Pune, India, March 09, 2023 (GLOBE NEWSWIRE) -- The global vitamin B12 market size is expected to gain momentum owing to the rising prevalence of vitamin deficiency during the projected period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Vitamin B12 Market, 2023-2030”. Vitamin B is essential for the efficient cellular metabolism of the human body. It is highly found in animal food sources such as fish, eggs, meat, and poultry. Population having a plant-based diet that is vegetarian and vegan lack vitamin B12 as compared to non-vegetarians. According to the National Institute for Health and Care Excellence, vitamin B12 deficiency is around 6% among the population aged below 60 years, which is expected to drive the market.
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Industry Development:
The Food Safety and Standards Authority of India (FSSAI), issued a letter lifting the ban on the production of methylcobalamin in Gujarat, India.
The U.S FDA granted supplemental drug approval for CaloMist (cyanocobalamin nasal spray) manufactured by Par Pharmaceutical, New York.
Report Scope:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Base Year | 2022 |
| Historical Data | 2019 to 2021 |
Key Takeaways:
- The demand for Vitamin B12 supplements is increasing globally due to the rising awareness of the benefits of the vitamin.
- Increased focus on the importance of Vitamin B12 supplementation, especially for those who may have a higher risk of deficiency.
- The popularity of vegan and vegetarian diets is also driving the demand for Vitamin B12 supplements, as the vitamin is mostly found in animal products.
Drivers & Restraints:
Increasing Prevalence of Vitamin Deficiency to Bolster Market Expansion
The global vitamin B12 market growth is expected to rise due to the projected fear of vitamin deficiency among people during the forecast period. Increasing deficiency of vitamin B in the young generation and people having plant-based diets is a major factor to drive the market. Furthermore, according to the National Institute of Health, the global prevalence of vitamin B12 deficiency is around 15% in the general population, which is expected to enhance the market growth.
Whereas, lower awareness regarding vitamin deficiency in developing countries can hamper market development.
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Report Coverage:
The report for the vitamin B12 market includes a detailed analysis of emerging market trends and industry developments. This market focuses on creating strategic partnerships, acquisitions, and mergers to improve productivity and industrial performance. New product development, technological innovation, and market expansion are highlighted further in this report. Market segmentation is performed to analyze global strategies and develop market reach.
Segments:
By dosage form, the market is divided into syrups, injections, tablets, powder, and nasal spray.
On the basis of route of administration, the market is categorized into oral, intravenous, subcutaneous, and nasal.
Based on distribution channels, the market is trifurcated into hospital pharmacy, retail pharmacy, and online pharmacy.
Finally, by geography, the market is segmented into, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Dosage Form
- Syrups
- Injection
- Tablets
- Powder
- Nasal Spray
By Route of Administration
- Oral
- Intravenous
- Subcutaneous
- Nasal
By Distribution Channel
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)
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Regional Insights:
Increasing Awareness of Vitamin Deficiency to Expand Market in North America
North America is expected to hold the largest global vitamin B12 market share during the forecast period. Increasing awareness regarding vitamin deficiency, a high sedentary lifestyle, and efficient availability of vitamin supplements are expected to influence the market expansion.
Europe is expected to hold a second-largest position in the global market. A higher population of vegetarians and vegans is expected to increase the demand for vitamin supplements to overcome vitamin deficiency. Increasing intake of vitamin supplements supports product demand in the region.
Competitive Landscape:
Strategic Alliances by Key Players to Strengthen Market Position
Key players in the market focus on collaborating with healthcare providers to increase supplement production and supply to the population. Developing new products and implementing innovation allows competitors to serve major needs of people to overcome the deficiency. Creating strategic alliances and partnerships with supporting organisations will enhance product development and supply to the target segments ensuring market growth.
List of Key Players Profiled in the Global Report for Vitamin B12 Market:
- Mylan N.V (U.S.)
- Pfizer Inc. (U.S.)
- Merck & Co. (U.S.)
- Dr. Reddy’s Laboratory (India)
- Daiichi Sankyo Company (Japan)
- Apotheca Inc. (U.S.)
- American Regent Inc. (U.S.)
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