Number of pages: 100 | Report Format: PDF | Published date: April 25, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global pharmaceutical grade niacinamide market is expected to register a revenue CAGR of 4% from 2023 to 2031.
Pharmaceutical Grade Niacinamide Market Fundamentals
Niacinamide is an active form of vitamin B required for coenzymes like nicotinamide Adenine Dinucleotide (NAD), NADH, NADP, and NADPH to function. Niacinamide of a pharmaceutical grade is employed in treating various medical disorders, including pellagra and Hartnup disease. Niacinamide also strengthens the skin barrier’s structural integrity and promotes the skin’s homeostasis by increasing the synthesis of lipid molecules. Pharmaceutical grade niacinamide refers to a high-quality form of the vitamin B3 derivative, niacinamide, that meets strict purity and quality standards set by regulatory agencies such as the US Pharmacopeia (USP). Pharmaceutical grade niacinamide is typically manufactured using high-quality raw materials and advanced manufacturing processes to ensure that the final product is free of contaminants and meets specific potency and purity requirements. It is an active ingredient in skin care products and dietary supplements due to its numerous health benefits, including supporting healthy skin, boosting cognitive function, and improving cardiovascular health. Niacinamide has been shown to help reduce cholesterol levels and improve blood flow, which can help reduce the risk of cardiovascular disease.
Pharmaceutical Grade Niacinamide Market Dynamics
The global pharmaceutical grade niacinamide market revenue is expected to grow during the forecast period due to the increasing demand for niacinamide in the pharmaceutical industry. Using niacinamide in treating various skin conditions, such as acne and rosacea, is also driving the market revenue growth. Pharmaceutical grade niacinamide is also becoming increasingly popular in skin care products and cosmetics. On the other hand, the revenue growth of the healthcare and cosmetics sectors would increase opportunities for the global pharmaceutical grade niacinamide market revenue to grow during the forecast period. The growth of the market revenue is attributed to the rising demand for cosmeceuticals to treat skin conditions and diseases, the creation of potent anti-aging treatments, and the prevention of vitamin B3 deficiency. During the forecast period, the growing use of granular pharmaceutical grade niacinamide in manufacturing vitamin B3 nutritional supplements such as tablets, hard-shell capsules, and cosmetics is expected to propel revenue growth in the granular sector. Pharmaceutical grade niacinamide is used more frequently in cosmetics and personal care products because it reduces wrinkles in mature skin, prevents photocarcinogenesis, and treats pigmentation issues. Pharmaceutical grade niacinamide has undergone extensive research and development in recent years to examine its potential for treating and preventing non-melanoma cancers, which is anticipated to fuel revenue growth in this market. Niacinamide significantly modulates the efficiency of transcription, DNA repair, and cellular energy metabolism. It is widely used in anti-acne, skin whitening, and skin rejuvenation treatments due to its anti-inflammatory and sebostatic qualities, which lower free radical levels in the body and sebum excretion on the face.
However, pharmaceutical grade niacinamide has minor side effects, such as nausea, vomiting, rashes, skin burning and irritation, and allergic responses. These side effects may prevent some people from using products containing this vitamin, which could restrain market expansion in the future. Pharmaceutical grade niacinamide competes with other well-liked compounds, including hyaluronic acid, vitamin C, and retinol, in the wide variety of substances frequently utilized in skin care products.
Pharmaceutical Grade Niacinamide Market Ecosystem
The global pharmaceutical grade niacinamide market is analyzed from three perspectives: form, application, and region.
Pharmaceutical Grade Niacinamide Market by Form
Based on form, the global pharmaceutical grade niacinamide market is segmented into granular, liquid, and powder.
The powder segment accounts for the highest revenue share in the global pharmaceutical grade niacinamide market. It is commonly used as an ingredient in cosmetic formulations such as creams, lotions, and serums to improve the appearance of the skin by reducing the appearance of fine lines, wrinkles, and hyperpigmentation.
The liquid segment is projected to record a high revenue CAGR in the global pharmaceutical grade niacinamide market. The cosmetics industry uses liquid pharmaceutical grade niacinamide in enormous quantities to make various skincare products, such as serums. It has a shorter shelf life and needs to be refrigerated, but the body more readily absorbs it than the granular or powder form of niacinamide.
