Northbrook, IL 60062 -- (SBWIRE) -- 04/20/2023 -- Market definition of Vitamin B12

Vitamin B12, also known as cobalamin, is a water-soluble vitamin that is essential for the normal functioning of the brain and nervous system, and for the formation of red blood cells. It is one of the eight B vitamins and is primarily obtained through the consumption of animal-based foods, such as meat, fish, eggs, and dairy products.

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Market Outlook for Vitamin B12 Market

Vitamin B12 Market Size, Forecast

According to MarketsandMarkets, the global Vitamin B12 market was valued at USD million in 2023 and is expected to grow at a steady CAGR during the forecast period of 2023 to 2033.

Growth Opportunities of Vitamin B12 Market

The increasing incidence of vitamin B12 deficiency due to poor dietary habits, malabsorption syndromes, and other medical conditions is expected to drive market growth.

Vitamin B12 Market Dynamics

Drivers of Vitamin B12 Market

Increasing prevalence of vitamin B12 deficiency: The rising prevalence of vitamin B12 deficiency due to unhealthy lifestyles, poor dietary habits, and increasing geriatric population is expected to drive the demand for Vitamin B12 supplements and fortified foods.

Growing awareness about the health benefits of Vitamin B12: With the increasing awareness about the role of Vitamin B12 in maintaining good health and preventing chronic diseases such as anemia, cardiovascular diseases, and neurological disorders, there is a growing demand for Vitamin B12 supplements and fortified foods.

Rising vegan and vegetarian population: As more people adopt vegan and vegetarian lifestyles, there is a growing demand for Vitamin B12 supplements and fortified foods to meet their daily requirements.

Increasing demand for functional and fortified foods: The growing trend of functional and fortified foods is driving the demand for Vitamin B12-fortified foods and beverages.

Technological advancements in Vitamin B12 production: The development of innovative and efficient production technologies for Vitamin B12 is expected to drive down the costs of production and increase the availability of Vitamin B12 supplements and fortified foods.

Increasing adoption of Vitamin B12 supplements in sports and fitness: The use of Vitamin B12 supplements is gaining popularity among athletes and fitness enthusiasts due to its potential benefits in enhancing performance and reducing fatigue.

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Restraints and Challenges of Vitamin B12 Market

Limited natural sources: The main natural source of vitamin B12 is animal products, which restricts the options for vegetarian and vegan populations.

Adverse effects: High doses of vitamin B12 can lead to adverse effects such as acne, allergic reactions, and gastrointestinal disturbances, which can limit its usage.

Limited awareness: Lack of awareness about vitamin B12 and its benefits in developing countries can restrict market growth.

Stringent regulations: Stringent government regulations for vitamin B12 supplements can limit product availability and increase manufacturing costs.

Competition from alternative supplements: The market faces competition from other supplements such as multivitamins, which contain vitamin B12 along with other vitamins and minerals.

Health risks: Patients with certain medical conditions such as liver and kidney diseases need to be cautious while taking vitamin B12 supplements, which can limit its usage.

Economic downturn: Economic downturns or recessions can affect the purchasing power of consumers, which can limit the demand for vitamin B12 supplements.

Opportunities in Vitamin B12 Market

Growing demand for fortified food products: With the increasing awareness about the importance of a balanced diet, consumers are looking for food products that are fortified with vitamins and minerals, including Vitamin B12.

Rising vegan and vegetarian population: As more people are adopting a plant-based diet, there is a growing demand for Vitamin B12 supplements and fortified food products that cater to this market segment.

Increasing geriatric population: Elderly people often suffer from Vitamin B12 deficiency, which can lead to several health issues. The rising geriatric population presents an opportunity for the Vitamin B12 market to develop products targeted at this demographic.

Expansion of the healthcare sector: The growing healthcare sector, particularly in developing countries, is driving the demand for Vitamin B12 supplements and injections for the treatment of various health conditions.

Increasing use of Vitamin B12 in animal feed: Vitamin B12 is an essential nutrient for animal growth and development.

Vitamin B12 Market By Product, Vertical & Region

Vitamin B12 Market By Product

- Cyanocobalamin
- Hydroxocobalamin
- Methylcobalamin
- Adenosylcobalamin
- Others

Vitamin B12 Market By Vertical

- Food and Beverages
- Pharmaceuticals
- Animal Feed
- Dietary Supplements
- Others (Cosmetics, Personal Care, etc.)

Vitamin B12 Market By Region

North America is expected to dominate the Vitamin B12 market during the forecast period owing to the high prevalence of vitamin B12 deficiency in the region, coupled with the increasing awareness about the benefits of vitamin B12 supplements in maintaining a healthy lifestyle.

The Asia-Pacific region is expected to witness significant growth during the forecast period owing to the increasing awareness about the importance of vitamin B12 in maintaining good health, coupled with the rising incidence of vitamin B12 deficiency in the region.

Europe is expected to hold a significant share in the Vitamin B12 market during the forecast period due to the increasing prevalence of chronic diseases and the growing trend of adopting preventive healthcare measures in the region.

Latin America and the Middle East & Africa are expected to witness moderate growth during the forecast period due to the increasing awareness about the benefits of vitamin B12 supplements in maintaining a healthy lifestyle, coupled with the increasing prevalence of vitamin B12 deficiency in these regions.

Major players operating in the Vitamin B12 Market

- Sanofi
- Merck & Co., Inc.
- Pfizer Inc.
- LUPIN
- Teva Pharmaceutical Industries Ltd.
- Mylan N.V.
- Apotex Inc.
- Sun Pharmaceutical Industries Ltd.
- Bristol Laboratories Ltd.
- Mankind Pharma
- Biocon
- Dr. Reddy's Laboratories Ltd.
- Cadila Healthcare Ltd.
- Hikma Pharmaceuticals PLC
- Endo International plc
- Sandoz International GmbH (Novartis AG)
- Amneal Pharmaceuticals LLC
- Strides Pharma Science Limited
- Glenmark Pharmaceuticals Limited
- Aurobindo Pharma Limited, among others.

Key segmentation of Vitamin B12 Market

By Product Type:

- Cyanocobalamin
- Hydroxocobalamin
- Methylcobalamin
- Adenosylcobalamin

By Route of Administration:

- Intramuscular Injection
- Subcutaneous Injection
- Oral
- Nasal
- Others

By Form:

- Liquid
- Tablet
- Capsule
- Nasal Gel
- Others

By Application:

- Dietary Supplements
- Pharmaceuticals
- Animal Feed
- Food and Beverages

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