Global Vitamin B12 Market: by Form (Oral, Nasal Spray, and Injections), by Application (Medical Treatment, Food Additives, and Feed Supplements) by Distribution Channel (Hospital Pharmacy, Pharmaceutical Stores, Specialty Stores, and Others) and by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2020–2025)
The vitamin B12 market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating globally. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region wise and segment-wise market share/growth analysis. The report’s study will outlook one of the most exhaustive analyses of the market, capturing all the vitamin B12 market aspects.
Vitamin B12 Market Introduction
The vitamin B12 market size was USD 292 million in 2019 and is expected to register a 3.4% CAGR during the forecast period (2020-2025). Vitamin B12 is a highly complex and essential vitamin used in the metabolism of every cell of the human body and is important for blood formation, cell reproduction, and growth. It is present in different animal foods such as meat, eggs, milk, others. The vitamin B12 market is increasing with the cyano form of B12, which is mainly used in the form of prescription drugs and supplements.
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Factors Affecting the Vitamin B12 Industry over the Forecast Period
- The rapid growth in the industrial and manufacturing sectors in emerging economies, especially in Asia-Pacific economies, is promoting the manufacturing industry in the respective economies due to the continuous rise in foreign direct investment. It will be expected to raise the nutraceuticals industry’s market value, including the rise in demand for vitamin B12 products for health concerns, offering growth to the global market.
- The growth of vitamin B12 in the global market is driven by rapid urbanization, growing awareness of the importance of a healthy diet, and increasing veganism and vegan food products among consumers.
- The government also provides financial aids and works towards the development and promotion of vitamin B12 products that affect the market dynamics of vitamin B12.
- However, lack of awareness among consumers regarding the benefits of vitamin B12 and the high price and processing cost of vitamin B12 may restrain vitamin B12 in the global market over the forecast period.
Impact of COVID-19 on Vitamin B12 Market
COVID-19 is a global public health disease that has affected almost every industry. The outbreak of COVID-19 resulted in an increase in the demand for vitamin B12 products across several sectors, primarily the health and pharmaceutical sector. Coronavirus crises take over the world and led to curfews and lockdown, which impacted a lot of businesses worldwide, directly affected the production and demand for these products. This creates many opportunities for the new players and small-scale players to mark their presence in the regional market and offer low-cost prices and high-quality products to the end-users. Therefore, with the outbreak of the COVID-19, there is a significant surge in demand for vitamin B12 products that have been seen across the globe, which has positively impacted the vitamin B12 market value in 2020 and subsequent years.
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Vitamin B12 Market: Scope of the Report
The report outlines the global vitamin B12 market study based on form, application, and distribution channel.
The vitamin B12 market has been segmented based on form –
- Nasal Sprays
The vitamin B12 market has been segmented based on application –
- Medical Treatment
- Food Additives
- Feed Supplements
The vitamin B12 market has been segmented based on the distribution channel –
- Hospital Pharmacy
- Pharmaceutical Stores
- Specialty Stores
Vitamin B12 Market: Regional Outlook
Based on the region, the global vitamin B12 market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2019, North America held the largest share in the vitamin B12 market, followed by the Asia Pacific and Europe. Moreover, Asia Pacific is expected to project the highest CAGR globally over the forecast period, owing to a rise in the number of pharmaceutical stores in the region.
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Key Vitamin B12 Market Competitors Includes –
The vitamin B12 market is highly fragmented, with the presence of a large number of small players across the globe. The vital vitamin B12 market manufacturers operating in the global market are –
- Merck KGaA
- Sanofi S.A.
- Bayer AG
- Endo Pharmaceuticals Inc. (NASCOBAL)
- Hebei Huarong Pharmaceutical Co., Ltd.
- Ningxia Kingvit Pharmaceutical CO., LTD.
- Jamieson Laboratories Ltd.
- Bristol-Myers Squibb
- NOW Health Group, Inc.
- BASF SE
- Watson Inc.
- Unived Healthcare Products Pvt. Ltd.
- Jarrow Formulas, Inc.
The vitamin B12 tools market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of segmental/regional outlook with the market players’ presence in the respective segment and region/country. The information concluded in the report includes the inputs.
Vitamin B12 Market Report Covers Comprehensive Analysis On:
- Market Segmentation & Regional Analysis
- Market Size of 10 years
- Pricing Analysis
- Supply & Demand Analysis
- Product Life Cycle Analysis
- Porter’s Five Forces & Value Chain Analysis
- Developed & Emerging Economies Analysis
- PEST Analysis
- Market and Forecast Factor Analysis
- Market Opportunities, Risks, & Trends
- Conclusion & Recommendation
- Regulatory Landscape
- Patent Analysis
- Competition Landscape
- 15+ Company Profiles
Vitamin B12 Market Regional Analysis Includes:
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
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Vitamin B12 Market: Target Audience
- Vitamin B12 drug manufacturers
- Investors and trade experts
- Large, medium, and small-sized enterprises
- Vitamin B12 distributors and suppliers
- Trade publications and magazines
- Government authorities, associations, and organizations