Press release
Niacinamide Market | Drivers, Restraints & Trends Affecting the Current Market Scenario 2031
According to National Center for Biotechnology Information (NCBI), individual skin diseases varied in size from 0.38% for dermatitis (atopic, contact, and seborrhea dermatitis), 0.29% for acne vulgaris, 0.19% for psoriasis, 0.15% for fungal skin diseases, 0.06% for malignant skin melanoma, 0.03% for keratinocyte carcinoma, and remaining percentage of other disease. The rising number of this skin related diseases gave rise to various treatments options including the niacinamide products that are used to treat many of the above conditions, thus causing the rise in the sales of the niacinamide products.
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Impact of Covid-19 on Niacinamide Market-
• The outbreak of the pandemic has changed nutrition pattern along with health-related behaviors of individuals across the world.
• People have now started adopting healthy nutritional supplements to boost their immunity, which has had a sheer positive impact on the global niacinamide market.
Based on type, the liquid segment contributed to nearly half of the global niacinamide market revenue in 2021, and is expected to dominate by 2031. The same segment would also showcase the fastest CAGR of 5.0% throughout the forecast period.
Based on application, the cosmeceutical segment garnered nearly three-fifths of the total market revenue in 2021, and is expected to dominate by 2031. The same segment would also project the fastest CAGR of 4.8% throughout the forecast period.
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The global niacinamide market was estimated at $546.08 million in 2021 and is expected to hit $832.4 million by 2031, registering a CAGR of 4.3% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
Based on region, the global niacinamide market across North America generated nearly two-fifths of the total market revenue in 2021, and is anticipated to retain the lion's share by 2031. The Asia-Pacific region, on the other hand, would manifest the fastest CAGR of 6.1% during the forecast period. The other provinces analyzed in the report include LAMEA and Europe.
The key market players analyzed in the global niacinamide market report include Evonik Industries AG, Fagron Inc, Glossier, Jubilant Life Sciences Limited, Koninklijke DSM N.V, Brother Enterprises Holding Co., Ltd, Vertellus, Lasons India Pvt Ltd, Lonza Group, Merck KGAA, Foodchem International Corporation, and Veer Chemie.
Read more- https://www.alliedmarketresearch.com/niacinamide-market-A17530
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