|
Forecast
Period
|
2025-2029
|
|
Market
Size (2023)
|
USD
704.28 Million
|
|
CAGR
(2024-2029)
|
4.13%
|
|
Fastest
Growing Segment
|
Liquid
|
|
Largest
Market
|
North America
|
|
Market
Size (2029)
|
USD
887.59 Million
|
Market Overview
Global
Niacinamide Market was valued at USD 704.28 Million in 2023 and is expected to
reach USD 887.59 Million by 2029 with a CAGR of 4.13% during the forecast
period. Niacinamide, also known as nicotinamide or vitamin B3, is a
water-soluble vitamin that has gained significant traction in the global market
due to its numerous benefits in skincare, pharmaceuticals, and food
applications.
The
global niacinamide market has experienced substantial growth in recent years,
driven by the increasing awareness of skin health and the rising demand for
cosmetic products that offer multifunctional benefits. The market is expected
to expand further as consumers become more informed about the advantages of
niacinamide, including its ability to improve skin texture, reduce
inflammation, and enhance overall skin appearance.
The
skincare industry is witnessing a surge in demand for products that incorporate
effective and safe ingredients. Niacinamide is increasingly being included in
serums, moisturizers, and sunscreens due to its proven benefits in treating
acne, hyperpigmentation, and signs of aging. The ingredient is well-tolerated
by most skin types, making it a preferred choice for consumers seeking
effective yet gentle skincare solutions.
Despite
the positive growth trajectory, the global niacinamide market faces certain
challenges. One of the primary concerns is the fluctuation in raw material
prices, which can impact production costs. Additionally, the presence of
counterfeit products in the market poses a risk to consumer safety and brand
reputation. Manufacturers must focus on quality control and transparency to
build consumer trust and maintain market share.
Key Market Drivers
Growing Demand of Niacinamide
in Pharmaceuticals Industry
Niacinamide
is gaining traction for its therapeutic properties, particularly in treating
various skin conditions, such as acne, rosacea, and hyperpigmentation. Its
anti-inflammatory and antioxidant effects make it a valuable ingredient in
topical formulations. The growing awareness of skin health and the rising
prevalence of skin disorders have spurred the demand for niacinamide-based
products, particularly in dermatology.
In
2024, AU Labs, a Korean cosmetics company, made a groundbreaking advancement by
developing "gold nano" materials that can dissolve in liquid, a first
for Korea. The company is now broadening its scope to include the
pharmaceutical and biotechnology sectors. Niacin gold is created by depositing
gold, which is 99.9% pure and formed into extremely small nanoparticles, onto
niacinamide powder through a patented method. This formulation is fully soluble
in water, ensuring that the solid gold remains suspended without settling over
time. Pure gold is known for its effectiveness in reducing wrinkles, enhancing
skin brightness, and providing UV protection through its antioxidant
properties.
The
increasing popularity of cosmetic dermatology has led to a surge in the
development of skincare products containing niacinamide. As consumers seek
effective solutions for skin rejuvenation and anti-aging, pharmaceutical
companies are incorporating niacinamide into their formulations. This trend is
evident in both over-the-counter products and prescription medications,
contributing significantly to market growth.
Niacinamide
is recognized for its role as a dietary supplement, promoting overall health
and wellness. As consumers become more health-conscious, the demand for
nutritional supplements, including niacinamide, is on the rise. Pharmaceutical
companies are expanding their portfolios to include niacinamide supplements,
catering to the growing consumer preference for preventive healthcare
solutions.
Regulatory
authorities worldwide are increasingly recognizing the health benefits of
niacinamide, leading to its inclusion in various formulations. The approval of
niacinamide-based drugs and supplements by regulatory bodies has encouraged
manufacturers to invest in R&D for innovative applications, further driving
demand in the pharmaceuticals sector.
