January 17, 2020 by Steve Blade
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
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Key Takeaways from Niacin and Niacinamide Market:
“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.
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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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