Global Niacin and Niacinamide Market: Overview
The demand within the global niacin and niacinamide market is growing at the back of improvements in the domain of health and nutrition. The active vitamin requirements of the body need to fulfilled in order to maintain proper health. This factor, coupled with the increased focus on consuming a balanced diet, has generated tremendous demand within the global niacin and niacinamide market. Furthermore, the evident benefits of B-type vitamins for the body have also given a thrust to the growth of the global market. The total volume of revenues in the global niacin and niacinamide market is projected to multiply over the next decade.
The growing awareness of the masses about the benefits of consuming healthy food supplements has driven market demand. Furthermore, the quest of the masses to cultivate healthy eating habits has also created a large playfield of opportunities for the market vendors. Therefore, the global niacin and niacinamide market is slated to reach fruition in the years to follow.
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A syndicate report by Transparency Market Research (TMR) on the global niacin and niacinamide market acts as a point of reference for gauging market growth. The global niacin and niacinamide market can be segmented on the basis of the following parameters: end-use, type, and region. The use of niacin for achieving improved skin quality has increased in recent times.
Global Niacin and Niacinamide Market: Notable Developments
The increased focus on proper nutritional intake has paved way for several developments in the global niacin and niacinamide market.
- Several skin experts have concurred with the assertion that niacin is healthy for the skin. A dermatologist from Dermalogica recently pointed to the ability of niacin and niacinamide to rejuvenate the skin. The opinions and views of the medical fraternity have largely helped the market vendors in achieving unhindered growth.
- Sales of niacin supplements have gone up, as vendors capitalise on the huge market gap. Several individuals are in need of effective products and supplements that can help in skin rejuvenation and hair growth.
Some of the notable players in the global niacin and niacinamide market are:
- Foodchem International Corporation
- Koninklijke DSM N.V.
- Merck KGaA
- Bactolac Pharmaceutical Inc.
- BASF SE
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Global Niacin and Niacinamide Market: Growth Drivers
Multiple Benefits of Consuming Niacin
The growth of the global niacin and niacinamide market largely hinges on to the popularity of their benefits for human health. A number of medical experts argue that niacin can help in preventing the occurrence of advanced melanoma. Moreover, chronic kidney diseases can also be prevented with due consumption of niacin and niacinamide. Vitamin-B types are helpful in steadying the pace of type-1 diabetes. Owing to the aforementioned factors, the global niacin and niacinamide market is set to expand at a stellar pace in the forthcoming years.
Promotion of Niacin Consumption by Healthcare Units
The presence of a seamless healthcare industry has benefitted multiple industries, sectors, and markets. The global niacin and niacinamide market has matured in recent times, thanks to the extensive promotion of vitamin consumption initiated by the healthcare industry. Several medical experts argue that oral administration of niacin and niacinamide could have severe side effects for healthy individuals. However, dieticians counter this argument by emphasizing on the need for regulated and monitored amounts of niacin for individuals. Henceforth, the global niacin and niacinamide market is slated to grow at a stellar pace in the years to follow.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.