The growing health concern and changing lifestyle and dietary habits are driving the demand for the market.
Market Size – USD 292.6 Million in 2019, Market Growth – CAGR of 7.2%, Market Trends –
The huge growth in skincare & hair care products that include moisturizing, dandruff clean, and dark spot removal, and acne cure, among others.
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 the consumers, and a significant increase in the vegan population has increased the 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 to name a few are the hugely demanding topics and factors the end-users are concerned about and have been influencing the market growth in many ways, have been additionally discussed in details 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.
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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). Favorable outlook towards medical nutrition will also drive the demand for the cobalamin.
The COVID-19 impact:
The COVID-19 pandemic has created endless disruptions to 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 try 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 also have 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 a fortified food product is rising in the food and beverage sector owing to 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 it 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 the market 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 the customers with their specific questions.
- 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 have 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)
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
- Dietary Supplements
Regional Outlook (Revenue: USD Million; Volume: Kilo Tons; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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The global Vitamin B12 (Cobalamin) market report answers some important questions for you:
- What will be the market potential as well as the concentration of the global Vitamin B12 (Cobalamin) segment for the forecast period?
- What will be the avenues for access to the global Vitamin B12 (Cobalamin) market for the newly added range?
- How are business owners planning to meet the production demand and sales requirements to gain a competitive edge over others?
- Which demographic regions will witness a greater demand during the estimated period?
- What will be the composition of the target market? What are the gaps? Where do most new opportunities lie?
- What will be the consumers’ attitude towards the business during the forecast period, 2019 to 2027?
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