Nicotinamide Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1410
Global Nicotinamide Market size is expected to grow steadily, owing to the growing demand for food & dietary supplements and need for cost effective treatment for diabetes.
The product is also known as niacinamide or vitamin B3, and is an essential vitamin and constituent of co-enzymes in mammals. It is found in small amounts in fish, meat, milk, mushrooms and nuts and its deficiency in a human body leads to indigestion, weakness, anorexia, irritability, diarrhoea and dementia. Nicotinamide market will grow during the forecast timeframe owing to its use in food products for enhancing the nutritional value. It is mostly used in cereals, bakery products and beverages. Increasing world population and awareness about nutritional value of foods will lead to high growth in the food & beverages industry.
Lifestyle changes and urbanisation has led to a rapid change in food habits of populations around the globe. This has increased instances of vitamin deficiency in people resulting in high demand for food supplements. This demand will augment the nicotinamide market during the forecast period as the product is extensively used in capsules and tablets as a dietary supplement.
Nicotinamide market will also experience growth owing to the products use for treatment of diabetes mellitus, pellagra, schizophrenia, acne and alcoholism. It is also used in pharmaceutical products that are administered to maintain sound heart functioning and healthy cholesterol levels. High growth expected in the pharmaceuticals industry due to regular innovations and growing consumer awareness and affordability will be a major driving factor for the nicotinamide market.
The product also finds its use in cosmetics as a skin and hair conditioning agent. Increasing purchasing power of people, mostly in developing nations, will lead to high demand for cosmetic products and will likely augment the nicotinamide market. Ongoing research about the products use in reducing risk of skin cancer and supporting radiation & chemotherapy will likely open new possibilities for the industry in the coming years.
By product, nicotinamide market is segmented into the products isomers which are picolinamide(2-pyridinecarboxamide), nicotinamide (3-pyridinecarboxamide), and isonicotinamide (4-pyridinecarboxamide). All the three segments have almost identical use but differ in the effectiveness for different applications. Nicotinamide is more effective in anti-inflammatory applications whereas picolinamide is effective in protecting kidneys against iron-induced renal damage. Nicotinamide market for all three segments is expected to grow at a steady rate in the coming years.
By end user, nicotinamide market is segmented in four categories viz. pharmaceuticals, food & beverages, cosmetics and others such as metal processing and animal nutrition. Pharmaceuticals sector accounted for a notable share and is expected to grow during the forecast years due to the medicinal features of the product. Food & beverages segment also had a significant share of the nicotinamide market which is further expected to increase at a fast rate in the coming years owing to the increasing demand for high nutrition food products. Cosmetics end user segment will likely experience growth due to rising cosmetics and personal care products industry.
By region, nicotinamide market is segmented as North America, Asia Pacific, Europe, Middle East and Africa and Latin America. North America and Europe has a significant share of the global nicotinamide market due to high demand for cosmetic and food supplement products in these regions. Asia Pacific and Latin America nicotinamide market share will likely increase in the forecast years because of improving economic condition, high population growth and developing healthcare facilities.
Key nicotinamide market participants are Jubilant Life Sciences, Yurigose, Zhejiang Lanbo Biotechnology, Lonza, Vertellus, Nantong Acetic Acid Chemical Company, Henan Xinyi Medicine Group Fine Chemical Industry Company, Shanghai Jinhuan Chemical, Brother Enterprises Holding Company, Sigma-Aldrich, Ark Pharma, Aurora Fine Chemicals, Tractus Company, W&J PharmaChem, Shanghai Race Chemical, Life Chemicalsglobal
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