Pune, May 22, 2023 (GLOBE NEWSWIRE) -- A global Healthcare research and business consulting firm, Maximize Market Research, has published a market intelligence report on the “Vitamin B12 Market”. The report is a combination of primary and secondary data and domain experts have analyzed the Vitamin B12 Market from a local and a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 251.5 Mn in 2022 to USD 386.2 Mn in 2029 at a CAGR of 5.5 percent.
Vitamin B12 Market Report Scope and Research Methodology
| Market Size in 2022 | USD 251.5 Mn. |
| Market Size in 2029 | USD 386.2 Mn. |
| CAGR | 5.5 Percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 276 |
| No. of Tables | 113 |
| No. of Charts and Figures | 112 |
| Segment Covered | Product Type, Form, and End-Users |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The research methodology used in the Vitamin B12 Market report is a mix of primary and secondary research methodologies. The primary research sources include surveys and interviews with industry professionals, interviews of C-level executives in the Vitamin B12 Market, and vendors of the product. The secondary research sources include authentic industry databases, relevant patents, and technical papers from industry-standard institutions and associations. The report uses expert opinions and validation from industry personnel for accuracy and validation. The information has then been aggregated using a combination of graphical and tabular formats, which is then further analyzed using various methods such as Porter's Five Forces Analysis, and the Report Cornerstone Analysis. Analysts in the Vitamin B12 Market report have used a unique approach to compile the market intelligence of the Vitamin B12 Market, and have segregated the market in order to provide in-depth insights into the competitive landscape, regional expansion plans, and strategies that have been adopted by leading market players.
Vitamin B12 Market Overview
Vitamin B12 is a vital dietary supplement that helps many individuals meet their daily nutritional requirements. It communicates information throughout the body, helps to form red blood cells, and releases energy from the food ingested. It also aids in people’s long-term health and can reduce the risk of developing certain long-term medical conditions such as dementia and age-related macular degeneration. Vitamin B12, also known as cobalamin, is an essential water-soluble vitamin that plays a crucial role in various bodily functions, including forming red blood cells and maintaining the nervous system. The global Vitamin B12 market has been experiencing steady growth over the years. Factors driving this growth include increasing consumer awareness about the importance of a balanced diet, rising health consciousness, and a growing aging population.
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Vitamin B12 Market Dynamics
Growing consumer awareness about the importance of Vitamin B12 in maintaining overall health and well-being is a significant dynamic driving market growth. Increased knowledge about the benefits of vitamin B12, such as supporting red blood cell production, nerve function, and DNA synthesis, has led to higher demand for products containing this essential nutrient. The global trend towards healthier lifestyles and the increasing popularity of plant-based and vegan diets have contributed to the demand for Vitamin B12 supplements. Since Vitamin B12 is primarily found in animal-based foods, individuals following vegetarian or vegan diets may have a higher risk of deficiency and therefore seek supplements to meet their nutritional needs. The aging population is another crucial factor driving the demand for vitamin B12. As people age, their ability to absorb and metabolize Vitamin B12 decreases, leading to a higher risk of deficiency. This has resulted in increased consumption of Vitamin B12 supplements among older adults to support healthy aging and prevent deficiency-related health issues.
Vitamin B12 Market Regional Insights
North America is a significant market for vitamin B12, with the United States being the largest consumer. The demand for Vitamin B12 in North America is driven by the growing awareness about the health benefits of the vitamin, the rising vegan and vegetarian populations, and the increasing elderly population. The region also has a well-established pharmaceutical and dietary supplements industry, which further contributes to the market growth. Europe is another prominent market for vitamin B12. Countries like Germany, the United Kingdom, and France are major consumers of Vitamin B12 supplements. The market growth in Europe is primarily attributed to the rising adoption of vegan and vegetarian diets, increased focus on health and wellness, and the presence of a well-developed pharmaceutical industry. The Asia Pacific region represents a significant growth opportunity for the Vitamin B12 market. Rapid urbanization, changing dietary habits, and increasing health consciousness among consumers are driving the demand for dietary supplements, including vitamin B12, in countries like China, India, Japan, and South Korea. Additionally, the region has a large livestock industry, contributing to the demand for animal feed fortified with vitamin B12.
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Vitamin B12 Market Segmentation
By Product Type:
- Cyanocobalamin
- Methyl cobalamin
- Adenosyl cobalamin
By Form:
- Tablets
- Capsules
- Injections
- Others (gummies, sprays, and powders)
In 2022, tablets held the dominant position in the market. Vitamin B12 tablets are one of the most common forms available in the market. They offer convenience and ease of consumption, making them popular among consumers. Tablets generally contain a measured dose of Vitamin B12 and are taken orally with water. They are often preferred by individuals looking for a simple and straightforward way to supplement their Vitamin B12 intake.
By End-User:
- Pharmaceuticals
- Dietary supplements
- Food and beverages
- Others
Vitamin B12 Key Competitors include:
- Merck KGaA (Germany)
- Pfizer Inc. (USA)
- Sanofi S.A. (France)
- GlaxoSmithKline plc (UK)
- Fermenta Biotech Ltd. (India)
- NOW Foods (USA)
- Garden of Life LLC (USA)
- Nature Made (USA)
- Solgar Inc. (USA)
- Pure Encapsulations (USA)
- The Clorox Company (USA)
- Daiichi Sankyo Company Limited (Japan)
- Amway (USA)
- DSM Nutritional Products (Netherlands)
- Nature's Bounty Co. (USA)
- Sundown Naturals (USA)
- Jarrow Formulas, Inc. (USA)
- Nordic Naturals (USA)
- Pharmavite LLC (USA)
- Bluebonnet Nutrition Corporation (USA)
- Life Extension (USA)
- Solgar Vitamin and Herb (USA)
- Nature's Plus (USA)
- Country Life Vitamins (USA)
- Biotics Research Corporation (USA)
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Key questions answered in the Vitamin B12 Market are:
- What is Vitamin B12?
- What was the Vitamin B12 Market Size in 2022?
- What is the expected Vitamin B12 Market size during the forecast period?
- What are the global trends in the Vitamin B12 Market?
- What are the major restraints for the Vitamin B12 Market?
- Which segment dominated the Vitamin B12 Market growth?
- What is the demand pattern for the Vitamin B12 Market?
- What growth strategies are the players considering to increase their presence in Vitamin B12 Market?
- What are the upcoming industry applications and trends for the Vitamin B12 Market?
- Who are the leading companies and what are their portfolios in Vitamin B12 Market?
- Which region dominates the largest market share in Vitamin B12 Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application and Industry Vertical
- Market Segmentation – A detailed analysis by Product Type, Form, End-Users, and Distribution Channel
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include Healthcare, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
