Vitamin B12 Market 2024: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2030

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 According to MarkNtel Advisors study the Global Vitamin B12 Market size is valued at around USD 288 million in 2024 and is projected to register a significant CAGR of around 9.19% during the forecast period, i.e., 2024-30.

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Key Findings of the Study: Vitamin B12 market

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.

Global Vitamin B12 Market Challenge:

Potential Health Risks & Side Effects to Hinder Market Growth & Development – One of the primary obstacles going through the Global Vitamin B12 Industry is the potential for health dangers and side effects. While nutrition B12 is extensively regarded as safe and vital for the human body, overdosing on it can have destructive effects on humans' lives, along with rosacea, acne, and other dermatological issues. Rarely, headaches, nausea, anxiety, and dizziness can also be a result of excessive vitamin B12 dosages. The demand for nutrition B12 supplements can be impacted by a few clients being discouraged by these feasible negative effects.

Furthermore, vitamin B12 supplements should be avoided by individuals with precise medical problems, including Leber's disorder, a genetic eye sickness, as they may make the illness worse. Marketing techniques might also become more complicated due to the need for adequate labeling and explicit consumer education in light of the potential for such negative impacts. To mitigate these health dangers, leading companies in the market should offer accurate dose tips and raise customers' knowledge of safe intake behavior, striking a balance between the advantages of vitamin B12 and the necessity of reducing possible risks.

For more detailed information about the Vitamin B12 market report, click here – https://www.marknteladvisors.com/research-library/global-vitamin-b12-market.html

Scope of the Report and Vitamin B12 Market Segmentation:

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.)

Here, the medical treatment segment is anticipated to dominate the market through 2030.

Vitamin B12 Market Development:

  • In January 2024: Positive outcomes from the AUSTEDO® (deutetrabenazine) Phase 2 study for tardive dyskinesia were announced by Teva, indicating their dedication to neurology research that extends beyond B12-related fields.
  • In December 2023: Pfizer acquired Biohaven Pharmaceuticals. This deal expands Pfizer's market share in the neuroscience sector, especially in the treatment of migraines, but has little effect on the company's vitamin B12 products.
  • In November 2023: Merck inaugurated a new vaccine production facility in Singapore, expanding its manufacturing presence. This investment demonstrates their dedication to promoting global health and guaranteeing a steady supply of vaccines.

Geographical Analysis:

By Region

  • Americas
  • Asia-Pacific
  • Middle East & Africa
  • Europe

Of all regions globally, Asia-Pacific is anticipated to dominate the market with the largest share during 2024-30.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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