Niacinamide,
also known as nicotinamide or vitamin B3, is a water-soluble vitamin that plays
an important role in a wide range of physiological processes in the human body.
It is essential for the proper functioning of the nervous system, the digestive
system, and the skin.
Niacinamide
can be found in a variety of skincare and personal care products, including
moisturizers, serums, toners, and masks. It is generally well-tolerated by all
skin types, including sensitive and acne-prone skin.
In
addition to its skincare benefits, niacinamide is also used in a range of other
industries, including food and beverage, pharmaceuticals, animal feed, and
agriculture.
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•CAGR:
4.3%
•
Current Market Size: USD 546.08 million
•
Forecast Growing Region: APAC
•
Largest Market: North America
•
Projection Time: 2021- 2031
• Base Year: 2021
Based
on type, the liquid segment contributed to nearly half of the global
niacinamide market revenue in 2021, and is expected to dominate by 2031. The
same segment would also showcase the fastest CAGR of 5.0% throughout the
forecast period.
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Based
on application, the cosmeceutical segment garnered nearly three-fifths of the
total market revenue in 2021, and is expected to dominate by 2031. The same
segment would also project the fastest CAGR of 4.8% throughout the forecast
period.
Based on region, the global niacinamide market across North America generated nearly two-fifths of the total market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The Asia-Pacific region, on the other hand, would manifest the fastest CAGR of 6.1% during the forecast period. The other provinces analyzed in the report include LAMEA and Europe.
The niacinamide market has been growing in recent years, driven by the increasing demand for skincare and personal care products that contain this ingredient. Niacinamide, also known as vitamin B3 or nicotinamide, is a water-soluble vitamin that offers numerous benefits to the skin.
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Some of the major players in the niacinamide market include
Evonik Industries AG,
Fagron Inc.,
Glossier,
Jubilant Life Sciences Limited,
Koninklijke DSM N.V,
Brother Enterprises Holding Co.Ltd,
Vertellus,
Lasons India Pvt Ltd,
Lonza Group,
Merck KGAA,
Foodchem International Corporation,
And Veer Chemie. Chemie.
These companies offer a range of niacinamide products for use in skincare and personal care formulations, as well as in other industries such as pharmaceuticals, animal feed, and food and beverages.
Key
findings of the study -
By type, the liquid segment was the highest contributor to the
market in 2021.
By application, the cosmeceutical segment was the highest
contributor to the market in 2021, and is expected to continue this trend
during the forecast period.
Depending on distribution channel, the drug stores & retail
pharmacies segment was highest contributor in 2021.
Region wise, North America garnered largest revenue share in
2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during
the forecast period.
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