Drivers and Trends Benefits Vitamin B12 Market to Grow at 9.19%...

Drivers and Trends Benefits Vitamin B12 Market to Grow at 9.19% CAGR, projected to Reach USD 288 million in 2024

Posted 2024-09-13 02:21:35

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Market Insights

As per recent research by MarkNtel Advisors, The Global Vitamin B12 Market size is valued at USD 288 million in 2024 & is estimated to grow at a CAGR of around 9.19% during the forecast period, i.e., 2024-30.

Global Vitamin B12 Market Driver:

Prevalence of Vitamin B12 Deficiency to Drive Market Growth – One major factor propelling the Global Vitamin B12 Market size is the incidence of vitamin B12 deficiency. Widespread vitamin B12 insufficiency impacts many exceptional demographics, including the elderly, vegetarians, vegans, and those with precise scientific illnesses, which include pernicious anemia and gastrointestinal issues that cause problems with the absorption of nutrients. With elevated knowledge of the bad outcomes of vitamin B12 insufficiency on fitness, which include anemia, exhaustion, and neurological issues, more individuals are looking for fortified ingredients and dietary supplements to deal with and prevent these deficiencies.

Demand is also pushed by healthcare experts' growing recommendation for nutrition B12 dietary supplements as a part of preferred medical treatment, particularly for at-risk populations. Increased market demand and a proactive method for controlling nutrition B12 levels are driving the use of vitamin B12 products throughout an extensive range of world populations. Thus, in the long run, augmenting the vitamin B12 supplement market share.

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Market Segmentation and Consumer Behavior:

By Cyanocobalamin Type

Injection
Oral
Spray

By Type of Production

Direct Fermentation
Indirect Production
Genetic Engineering

By Product

1% Vitamin B12
2% Vitamin B12
98% Vitamin B12
Others (96% Vitamin B12, 99% Vitamin B12)

By Application

Medical Treatment
Food Additives
Feed Supplement
Others (Cosmetics, Pharmaceutical, etc.)

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Vitamin B12 Market Geographical Analysis:

By Region:

Americas
Asia-Pacific
Middle East & Africa
Europe

Key Players and Competitive Strategies in the Vitamin B12 Market

Several prominent players dominate the Vitamin B12 Market, including:

Hebei Yufeng Group
Hebei Huarong Pharmaceutical
BASF Nutrition
Sanofi
NCPC VICTOR
Chempure
Hebei Yuxing Bio-Engineering Co. Ltd
Ningxia Kingvit Pharmaceutical

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Questions Addressed in this Study

1.What factors are driving the Vitamin B12 Market growth?

2.How is the Vitamin B12 Market expected to grow over the next five years?

3.What are the key insights into the current trends in the Vitamin B12 Market?

4.What is the current size of the Vitamin B12 Market, and how is it projected to change in the future?

5.What is the future outlook for the Vitamin B12 Market in terms of technological advancements and market expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.