Growing Demand of Niacinamide
in Animal Nutrition Industry
Niacinamide
is a crucial B-vitamin (Vitamin B3) that plays a vital role in various
metabolic processes in animals. It supports energy metabolism, promotes skin
health, and contributes to the proper functioning of the nervous system. The
increasing awareness of these benefits among animal nutritionists and producers
has led to the incorporation of niacinamide in feed formulations, enhancing
overall animal health and productivity.
The
additive niacinamide, also known as nicotinamide, is currently approved for use
in animal feed across all species. The European Food Safety Authority (EFSA)
has issued four assessments regarding the safety and efficacy of niacinamide as
a feed additive for all animal species (EFSA FEEDAP Panel, 2012a,b,c,d). In two
of these assessments (EFSA FEEDAP Panel, 2012c,d), the term ‘niacin’ was used
to encompass both nicotinic acid and nicotinamide (niacinamide), with pyridine
serving as the foundational structure. This evaluation focuses exclusively on
niacinamide, and the term ‘niacinamide’ will be consistently used throughout
this opinion.
The
global livestock industry is experiencing rapid growth, driven by rising
protein demand from an expanding population. With this growth comes the need
for higher-quality animal feeds that promote health, growth, and productivity.
Niacinamide has emerged as a key ingredient in these formulations, as it
supports growth rates, improves feed efficiency, and reduces the risk of
diseases. This trend is particularly prominent in regions like Asia-Pacific,
where livestock production is booming.
The
pet food market is witnessing unprecedented growth, largely attributed to the
rising trend of pet ownership and the increasing willingness of consumers to
invest in high-quality pet nutrition. Niacinamide is gaining traction in pet
food formulations for its benefits in promoting skin and coat health,
supporting metabolic functions, and enhancing overall vitality. As pet owners
become more health-conscious about their pets’ nutrition, the demand for
niacinamide in pet food is expected to rise significantly.
There
is a growing emphasis on animal health and welfare, with producers increasingly
seeking ways to minimize stress and improve the overall well-being of
livestock. Niacinamide has been shown to help mitigate stress responses in
animals, particularly during challenging conditions such as transportation,
weaning, or environmental changes. The adoption of niacinamide in animal
nutrition is seen as a proactive approach to enhance animal welfare, thereby
driving its demand in the market.
Download Free Sample Report
Key Market Challenges
Limited
Consumer Awareness and Education
Consumer
awareness is crucial in shaping purchasing decisions, especially in the beauty
and skincare sectors, where product efficacy, safety, and ingredient knowledge
directly influence consumer trust and brand loyalty. Niacinamide is often
marketed as a multifunctional ingredient capable of addressing various skin
concerns, from acne to hyperpigmentation. However, many consumers are still
unfamiliar with its benefits, applications, and the distinction between niacinamide
and other skincare ingredients.
Many
consumers may not fully understand how to incorporate niacinamide into their
skincare routines. This lack of knowledge can result in the underutilization of
products containing niacinamide, limiting their potential effectiveness and,
consequently, market growth. The skincare industry is rife with conflicting
information about ingredient efficacy and safety. Consumers may fall prey to
misinformation, leading them to distrust products that contain niacinamide.
This skepticism can hinder market penetration, especially among new or less
established brands.
Many
consumers gravitate towards familiar or trending ingredients such as hyaluronic
acid or retinol. Without adequate education on the benefits of niacinamide,
potential customers may overlook its advantages in favor of ingredients they
perceive as more well-known or popular. While
digital marketing has grown significantly, there is still a lack of
comprehensive educational content about niacinamide available across consumer
engagement channels. Brands may prioritize promotional content over educational
materials, missing opportunities to inform consumers about the science behind
niacinamide and its applications.
Key Market Trends
Growing Interest in Nutraceuticals
Rising
health consciousness among consumers is a significant driver of the growing
interest in nutraceuticals. Individuals are increasingly prioritizing their
health and well-being, seeking preventive solutions to enhance their overall
quality of life. Niacinamide, known for its diverse health benefits, including
skin health improvement, anti-inflammatory properties, and metabolic support,
aligns perfectly with this trend.
