According to recent findings, the Global Vitamin B12 Market size is valued at around USD 288 million in 2024 and is projected to register a significant CAGR of around 9.19% during the forecast period, i.e., 2024-30.
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Vitamin B12 Overview:
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 number of people with this deficiency is also expected to boost the market size & volume in the coming years. The demand for Vitamin B12 is being infused primarily by people seeking to prevent megaloblastic anemia, which brings a feeling of weakness & tiredness.
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Vitamin B12 Outlook and Future Trends :
Rise in Veganism & Vegetarianism Changing Market Dynamics – One developing trend that is having a big influence on the vitamin B12 market size is the rise in veganism and vegetarianism. For ethical, environmental, and health-related reasons, more people are switching to plant-based diets, which is driving rising demand for foods and supplements enriched with vitamin B12. Since vitamin B12 is naturally present in animal products, vegetarians and vegans are more likely to be deficient in it. To satisfy their nutritional demands, this has caused a spike in the consumption of B12 supplements and fortified plant-based foods, such as cereals, plant milk, and nutritional yeasts. Market growth is being driven by the increasing number of vegan and vegetarian consumers, especially in developed areas, to which leading companies are responding by offering a greater range of goods enhanced with B12.
This trend is further supported by growing awareness of the need to maintain enough B12 levels for general health, which makes the rise in veganism and vegetarianism a major factor augmenting vitamin B12 supplement market share.
Global Vitamin B12 Segmentation Analysis:
By Cyanocobalamin Type
- Injection
- Oral
- Spray
According to reports, By capturing the potential share, the injection type is anticipated to contribute notably to the Global Vitamin B12 Market growth & expansion during 2024-30.
By Type of Production
- Direct Fermentation
- Indirect Production
- Genetic Engineering
By Product
- 1% Vitamin B12
- 2% Vitamin B12
- 98% Vitamin B12
- Others (96% Vitamin B12, 99% Vitamin B12)
By Application
- Medical Treatment
- Food Additives
- Feed Supplement
- Others (Cosmetics, Pharmaceutical, etc.)
According to reports, Here, the medical treatment segment is anticipated to dominate the market through 2030.
By Region
- Americas
- Asia-Pacific
- Middle East & Africa
According to reports, Of all regions globally, Asia-Pacific is anticipated to dominate the market with the largest share during 2024-30.
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Some of the Market players in the Global Vitamin B12 are:
- Hebei Yufeng Group
- Hebei Huarong Pharmaceutical
- BASF Nutrition
- Sanofi
- NCPC VICTOR
- Chempure
- Hebei Yuxing Bio-Engineering Co. Ltd
- Ningxia Kingvit Pharmaceutical.
Vitamin B12 Recent Development:
- In January 2024: Positive outcomes from the AUSTEDO® (deutetrabenazine) Phase 2 study for tardive dyskinesia were announced by Teva, indicating their dedication to neurology research that extends beyond B12-related fields.
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