The Global Vitamin B12 market witnessed a high growth rate in the forecast period on an account of a significant boost in the intake of vitamin B12 among the populace primarily due to protection against irreversible brain and nervous system damages due to its deficiency. In addition, the escalating demand for vitamin B12 owing to the rising physical and mental illnesses among the people such as lethargy, depression, poor memory, frequent headaches along with rising health-related awareness in the emerging countries are predicted to proliferate the growth of Global Vitamin B12 market in the forthcoming period.
According to MarkNtel Advisors’ research report titled “Global Vitamin B12 Market Analysis, 2020”, the Global Vitamin B12 market is anticipated to grow at a significant rate during 2020-25. The COVID-19 pandemic has further accelerated the demand for vitamin B12 as a precautionary measure to reduce the risk of vitamin deficiency and low immunity. The vitamin is used by the professionals to strengthen immunity among the patients which enables the body's ability to produce antibodies for viral infections. Thus, the rising rate of COVID-19 cases across the globe is projected to lead to an optimistic growth impact in the Vitamin B12 market in the coming years.
“Global Vitamin B12 Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Vitamin B12 providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Acquired Significant Market Share
North America dominated the Global Vitamin B12 market on account to a strong prevalence of diseases associated with the deficiency of vitamin B12 with symptoms such as lower immunity, fatigue, breathlessness, etc. Moreover, the rising health concerns of the people along with an upsurge in the technologically advanced healthcare infrastructure, and accessibility of innovative therapeutics options for the treatments are vital factors that are anticipated to bolster the demand for vitamin B12 in the region.
Asia-Pacific Vitamin B12 market is projected to grow at a substantial rate over the forecast period on an account of the soaring rate of awareness among the people and rising infrastructural developments in the healthcare facilities in the region. Besides this, extensive government initiatives toward the intake of vitamin and escalating government funding for the research and development sector are estimated to proliferate the demand for Vitamin B12 in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Vitamin B12 Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Vitamin B12 market are Hebei Yufeng Group, Hebei Huarong Pharmaceutical, BASF Nutrition, Sanofi, NCPC VICTOR, Chempure, Hebei Yuxing Bio-Engineering Co. Ltd, Ningxia Kingvit Pharmaceutical etc.
1. By Cyanocobalamin Type (Injection, Oral, Spray)
2. By Type of Production (Direct Fermentation, Indirect Production, Genetic Engineering)
3. By Product (1%, 2%, 98%, others)
4. By Application (Medical Treatment, Food Additives, Feed Supplement, Others (Pharmaceuticals))
5. By Region (America, Europe, Asia-Pacific, Middle East & Africa)
6. By Country (US, Canada, Mexico, Brazil, UK, Germany, France, Italy, China, Japan, South Korea, India, UAE, Saudi Arabia, Nigeria, Egypt, South Africa),
7. By Company (Hebei Yufeng Group, Hebei Huarong Pharmaceutical, BASF Nutrition, Sanofi, NCPC VICTOR, Chempure, Hebei Yuxing Bio-Engineering Co. Ltd, Ningxia Kingvit Pharmaceutical etc.)
Key questions answered in the study:
1. What are the current and future trends of the Vitamin B12 industry?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Vitamin B12 industry?
5. What is the customer orientation, purchase behavior, and expectations from the Vitamin B12 firms across various regions?