New York, United States , March 13, 2024 (GLOBE NEWSWIRE) -- The Global Vitamin B12 Market Size is to Grow from USD 0.26 Billion in 2023 to USD 0.59 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.54% during the projected period.
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Vitamin B12 (cobalamin) is water soluble vitamin naturally found in animal based foods like meat, fish, and dairy products. It has significant role in the RBC and DNA synthesis. It aids in the synthesis of SAMe (S-adenosylmethionine), that donates methyl group to the DNA molecule. It heals nerve injury via axon regeneration in neuronal cells. It also plays fundamental role preventing CNS associated disorders namely Alzheimer’s disease and vascular dementia. The rising awareness about the health beneficiary effects of vitamin B12 on RBC, cardiovascular and neurological systems. The rising geriatric population and development of innovative delivery forms of vitamin B12 are escalating the global vitamin B12 market. However, liver and kidney diseased persons limit the usage of vitamin B12, hindering the market. The growing population of vitamin B12 deficient patients due to poor dietary habit and unhealthy lifestyle led to increasing demand for vitamin B12 market. The development of new and innovative delivery forms of vitamin B12, like sublingual and transdermal supplements promotes the vitamin B12 market. Stringent regulations from authorities for product approval is the challenging factor for vitamin B12 market. The vitamin B12 alternative supplements are dominating the market over vitamin B12 market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Vitamin B12 Market Size, Share, and COVID-19 Impact Analysis, By Type (Cynocobalamin, Hydroxocobalamin, Methylcobalamin, Adenosylcobalamin, and Others), By Vertical (Food & Beverages, Pharmaceuticals, Animal Feed, Dietary Supplements, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The cyanocobalamin segment dominates the market with the largest revenue share through the forecast period.
Based on Type, the global vitamin B12 market is segmented into cyanocobalamin, hydroxoxobalamin, methylcobalamin, adenosylcobalamin and others. Among these, the cyanocobalamin segment is dominating the market with the largest revenue share through the forecast period. Cyanocobalamin is the most common form of vitamin supplement as it is inexpensive and stable form. Cyanocobalamin tablet form are available on doctor’s prescription from pharmacies and supermarkets and health food shops as well.
The pharmaceutical segment is witnessing significant CAGR growth through the forecast period.
Based on the vertical, the global recombinant vaccine market is segmented into food & beverages, pharmaceuticals, animal feed, dietary supplements, and others. Among these, the pharmaceutical segment is witnessing significant growth through the forecast period. The pharmaceutical industry is the well-known end-user in the global market of vitamin B12. The rising healthcare provisions and consumer demand for both imported and domestic pharmaceutical products are anticipated to segment growth.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. According to estimates, the global vitamin B12 market share is largest in North America. The high prevalence rate of vitamin B12 deficiency, rising awareness about health beneficiary effects of vitaminB12 in North America region escalating the market of vitamin B12. The major manufacturers of vitamin B12 are present in North America.
Europe region is expected to grow the fastest during the forecast period. There is an increasing inclination towards adoption of preventative healthcare measures and an increasing prevalence of chronic disease in the European region that are escalating the vitamin B12 market in Europe region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global recombinant vaccine market are Sanofi, Pfizer Inc., LUPIN, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Mankind Pharma, Dr. Reddy’s Laboratories Ltd., Cadila Healthcare Ltd., Glenmark Pharmaceuticals Limited, Aurobindo Pharma Limited, Biocon, Merck & Co., Inc., Bristol Laboratories Ltd., Mylan N.V., Apotex Inc., Strides Pharma Science Limited and Other Key Players.
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Recent Developments
- In April 2022, Zydus Lifesciences gets nod from UDFDA for vitamin B12 injection. It is used to treat and prevent disorders associated with vitamin B12 deficiency.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global vitamin B12 market based on the below-mentioned segments:
Global Vitamin B12 Market, Product Type Analysis
- Cynocobalamin
- Hydroxocobalamin
- Methylcobalamin
- Adenosylcobalamin
- Others
Global Vitamin B12 Market, Vertical Analysis
- Food & beverages
- Pharmaceuticals
- Animal feed
- Dietary supplements
- Others
Global Microencapsulation Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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