The global niacinamide for personal care market size was USD 14 million in 2021 and is expected to register a steady revenue CAGR of 3.29% during the forecast period. Global market revenue growth is significantly driven by factors such as increasing prevalence of various skin problems and disorders, rising availability of various types of cosmetic products containing niacinamide, growing demand for niacinamide dietary supplements, and rising awareness about the importance of niacinamide for skin and overall health.Niacinamide also called nicotinamide is a form of vitamin B3 and one of eight B vitamins that are essential for good health of body. It is found in many food products including meat, fish, green vegetables, milk, eggs, and cereals. Niacinamide is the amide form of water-soluble vitamin B3 that offers multiple benefits in skincare and acts as a potent conditioning ingredient in skincare and hair care products. It is widely used as a skin-lightening product. Changing lifestyles and increasing awareness about benefits of niacinamide for personal use have resulted in rapid adoption of niacinamide-based cosmetics and food products.
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Key factors such as increasing inclination towards topical niacinamide for slow progression of skin aging and skin tone brightening, rising number of research-based activities to explore pharmaceutical and cosmetic applications of niacinamide are expected to drive global market growth during the forecast period.However, high cost of certain niacinamide-based cosmetic products, rising concerns about side effects associated with long-term usage of niacinamide, and low awareness about benefits of niacinamide in many developing and underdeveloped economies are expected to hamper overall market growth during the forecast period.
Cosmetics Grade Segment To Register Rapid Revenue CAGR:The cosmetics grade segment is expected to register rapid revenue CAGR over the forecast period. High focus on personal appearance and maintaining skin health, rising demand for niacinamide-based cosmetic products for slow progression of skin aging and skin tone brightening, and rising investments in developing innovative and more effective skincare and hair care products are some key factors expected to drive segment revenue growth.
Skin Care Segment to Account for Largest Revenue Share:The skin care segment is expected to account for largest revenue share between 2021 and 2028. This can be attributed to increasing prevalence of skin cancer, pigmentation diseases, acne vulgaris, psoriasis, and blistering disorder, high focus on maintaining good skin health, rising awareness about importance of niacinamide for skin, and availability of wide range of skin care products containing niacinamide.
Asia Pacific To Register Robust Revenue Growth:Asia Pacific market is expected to register robust revenue growth during the forecast period owing to increasing focus on personal appearance, health, and skincare, rising social media influence, increasing prevalence of skin diseases, and growing awareness about benefits of niacinamide for skin and overall health.
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Niacinamide for Personal Care Market By Company:LonzaDSMVertellusZhejiang Lanbo BiotechnologyJubilant Life SciencesLasons IndiaTianjin Zhongrui Pharmaceutical
Niacinamide for Personal Care Industry Recent Developments:In April 2022, Belviso Co. announced the launch of its premium skin care products in India. The product list also includes Belviso Niacinamide serum for a brighter and even skin tone.In October 2022, NovaBay announced the launch of DERMAdoctor Picture Porefect, 15% niacinamide pore minimizing serum effective for minimizing the size of enlarged facial pores and reducing blackheads, rough skin acne and skin discoloration in both men and women.
The global niacinamide for personal care market has been segmented based on type, application, and region:
Niacinamide for Personal Care Market Segment by Type:Cosmetics GradeOther Grade
Niacinamide for Personal Care Market Segment by Application:Skin CareHair Care
Niacinamide for Personal Care Market Segment by Region:North America (USA, Canada, Mexico)Europe (Germany, France, UK, Italy, Russia. Rest of Europe)Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)Latin America (Brazil, Argentina)Middle East & Africa (Saudi Arabia, U.A.E, Egypt, Nigeria, South Africa, Rest of MEA)
Key Reasons to Purchase:Estimates 2022 to 2028 niacinamide for personal care market current market trends and development trendsMarket dynamics along with growth opportunities of the market in the years to comeMarket segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspectsRegional and country level analysis integrating the demand and supply forces that are influencing the growth of the niacinamide for personal care marketCompetitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five yearsComprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market playersBrief about impact of COVID-19 on the global niacinamide for personal care market
Key Questions Addressed:What revenue CAGR is the global market expected to register during the forecast period?Which key players are leading in the global niacinamide for personal care market?What is the expected market size of the global niacinamide for personal care market between 2022 and 2028?What factors are expected to open new growth avenues and opportunities for existing and emerging market players?What are some of the key challenges that the global market is expected to face during the forecast period?Which region is expected to account for largest revenue share over the forecast period?
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