Global Vitamin B12 (Cobalamin Cyanocobalamin) Market Size By Form, By Application, By End-User, By Geographic Scope And Forecast
Published Date: July - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Vitamin B12 (Cobalamin Cyanocobalamin) Market Size By Form, By Application, By End-User, By Geographic Scope And Forecast
Vitamin B12 (Cobalamin Cyanocobalamin) Market Size And Forecast
Vitamin B12 (Cobalamin Cyanocobalamin) Market size was valued at USD 308.37 Million in 2023 and is projected to reach USD 533.82 Million by 2031,growing at a CAGR of 7.10%during the forecast period 2024-2031.
Global Vitamin B12 (Cobalamin Cyanocobalamin) Market Drivers
The market drivers for the Vitamin B12 (Cobalamin Cyanocobalamin) Market can be influenced by various factors. These may include
Growing Health Awareness As people’s awareness of their health increases, there’s a rise in the market for nutritional supplements, such as vitamin B12, which is crucial for preventing anaemia and preserving the health of nerve and blood cells.
Vitamin B12 Deficiency Prevalence Vitamin B12 deficiency is prevalent, especially in older people and vegans and vegetarians. The need for vitamin B12 supplements is fueled by this.
Growing Senior Population As the world’s population ages, illnesses including pernicious anaemia and other disorders linked to vitamin B12 deficiency are becoming more common and require treatment.
Growing Vegan and Vegetarian Population Because vitamin B12 is mostly found in animal sources, vegan and vegetarian diets frequently lack it. The need for vitamin B12 supplements rises along with the number of people embracing these lifestyles.
Growing Use in the Food and Beverage Sector Vitamin B12 is a food additive found in a variety of goods, including energy drinks, cereals with added nutrients, and nutritious bars. The industry for food and beverages is growing, which helps the market.
Improvements in manufacturing Techniques The manufacturing of vitamin B12 is now more affordable and scalable thanks to advancements in production techniques, such as microbial fermentation processes, which are fueling the market’s expansion.
Governmental programmes and Regulations The market for vitamin B12 is expanding as a result of government programmes that support fortifying food products with vital vitamins and minerals to prevent malnutrition.
Growing Frequency of Chronic Illnesses Vitamin B12 insufficiency is frequently linked to the development of chronic illnesses, including diabetes, cardiovascular disease, and neurological problems. The need for supplements to treat various ailments is fueled by this.
Growing Consumer Spending on Healthcare As worldwide disposable incomes climb, consumers are prepared to pay more on preventive care and medical treatments, such as vitamin B12 supplements.
Technological Developments in Delivery Systems The bioavailability and absorption of vitamin B12 are improved by delivery system innovations such transdermal patches, nasal sprays, and sublingual pills, which propel market expansion.
Global Vitamin B12 (Cobalamin Cyanocobalamin) Market Restraints
Several factors can act as restraints or challenges for the Vitamin B12 (Cobalamin Cyanocobalamin) Market. These may include
Regulatory Restrictions Tight laws controlling the manufacture, marketing, and labelling of vitamin B12 supplements can be difficult for competitors in the market. Following these rules may result in more expenses and more barriers to entry for new competitors.
Limited Awareness The market’s ability to expand may be hampered by customers’ ignorance of the advantages or significance of vitamin B12 supplements. Campaigns for education could be required to raise awareness and stimulate demand.
Side Effects and Safety issues Because of potential or real side effects or safety issues, some customers may be reluctant to utilise vitamin B12 supplements. Overcoming this constraint requires addressing these issues through research and instruction.
Competitive Pressure Alternative forms of supplementing, such as fortified foods or other vitamin supplements, may present fierce competition for the vitamin B12 market. In a competitive market, it might be difficult to compete on the basis of efficacy, quality, and price.
Disruptions in the Supply Chain Variations in the availability of raw materials or interruptions in the production or delivery process might affect the availability of vitamin B12 supplements, resulting in shortages or price hikes.
Intellectual property issues and patent protection Patent protection for certain vitamin B12 supplement formulations or delivery systems may prevent competitors from entering the market and impede industry innovation.
Health Trends and customer tastes The market for vitamin B12 supplements may be impacted by changes in customer tastes that lean towards natural or organic goods or away from supplements entirely.
Economic Factors Consumer expenditure on supplements, particularly vitamin B12, may be impacted by downturns in the economy or changes in disposable income levels.
Global Vitamin B12 (Cobalamin Cyanocobalamin) Market Segmentation Analysis
The Global Vitamin B12 (Cobalamin Cyanocobalamin) Market is Segmented on the basis of Form, Application, End-User, and Geography.
Vitamin B12 (Cobalamin Cyanocobalamin) Market, By Form
CyanocobalaminThis segment refers to vitamin B12 in its synthetic form, commonly used in supplements and fortified foods.
HydroxocobalaminThis segment pertains to another synthetic form of vitamin B12, often used in injectable medications and supplements.
MethylcobalaminThis segment includes vitamin B12 in its active form, which is often preferred for certain medical conditions and in some supplements.
Vitamin B12 (Cobalamin Cyanocobalamin) Market, By Application
Food & BeveragesThis segment involves the use of vitamin B12 in food fortification, functional foods, and beverages.
PharmaceuticalsThis segment relates to the utilization of vitamin B12 in pharmaceutical products such as supplements, injections, and medications for treating deficiencies.
Animal FeedThis segment involves the inclusion of vitamin B12 in animal feed for livestock and pet nutrition.
Vitamin B12 (Cobalamin Cyanocobalamin) Market, By End-User
RetailThis segment includes individual consumers purchasing vitamin B12 products from retail stores, pharmacies, and online platforms.
IndustrialThis segment comprises manufacturers and companies utilizing vitamin B12 as an ingredient in various products, including food, pharmaceuticals, and animal feed.
Vitamin B12 (Cobalamin Cyanocobalamin) Market, By Geography
North AmericaMarket conditions and demand in the United States, Canada, and Mexico.
EuropeAnalysis of the Vitamin B12 (Cobalamin Cyanocobalamin) Market in European countries.
Asia-PacificFocusing on countries like China, India, Japan, South Korea, and others.
Middle East and AfricaExamining market dynamics in the Middle East and African regions.
Latin AmericaCovering market trends and developments in countries across Latin America.
Key Players
The major players in the Vitamin B12 (Cobalamin Cyanocobalamin) Market are
Novartis
Hoffmann-La Roche Ltd.
Abbott Laboratories
Bayer AG
Merck Group
Apotheca Inc
Bristol-Myers Squibb Company
Johnlee Pharmaceuticals Pvt. Ltd
American Regent Inc
Koninklijke DSM N.V.
Charkit Chemical Company LLC
Sanofi-Aventis
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2031
BASE YEAR
2023
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Million)
KEY COMPANIES PROFILED
Merck Group, Apotheca Inc, Bristol-Myers Squibb Company, Johnlee Pharmaceuticals Pvt. Ltd, American Regent Inc, Koninklijke DSM N.V., Charkit Chemical Company LLC, Sanofi-Aventis.
SEGMENTS COVERED
By Form, By Application, By End-User, and By Geography.
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