Pharmaceutical Grade Niacinamide Market by Application
Based on application, the global pharmaceutical grade niacinamide market is segmented into cosmeceutical, human nutrition, and pharmaceutical.
The pharmaceutical segment accounts for the largest revenue share in the global pharmaceutical grade niacinamide market. This occurs because of the rising usage of pharmaceutical grade niacinamide in treating skin conditions such as acne and autoimmune skin disorders. Additionally, it is used to prevent pellagra and other linked diseases like cancer and vitamin B3 insufficiency. It lessens the possibility of developing rough, scaly patches, and these crucial factors are anticipated to continue to fuel this segment’s revenue growth.
The cosmeceutical segment is expected to register a high revenue CAGR in the global pharmaceutical grade niacinamide market during the forecast period. Pharmaceutical grade niacinamide is an anti-aging component in skincare and cosmetic products. Additionally, it is utilized to treat other skin issues like acne.
Pharmaceutical Grade Niacinamide Market by Region
Based on region, the global pharmaceutical grade niacinamide market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share in the global pharmaceutical grade niacinamide market. The pharmaceutical grade niacinamide market in North America is growing mostly because of the US and Canada. This region’s pharmaceutical grade niacinamide market is expanding due to the increased demand for cosmeceuticals and nutritional supplements. Pharmaceutical grade niacinamide-containing skincare products have seen rising demand in North America as consumer awareness of the ingredient’s advantages has grown. According to the American Academy of Dermatology, skin diseases affect 84.5 million Americans—one in four—and cost the US healthcare system $75 billion in medical, preventative, and pharmacy costs for prescription and over-the-counter medications. Thus, the increasing prevalence of skin-related diseases led researchers to focus on niacinamide products, which led to various treatment alternatives, some of which are used to cure many of the conditions listed above and consequently increased sales of pharmaceutical grade niacinamide products.
The market for pharmaceutical grade niacinamide-containing skincare products in the Asia Pacific region is expected to grow in terms of revenue share during the forecast period. Factors contributing to the revenue growth of the pharmaceutical grade niacinamide skincare market in the Asia Pacific region include increasing consumer awareness of the benefits of niacinamide for the skin, the growing demand for natural and organic skincare products, and the increasing popularity of K-beauty and J-beauty skincare routines. The rise of e-commerce platforms and social media influencers promoting skincare products have also contributed to revenue growth.
The Latin American pharmaceutical grade niacinamide market is projected to grow at a high revenue CAGR during the forecast. The Middle East and Africa region is estimated to grow moderately during the forecast period. The market in this region is expected to be driven by the growing demand for Pharmaceutical grade niacinamide from the cosmetics industry. Additionally, many regional pharmaceutical and nutraceutical manufacturers are expected to contribute to the market revenue growth.
Pharmaceutical Grade Niacinamide Market Competitive Landscape
The prominent players operating in the global pharmaceutical grade niacinamide market are:
Pharmaceutical Grade Niacinamide Market Strategic Developments
Developing innovative technologies and production methods can help increase the efficiency and cost-effectiveness of pharmaceutical grade niacinamide production. This can lead to increased supply and lower prices, making pharmaceutical grade niacinamide more accessible to a wider range of industries and consumers.
The global pharmaceutical grade niacinamide market is highly competitive, with numerous players operating in the industry. In addition to these major players, numerous other companies are operating in the pharmaceutical grade niacinamide market, including Lotioncrafter, MakingCosmetics Inc., and Kobo Products Inc. The market is expected to grow in revenue share during the forecast period due to increasing demand for natural and organic personal care products and the growing awareness about the benefits of pharmaceutical grade niacinamide.
The pharmaceutical segment dominates the global pharmaceutical grade niacinamide market.
The global pharmaceutical grade niacinamide market is expected to register CAGR of 4.10% during the forecast period of 2023 to 2031.
Asia Pacific is expected to record a high revenue CAGR in the global pharmaceutical grade niacinamide market.
*Insights on financial performance are subject to the availability of information in the public domain