The
shift towards preventive healthcare has prompted consumers to turn to nutraceuticals
as a proactive approach to maintaining health. Rather than solely relying on
conventional medicine, individuals are increasingly opting for dietary
supplements and functional foods that can help prevent diseases and support
long-term wellness. Niacinamide's role in supporting metabolic processes and
its potential benefits for cardiovascular health make it an attractive option
in the nutraceutical space.
The
clean label movement, which emphasizes transparency and natural ingredients, is
gaining traction among consumers. As individuals become more discerning about
the products they consume, there is a growing demand for supplements made from
natural sources. Niacinamide, being a naturally occurring vitamin, fits well
into this trend, appealing to health-conscious consumers seeking effective and
safe nutritional solutions.
The
perception of dietary supplements has evolved, with consumers now viewing them
as integral components of a healthy lifestyle rather than mere add-ons. This
shift has led to an increase in the consumption of nutraceuticals, particularly
those with scientifically backed benefits. Niacinamide, supported by research
demonstrating its positive effects on skin health, inflammation, and overall
wellness, is well-positioned to capitalize on this trend.
Segmental Insights
Type Insights
Based
on Type, Liquid have emerged as the fastest growing segment in the Global Niacinamide
Market in 2023. In recent years, consumers have increasingly favored
lightweight skincare products that absorb quickly and feel comfortable on the
skin. Liquid formulations of niacinamide, such as serums and toners, align with
this preference due to their lightweight texture and fast absorption. These
products provide the benefits of niacinamide without the heaviness often
associated with creams or ointments. As consumers seek effective yet non-greasy
solutions for their skincare routines, liquid niacinamide has emerged as a top
choice.
Liquid
niacinamide offers greater versatility in application compared to traditional
creams or powders. It can be easily incorporated into various skincare routines
and layered with other products without altering their texture. This
versatility allows consumers to customize their skincare regimens, catering to
individual needs and preferences. Moreover, liquid formulations can be infused
with additional active ingredients, enhancing their efficacy and appeal.
Liquid
niacinamide is often perceived as more effective than other formulations due to
its ability to penetrate the skin more efficiently. The liquid form allows for
a higher concentration of niacinamide to be delivered directly to the skin,
resulting in quicker visible results. This rapid absorption aligns with
consumer expectations for fast-acting skincare products, driving the popularity
of liquid formulations in the market.
End User Insights
Based
on End User, Human Nutrition have emerged as the fastest growing segment in the
Global Niacinamide Market during the forecast period. As consumers become more health-conscious,
there is a growing awareness of the essential nutrients necessary for overall
well-being. Niacinamide, a form of vitamin B3, plays a critical role in various
metabolic processes, including energy production and DNA repair. Its recognized
benefits, such as improving skin health and supporting cardiovascular function,
are propelling demand within the human nutrition segment.
The
shift towards preventive healthcare has led to a surge in the demand for
dietary supplements. Consumers are increasingly seeking products that can
enhance their nutritional intake and prevent potential health issues.
Niacinamide is often included in formulations targeting specific health
concerns, such as aging, skin conditions, and metabolic disorders, thereby gaining
traction in the supplement market.
The
clean label movement emphasizes transparency and the use of natural ingredients
in food and supplements. As consumers seek products that are free from
artificial additives, niacinamide’s natural origin and health benefits align
well with these preferences. This trend has resulted in an uptick in the
formulation of clean-label dietary supplements containing niacinamide, further
driving market growth.
Download Free Sample Report
Regional Insights
Based
on Region, North America have emerged as the dominating region in the Global Niacinamide
Market in 2023. The North American agricultural sector is characterized by its
advanced practices and technologies. Farmers and producers utilize modern
farming techniques, ensuring high-quality feed formulations enriched with
essential nutrients like niacinamide. This commitment to agricultural
innovation fosters a favorable environment for the growth of the niacinamide
market, as it promotes the adoption of high-quality animal nutrition products.
