Global Vitamin B12 Market Share Analysis – Industry Trends and Forecast to 2030
Market Insights and Analysis: Global Vitamin B12 Market Overview and Projections (2024-2030)
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. 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.
Top leading companies in the Global Vitamin B12 Market includes:
Hebei Yufeng Group, Hebei Huarong Pharmaceutical, BASF Nutrition, Sanofi, NCPC VICTOR, Chempure, Hebei Yuxing Bio-Engineering Co. Ltd, Ningxia Kingvit Pharmaceutical, Merck & Co., Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., LUPIN, Mylan N.V., Apotex Inc., Bristol Laboratories Ltd., Mankind Pharma, Biocon and others.
Global Vitamin B12 Market Trend:
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.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Cyanocobalamin Type
-Injection
-Oral
-Spray
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.).
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Global Vitamin B12 Market Geographic Reach:
The Geographic Reach of the Global Vitamin B12 Market evaluates the spread and significance of Global Vitamin B12 market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
Global Vitamin B12 Market Challenge:
Potential Health Risks & Side Effects to Hinder Market Growth & Development – One of the primary obstacles going through the Global Vitamin B12 Industry is the potential for health dangers and side effects. While nutrition B12 is extensively regarded as safe and vital for the human body, overdosing on it can have destructive effects on humans’ lives, along with rosacea, acne, and other dermatological issues. Rarely, headaches, nausea, anxiety, and dizziness can also be a result of excessive vitamin B12 dosages. The demand for nutrition B12 supplements can be impacted by a few clients being discouraged by these feasible negative effects.
Furthermore, vitamin B12 supplements should be avoided by individuals with precise medical problems, including Leber’s disorder, a genetic eye sickness, as they may make the illness worse. Marketing techniques might also become more complicated due to the need for adequate labeling and explicit consumer education in light of the potential for such negative impacts. To mitigate these health dangers, leading companies in the market should offer accurate dose tips and raise customers’ knowledge of safe intake behavior, striking a balance between the advantages of vitamin B12 and the necessity of reducing possible risks.
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