A recent report published by Infinium Global Research on nicotinamide market provides in-depth analysis of segments and sub-segments in the global as well as regional nicotinamide market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional nicotinamide market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global nicotinamide market. According to the report, the global Nicotinamide Market was nearly worth USD 600 Million in 2020 and is expected to reach up to USD 750 million by 2026, growing with a CAGR of 3% over the forecast period of 2020-2026.
Nicotinamide used as a medicine and benefits the skin in several different ways. Nicotinamide (Vitamin B3) improves acne by its anti-inflammatory action and by reducing sebum as well as it has anti-inflammatory properties, which may be used for the treatment of bullous (blistering) diseases. It also improves skin barrier function by decreasing water loss through the epidermis hence increases skin hydration.
The rising demand for nicotinic acid for use in various dietary supplements, food products, and pharmaceuticals is a key driving factor for the global nicotinamide Market. The use of Vitamin B3 is has increased to improve the nutritional value of various food products and beverages. In addition, the dietary supplements nicotinamide is also used for food fortification. Niacinamide is found in several vitamin supplements either alone or in combination with other vitamins, and in numerous topical creams. niacinamide is also effective at reducing the risk of developing skin cancers. Furthermore, the nicotinamide products use for the treatment of diabetes mellitus, pellagra, schizophrenia, acne, and alcoholism is fueling the demand for it. However, the factors such as the development of generic supplement ingredients and threats from other organic chemicals are restraining the global nicotinamide Market. Moreover, ongoing research about the products use in reducing the risk of skin cancer is providing growth opportunities to the market players. The COVID-19 epidemic has negatively impacted the growth of the Nicotinamide market. Although Nicotinamide has been available for medical and home use for a long time, sales have soared amid the Covid-19 pandemic. However, it seems likely that a nutritional intervention with nicotinamide supports the therapy of brutal acute respiratory syndrome coronavirus-2 (SARS-CoV-2) infection. Due to this, the demand for Nicotinamide is expected to rise during the pandemic period.
Among the regions, North America holds the highest market share in the global Nicotinamide market and expected to continue its growth followed by Europe. High demand for cosmetic and food supplement products is the major driver for the growth of the market in North America. Europe holds a significant market share in the global Nicotinamide market due to the factors such as the availability of advanced products, increasing awareness about the benefits of Nicotinamide, high healthcare spending, and increasing government support for research & development. Asia Pacific is expected to hold the highest CAGR in the forecast period owing to the high population growth and developing healthcare facilities in this region.
The report on global nicotinamide market covers segments such as type, and end user. On the basis of type, the sub-markets include pharmaceutical grade, feed grade, and others. On the basis of end user, the sub-markets include pharmaceuticals, food & beverages, cosmetics, and others.
The report provides profiles of the companies in the market such as Jubilant Life Sciences, Yurigose, Zhejiang Lanbo Biotechnology, LONZA, Vertellus, Nantong Acetic Acid Chemical Co., Ltd., Henan Xinyi Medicine group, Shanghai Jinhuan Chemical, Sigma-Aldrich, and Ark Pharma.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the nicotinamide market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.