Global Vitamin B12 Market Outlook for 2023-28
Markntel Advisors has conducted a comprehensive study on 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.
In addition, the Global Vitamin B12 Market Study highlights the impact of domestic and localized market players, emerging revenue opportunities, strategic market growth analysis, product approvals, product launches, geographic expansions, and technological innovations. The objective of the report is to provide a detailed understanding of the industry, including its features, factors, and elements, along with insights into the regulatory scenario & regional dynamics that may impact market growth.
Global Vitamin B12 Industry Breakdown: Key Revenue Generating Segments
To facilitate focused analysis, the Vitamin B12 Market has been divided into different segments, providing shareholders with the opportunity to identify their areas of interest and the most profitable opportunities within the market. By incorporating technical trends, comprehensive analysis of the downstream & upstream value chain, as well as Porter’s five forces analysis, we have diligently forecasted the industry landscape for specific regions/countries, presenting critical pointers for informed decision-making. The segments are as follows:
-By Cyanocobalamin Type
-By Type of Production
-1% Vitamin B12
-2% Vitamin B12
-98% Vitamin B12
-Others (96% Vitamin B12, 99% Vitamin B12)
-Others (Cosmetics, Pharmaceutical, etc.)
-Middle East & Africa
Each sections offer valuable insights into the Vitamin B12 Market. The report includes essential pillars of the industry study, such as drivers, restraints, opportunities, and challenges. The report also provides information on industry overview, specifications, definitions, suppliers, R&D status, cost structure analysis, sources, and technological advancements, potential for improvement, applications, among others.
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:
- Medical Treatment
- Food Additives
- Feed Supplement
- Others (Cosmetics, pharmaceuticals, etc.)
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.
Competitive Analysis of the Global Vitamin B12 Industry
-Hebei Yufeng Group
-Hebei Huarong Pharmaceutical
-Hebei Yuxing Bio-Engineering Co. Ltd
-Ningxia Kingvit Pharmaceutical
Global Vitamin B12 Market Research Report Answers the Following Key Questions
- How big is the Global Vitamin B12 Market?
- What is the projected growth rate or CAGR of the Global Vitamin B12 Market during 2023-28?
- What are the key trends or growth opportunities for the key players in the Global Vitamin B12 Market?
- Which ‘segment’ seems promising for companies operating in the Global Vitamin B12 Market?
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