New York, Aug. 26, 2020 (GLOBE NEWSWIRE) -- The Global Vitamin B12 (Cobalamin) Market is projected to reach USD 409.7 Million by 2027. The market is fueled by the rising health consciousness among consumers, and a significant increase in the vegan population has caused a deficiency of certain vitamins, such as Vitamin B12. The deficiency of vitamin B12 in pure vegan products is driving the demand for the product. A deficiency in the key vitamin can cause severe symptoms, including nerve damage, fatigue, neurological problems, and digestive issues, like depression and memory loss. Therefore, many people turn to vitamin B12 (Cobalamin) supplements to help meet their needs and prevent a deficiency.
Vitamin B12 supplement, methylcobalamin, B12 supplement for vegans, vitamin B12 foods for vegetarians, vitamin B12 naturally, vitamin B12 deficiency, vitamin B12 benefits, methylcobalamin B12, adenosylcobalamin, vitamin B12 foods, vitamin B12 overdose, methylcobalamin dosage for neuropathy, and hydroxocobalamin are some key concerns for end-users and influence market growth in many ways, have also been discussed in detail in the report. Leading and growing players in the market that have been investing an extensive amount in the research & development in such corresponding factors have observed enormous growth in their business.
Rapid urbanization and a rise in disposable income coupled with an increase in awareness regarding health issues are the factors driving the market growth during the forecast period. Rising prevalence of depression, paranoia, and memory loss is also propelling the demand for Vitamin B12 (Cobalamin). A favorable outlook towards medical nutrition will also drive the demand for the cobalamin.
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COVID-19 Impact Analysis:
The COVID-19 pandemic has created endless disruptions for the manufacturing or production industries due to a shortage of resources in different parts of the world. The leading players in the industry are skeptical about the market's future and are trying to redesign their strategies to support the challenge. The pandemic had a serious impact on the research & development as the companies are being refrained from investing in any newer aspect of research or product innovation for the time being. The manufacturing industries have also been disrupted due to reduced available human resources. The companies are incorporating different techniques to increase the production volume and trying to develop innovative solutions at an affordable price, which can meet customer requirements at a much lower cost and support the overall breakthrough required for sustainability in the increased nutraceutical product penetration.
Further key findings from the report suggest
- In the food and beverage industry, cobalamin is used to fortify in various food and beverage products as it is tasteless and odorless, and does not impact the previous taste and odor of the food products. The demand for fortified food products is rising in the food and beverage sector, owing to the rise in health awareness among the population.
- Tablet is the most commonly used type of Cobalamin supplement due to the cost-effectiveness and easy packaging techniques. Tablets are highly preferred by consumers owing to their easy material packing and extended shelf life.
- Food grade materials are either safe for human consumption or are fine to come into direct contact with food products. Food contact surfaces are made of food-safe materials that are designed to withstand the environment in which they will be used. This includes exposure to sanitizing agents, cleaning compounds, and cleaning procedures.
- Growing awareness about the significance of a healthy diet in countries such as India and China is expected to drive market growth in the region. The upcoming retail sector in emerging nations such as Indonesia, Malaysia, China, and India are propelling the market in the region. Support from the government to promote development initiatives is also expected to drive the market in the upcoming years.
- The primary driver for the online retailing of the cobalamin market is the better online education and targeted marketing. This has increased the ease and comfort of consumers buying online. Online sites are dedicated to products appropriate for the 50+ demographic to shop for by need. Many sites now have live chat options to instantly help out customers with their queries.
- Key participants include Apotheca Inc., Merck KGaA, Charkit Chemical Company LLC, Johnlee Pharmaceuticals Pvt. Ltd., American Regent, Inc., Koninklijke DSM N.V., Chemkart, Bristol-Myers Squibb, Sanofi-Aventis, and Pfizer, among others, among others.
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For the purpose of this report, Reports and Data has segmented the global market on the basis of form, grade, sales channel, end-use verticals, and region:
Form Outlook (Revenue: USD Million; Volume: Kilo Tons; 2017-2027)
- Powder
- Liquid
- Capsule
- Tablets
Grade Outlook (Revenue: USD Million; Volume: Kilo Tons; 2017-2027)
- Food Grade
- Pharmaceutical Grade
Sales Channel Outlook (Revenue: USD Million; Volume: Kilo Tons; 2017-2027)
- Online Retails
- Offline Retails
End-Use Verticals Outlook (Revenue: USD Million; Volume: Kilo Tons; 2017-2027)
- Food Industry
- Nutraceuticals
- Pharmaceutical
- Dietary Supplements
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/vitamin-b12-cobalamin-market
Regional Outlook (Revenue: USD Million; Volume: Kilo Tons; 2017-2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
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