North
America is home to a significant livestock industry, with large-scale
production of cattle, poultry, and swine. The increasing demand for protein
sources in the region necessitates enhanced livestock health and productivity,
driving the need for nutritional supplements. Niacinamide is recognized for its
beneficial effects on animal health, such as improved growth rates and feed
efficiency, making it a sought-after ingredient in feed formulations.
The
trend of pet ownership has surged in North America, leading to an increased
focus on premium pet nutrition. Pet owners are becoming more conscious of their
pets' dietary needs, prompting manufacturers to incorporate high-quality
ingredients like niacinamide into pet food formulations. The growing demand for
functional pet foods that support health and well-being is a significant
contributor to the expansion of the niacinamide market in the region.
Recent Development
- In
February 2023, Olay launched a revolutionary moisturizer infused with 99%
synthetic niacinamide and amino acid peptides. The Olay Niacinamide+Peptide 24
Face Moisturizer incorporates some of the most sought-after skincare
ingredients of 2023 and is the result of extensive research aimed at meeting
consumer demands. This powerful product was developed with the efficacy of
niacinamide in mind, following a comprehensive 28-day clinical study on
niacinamide and a subsequent two-week consumer trial to evaluate its benefits.
Research findings indicated that the combination of niacinamide and amino
peptides effectively reduces wrinkles and fine lines. The new product has
demonstrated visible results in under a week, including an improved complexion
and diminished fine lines.
- In
July 2023, Element Eight introduced the O2 Niacinamide Eight Active Serum,
marking its entry into the serum category. This formulation features the
brand's proprietary Oxygen Amplified Therapy (OATH) technology, which utilizes
a unique liquid oxygen carrier complex found in all Element Eight products.
Clinical tests indicated significant improvements in wrinkles,
hyperpigmentation, skin clarity, and overall skin tone. Additionally, the serum
enhanced the underlying health of participants' skin, resulting in a healthier
and more nourished feel.
- In
July 2024, Konga Health, Nigeria’s leading digital healthcare distribution
company, established an exclusive partnership with CeraVe, a prominent global
skincare brand under the L’Oréal umbrella, to launch its product line in the
country. This strengthened collaboration enables Konga Health to onboard
pharmacists, physicians, and other healthcare providers nationwide to
facilitate the distribution of CeraVe’s products. CeraVe’s flagship items,
including the Hydrating Cleanser, Foaming Cleanser, SA Smoothing Cleanser,
Fragrance-Free Moisturizer with 3 Essential Ceramides & Hyaluronic Acid,
Barrier-Reinforcing Moisturizing Cream, Night Cream with Niacinamide,
Exfoliating Salicylic Acid Foot Cream, Retinol Serum, Eye Repair Cream, and
various Facial Moisturizers, Hyaluronic, and Vitamin C Serums, are now readily
available on the Konga Health and Konga.com platforms, providing customers with
a seamless and convenient shopping experience.
Key Market Players
- Lonza Group
Ltd.
- DSM-Firmenich
AG
- Merck
KGaA
- Foodchem
International Corporation
- Jubilant
Pharmova Ltd.
- Aurorium
Holdings LLC
- Fagron,
Inc.
- Brother
Enterprises Holding Co.
- Lasons
India Pvt.Ltd.
- MOLBASE
(Shanghai) Biotechnology Co., Ltd
|
By
Type
|
By
End User
|
By
Region
|
|
|
- Human Nutrition
- Pharmaceuticals
- Animal Nutrition
- Cosmeceuticals
- Others
|
- North
America
- Europe
- Asia
Pacific
- South
America
- Middle
East & Africa
|
Report Scope
In this report, the Global Niacinamide Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Niacinamide Market, By Type:
o Powder
o Liquid
o Others
- Niacinamide Market, By End User:
o Human Nutrition
o Pharmaceuticals
o Animal Nutrition
o Cosmeceuticals
o Others
- Niacinamide Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Niacinamide
Market.
Available Customizations:
Global Niacinamide Market report with the given
market data, TechSci Research offers customizations according to a company's
specific needs. The following customization options are available for the
report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Niacinamide
Market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]