, acne, pellagra, schizophrenia, and alcoholism. It is also used as a dietary supplement and is consumed in the forms of nutraceuticals and cosmeceuticals for the skin and hair. Rising prevalence of chronic conditions such as diabetes and acne, and increasing spending on pharmaceutical products boost this segment’s growth.
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Pharmaceuticals Segment Dominated Other End-use Segments in 2020:
Based on end-use, the pharmaceuticals segment was the most dominant in terms of revenue share in the global niacinamide market in 2020. Increasing awareness of health and fitness, rising healthcare expenditures of consumers, increasing pharmaceutical applications of niacinamide, and rise in R&D activities in the healthcare sector are key factors bolstering growth of the segment.
North America Accounted for a Significantly Large Revenue Share in 2020:
Among regional markets, the North America niacinamide market accounted for the largest revenue share in the global market in 2020. Increasing applications of niacinamide in the treatment of diabetes mellitus, pellagra, acne, and melanoma, growing prevalence of vitamin B3 deficiency, rising consumption of dietary supplements and cosmeceuticals, and increasing inclination towards health and wellness practices are among the key factors driving the North America market revenue growth.
Major Companies in the Market Include:
- Merck KGaA
- BASF SE
- Koninklijke DSM N.V.
- Bactolac Pharmaceuticals, Inc.
- Foodchem International Corporation
- Evonik Industries AG
- Jubilant Life Sciences Limited
- Vertellus Specialties Inc.
- Fagron, Inc.
- ZHEJIANG NHU COMPANY LTD.
- Brother Enterprises Holding Co., Ltd.
- Lasons India Pvt. Ltd.
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For the purpose of this report, Reports and Data has segmented the global niacinamide market based on grade, form, end-use, and region:
Grade Outlook (Revenue, USD Million; Volume, 2018-2028)
- Pharmaceutical Grade
- Feed Grade
Form Outlook (Revenue, USD Million; Volume, 2018-2028)
End-use Outlook (Revenue, USD Million; Volume, 2018-2028)
- Human Nutrition
- Animal Nutrition
Regional Outlook (Revenue, USD Million; Volume, 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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