Niacin and Niacinamide Market Set to Witness Steady Growth through (2017-2027)

Niacin and Niacinamide Market Introduction:

Vitamin B3 exists in two key forms Niacin and niacinamide. These can be found in many food items including meat, fish, yeast, milk, beans, eggs and green vegetables. Niacin and niacinamide are also found in variety of vitamin supplements particularly vitamin B-complex supplements.

Niacin and niacinamide are U.S. FDA approved for the treatment of pellagra which occurs due to inadequate vitamin B3 in the diet. Although pellagra does not have a very high prevalence rate in developed countries due to food fortification, certain African countries such as Ethiopia, Zimbabwe, Malawi, Swaziland, Nepal and Zaire still have reported cases of pellagra and thus Niacin is being used in these areas.

Niacin is a well-recognized for the treatment for high cholesterol and has benefits on levels of high-density cholesterol (HDL) some clinical studies suggest niacin showing better results than drugs such as "statins" like atorvastatin. Backed by these two important therapeutic uses of niacin, it is expected to attain a steady growth in terms of value and volume during the forecast period.

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Niacin and Niacinamide Market Segmentation:

Niacin is segmented on the basis of form and end use. The use of niacin is not limited to pharmaceutical product to treat diseases such as pellagra but is also used as an additive in cosmetics as niacin boosts the appearance of dry or damaged skin by reducing flaking. It is also used for food fortification to provide extra nutrition, companies like Kellogg’s uses niacin in breakfast cereals. On the basis of form niacin is segmented as; powder, liquid, tablets and capsules. It is also segmented by end use as pharmaceutical and as additive, the additive is further sub-segmented as food additive and cosmetics.

Niacin and Niacinamide Market Regional Outlook:

In order to overcome the problem of malnutrition in India, The Food Safety Standards Authority of India (FSSAI) is setting up guidelines for the fortification of food which includes rice, wheat flour, milk, salt and edible oil. The use of niacin being encouraged by the government is expected to drive the market growth of niacin during the forecast period.

The food fortification regulatory aspect of Africa requires the use of niacin in several products such as fortified maize meal, flour, margarine etc., to prevent the niacin deficiency. The demand for niacin in countries such as Angola, Zimbabwe has increased due the reports for cases of pellagra.

The use of niacin for food fortification in developed countries is also expected to witness a steady growth on the grounds of mandatory fortification regulations by countries such U.S., Australia, U.K., etc.

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Niacin and Niacinamide Market Drivers and Trends

A health conscious trend is flourishing in the developed countries. Consumer awareness regarding the health benefits of various ingredients added to the food products including niacin and an overall increase in number of health conscious consumers is expected to drive the niacin market during the forecast period. Furthermore the use of niacin in cosmetics is also gaining significant acceptance due its use in protection of skin cells from sun damage, used in anti-aging formulation and for a health hair growth, as a result manufacturers are focusing on niacin based cosmetic products to provide these unique benefit and further boost their product portfolio.

Countries such as Turkey, Tajikistan, Azerbaijan, Armenia and Albania, planning to formulate fortification legislations. With more and more countries requiring mandatory food fortification the demand for food supplements including niacin is also expected to grow.

Niacin and Niacinamide Market Key Players:

Some of the key players participating in the global niacin and niacinamide market includes; Pfizer Inc., Novartis AG., Sanofi S.A., Lonza Group Ltd., AbbVie Inc., Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Wockhardt Ltd., Lupin Ltd., Roche Holding AG.

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