Global Vitamin B12 Market Research Report: Forecast (2023-2028)
Market Definition
Vitamin B12 or Cobalamin is among the prominent types of vitamins considered essential for amino acid metabolism, fatty acid metabolism, and DNA synthesis, owing to its capabilities to improve blood & cell health in the body. It is naturally present in animal-derived food products, such as meat, fish, eggs, poultry, & dairy products, which is why people who only eat plant-based food have a deficiency of cobalamin. With the growing cases of malnutrition & vitamin deficiencies worldwide, especially in the younger population, the demand for Vitamin B12 is rising at a phenomenal pace globally.
Market Insights & Analysis: Global Vitamin B12 Market (2023-28)
The Global Vitamin B12 Market is projected to register a significant CAGR during the forecast period, i.e., 2023-28. The market is projected to be driven mainly by the growing awareness among people of the benefits of over-the-counter vitamins like B12 (Cobalamin), which keep the blood & nerve cells of the body healthy and help make DNA. In addition, the growing cases of people with its deficiency are also expected to boost the market in the future. The demand for Vitamin B12 is being infused majorly by people seeking to prevent megaloblastic anemia, which brings the feeling of weakness & tiredness.
Besides, the growing trend of a vegan diet along with intensive nutraceuticals, food & beverages, & dietary supplements, among others, are prominent areas surging the need for B12 vitamins and driving the market. Moreover, the swift inclination of people in attaining a healthy diet, especially across countries like China & India and the mounting availability of cobalamin across various retail stores worldwide are also projected to enhance the Global Vitamin B12 Market size.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| Regions Covered | Americas: US, Canada, Mexico, Brazil, Others |
| Europe: France, UK, Germany, Italy, Others | |
| Asia-Pacific: China, India, Japan, South Korea, Rest of Asia-Pacific | |
| Middle East & Africa: Saudi Arabia, Egypt, Nigeria, UAE, South Africa, other | |
| Key Companies Profiled | Hebei Yufeng Group, Hebei Huarong Pharmaceutical, BASF Nutrition, Sanofi, NCPC VICTOR, Chempure, Hebei Yuxing Bio-Engineering Co. Ltd, Ningxia Kingvit Pharmaceutical |
| Unit Denominations | USD Million/Billion |
Rapid urbanization and improving disposable incomes of people are instigating manufacturers to expand their production capacities to suffice the burgeoning consumer demand. Furthermore, the rising prevalence of mental health issues like depression, paranoia, & memory loss also projects a favorable outlook for the global market in the years to come.
Market Segmentation
Based on Cyanocobalamin Type:
By capturing the potential share, the injection type is anticipated to contribute notably to the Global Vitamin B12 Market expansion during 2023-28. It owes principally to the growing cases of pernicious anemia, nervous disorders myelopathy, tumors, Imerslund-Grasbeck disease, cyanide poisoning, nerve damage caused by shingles, diabetic nerve damage, tiredness or fatigue, chronic fatigue syndrome, and Hepatitis C, among others, especially in countries such as India.
On the other front, the rapidly rising number of pregnant women or nursing mothers consuming Cyanocobalamin orally to avoid spina bifida and other spinal & central nervous system-related birth defects in babies is also propelling the growth of the market globally. Cyanocobalamin tablets are the most consumed supplement type owing to their cost-effectiveness, extended shelf life, & easy packaging techniques, which is why they are preferred highly by a large number of consumers worldwide.
Based on Application:
Here, Medical Treatment is anticipated to dominate the market through 2028. It owes principally to the growing focus of governments of different countries on offering the best medical treatments to people suffering from various health issues caused by its deficiency of Vitamin B12. Besides, favorable policies, increasing focus on strengthening the healthcare sector, entwined with rigorous research & development by the leading players to expand its application in other treatments shall also contribute to the market growth during the forecast period.
Moreover, growing awareness among people about its benefits in treating health problems like anemia, loss of balance, weakness, numbness or tingle in the arms & legs, and situations when the body is unable to absorb vitamins, among others, are anticipated to project an upsurge in the demand for Vitamin B12 for medical treatments & drive the market during the forecast period.
Regional Landscape:
On the geographical front, the Global Vitamin B12 Market expands across:
Of all regions globally, Asia-Pacific is anticipated to dominate the market with the largest share during 2023-28. It owes principally to the growing cases of malnutrition and vitamin deficiencies, especially in the younger population and people who only eat plant-based food, across several countries in the region, i.e., accelerating the inclination for Vitamin B12 and, in turn, stimulating the regional market expansion.
The rising prevalence of malnutrition across Asia-Pacific remains the key factor in accelerating industry’s growth as the vitamin helps increase the body’s capabilities to absorb nutrients and promote healthy blood & DNA. Besides, growing awareness among the people about the benefits of a healthy diet across countries like China & India is instigating the leading players to increase their development, production, and distribution of resources for Vitamin B12 and drive the market across the region during the forecast period.
Gain a Competitive Edge with Our Global Vitamin B12 Market Report
Frequently Asked Questions
A. The Vitamin B12 Market is projected to record a significant CAGR during 2023-28.
A. The rapidly increasing cases of vitamin deficiency in people, especially those dependent on vegetarian food, are propelling the demand and driving the market through 2028.
A. Growing trends of Veganism among people are displaying a rise in vitamin deficiency among people, i.e., playing a crucial role in stimulating the growth of the market.
A. Hebei Yufeng Group, Hebei Huarong Pharmaceutical, BASF Nutrition, Sanofi, NCPC VICTOR, Chempure, Hebei Yuxing Bio-Engineering Co. Ltd, and Ningxia Kingvit Pharmaceutical are the key players operating in the market.
A. Medical Treatment would lead the Vitamin B12 Market during 2023-28.
A. Asia-Pacific would continue generating lucrative prospects for the key companies operating in the market in the years to come.
