Niacin and Niacinamide Market Growth Scenario, Trends, Competitive Analysis and Forecasts to 2027
Niacin and Niacinamide Market Overview:
A research team conducted extensive primary and secondary research for the Niacin and Niacinamide market analysis of the global industry. Secondary research was conducted to supplement the available information, segment the market, calculate the overall market size, and forecast market size and growth rate.
The growth of the worldwide niacin and niacinamide market mostly rests on the popularity of its advantages for human health. A lot of medical specialists believe that niacin can help prevent metastatic melanoma from developing. Additionally, proper niacin and niacinamide ingestion can help to avoid chronic renal disease. Types of vitamin B are beneficial in slowing the progression of type 1 diabetes. The worldwide niacin and niacinamide market is expected to grow at a rapid rate in the forecast period as a result of the aforementioned causes.
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Niacin and Niacinamide Market Scope:
PESTLE analysis is used in the study to assess the advantages and disadvantages of significant market participants. The size, share, trend, total profit, total revenue, and profit margin of the Niacin and Niacinamide market are all carefully examined by the researcher in order to forecast the market and provide investment advice. Subject-matter experts provide advice on market changes.
The report includes details on the major market participants in addition to data on capacity and production, price and cost information, company profiles, product images, specifications, and contact information. In this report, the global, regional, and corporate levels of the Niacin and Niacinamide market are examined for trends, size, and value. Using past data and future projections, this study examines the size of the global market for Niacin and Niacinamide.
Niacin and Niacinamide Market Segmentation:
Through application, In 2020, the animal nutrition industry dominated the niacin and niacinamide market. The ability of the product to lower ketosis in dairy cattle, resulting in improved milk output, may account for a significant portion of the segment's dominance. Recent lactation studies show that cows given niacin reliably produce more milk with higher fat percentages. On the other hand, the cosmeceuticals application segment held the largest market share in 2020 and is anticipated to grow at a CAGR of 7.9% from 2021 to 2027. Niacinamide is being used in more skincare products due to its potential to shield skin cells from UV radiation.
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Niacin and Niacinamide Market Key players:
- Zhejiang NHU Company Ltd. (China)
- Fagron NV (Netherlands)
- Vertellus Specialties Inc. (United States)
- Jubilant Life Sciences Limited (Noida)
- Evonik Industries AG (Germany)
- Foodchem International Corporation (China)
- BASF SE (Germany)
- Merck KGaA (Germany)
COVID-19 Impact on Niacin and Niacinamide market:
The COVID-19 outbreak has had a significant impact on the Niacin and Niacinamide market. Due to the global economic downturn and a labour shortage, the development of Niacin and Niacinamide production facilities has been put on hold. The COVID-19 pandemic has caused a significant and sustained decline in production utilisation. Additionally, staff visits to their facilities have been hindered by travel restrictions and facility closures, which will restrain the growth of the Niacin and Niacinamide market in 2020. However, given the high demand for Niacin and Niacinamide, the market effects of COVID-19 are anticipated to be transient. By the beginning of 2021, the industry is anticipated to fully recover.
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