Vitamin B12 Market Is Projected To Reach US$ 575.4 Million By 2034
A new fact.mr report estimated the global vitamin b12 market to be valued at US$ 312.4 million in 2024 and thereafter expand at a CAGR of 6.3% from 2024 to 2034.
Vitamin b12 is clinically recommended for a person suffering from digestive disorders such as celiac disease. Vitamin b12 absorption requires an acidic environment in the stomach. Some digestive disorders, such as atrophic gastritis, can reduce the production of stomach acid, which in turn impairs the absorption of vitamin b12.
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In several regions, there is a notable trend toward transitioning to vegetarian diets, as indicated by estimates from surveys. Government recommendations support the supplementation and monitoring of vitamin b12 intake, underscoring its crucial role in maintaining nerve health and energy production. Vitamin b12 is highlighted in dietary guidelines from various nations, reflecting an increasing awareness and emphasis on health, which is expected to drive market growth.
Supplementation with vitamin b12 can help individuals overcome this deficiency caused by decreased stomach acid.
· According to the national institutes of health, in 2023, approximately 20 million people in america experienced digestive disorders. This factor is projected to drive market growth in this country.
Governments of developing nations such as india are implementing policies to provide fortified food and beverages for people to fulfill their daily micronutrient dosage.
Key takeaways from market study
· The global vitamin b12 market is projected to expand at 6.3% CAGR and reach US$ 575.4 million by 2034-end.
· The market expanded at a CAGR of 6.8% from 2019 to 2023.
· Top market players include charkit chemical, chem kart india pvt. Ltd., koninklijke dsm n.v., pfizer inc., sanofi-aventis, bristol-myers squibb company, apotheca inc., johnlee pharmaceutical pvt ltd., american regent, and Merck group.
· Vitamin b12 in tablet form is estimated to occupy 40% market share in 2024.
· The United States market is projected to reach a valuation of US$ 97.6 million by the end of 2034.
“Consumption of micronutrients such as vitamin b12 is linked to lowered risks of anemia, chronic diseases and depression. Rising awareness of the significance of vitamin b12 supplementation is driving market growth,” says a fact.mr analyst.
Market growth stratagems
To produce better quality supplements and ensure environmentally friendly production, manufacturing companies are investing heavily in research and development and adhering to sustainable practices.
· On 9 january 2023, euroapi announced a us$ 43.3 million investment for the expansion of its business by increasing its production capacity by 60% at its normandy plant. This strategic step was supported by the government of france.
Manufacturers are offering vitamin b12 supplements to customers in different forms like tablets, powder, liquid, and capsules. In addition to manufacturing, companies are allocating investments towards packaging.
· In 2022, dsm made investments in advanced technology for packaging, specifically focusing on primary packaging, which includes the production of vitamin b12 in fully compostable stick packs. This initiative aligns with the company's sustainability goals, providing them with a reusable and recyclable packaging solution that offers a sustainable competitive advantage.
Key companies profiled
· Chem kart india pvt ltd.
· Pfizer inc.
· Sanofi-aventis
· Bristol-myers squibb company
· Konikilijike dsm n.v.
· Charkit chemical.
· American regent
· Apotheca inc.
· Merck group
· Johnlee pharmaceutical pvt. Ltd.
· Others
Read More: https://www.factmr.com/report/vitamin-b12-market
Country-wise insights
“Boosting expenditure on health and wellbeing”
The us market is anticipated to grow at a compound annual growth rate (cagr) of 5.5% until 2034. Based on a recent gallup poll, 5% of adults in the nation identify as vegetarians. With the increasing accessibility of plant-based choices, the shift toward veganism is predicted to escalate. Consequently, the demand for natural sources of vitamin b12 might decrease. Considering the robust purchasing capacity of north american consumers and their inclination towards health investments, the market for vitamin b12 supplements is forecasted to experience a consistent expansion in the foreseeable future.
More valuable insights on offer
Fact.MR, in its new offering, presents an unbiased analysis of the vitamin b12 market, presenting historical market data for 2019 to 2023 and forecast statistics from 2024 to 2034.
The study reveals essential insights based on form (tablets, powder, liquid, capsules) and end-use industry (fortified food & beverages, pharmaceuticals, health & personal care, agriculture, animal feed, poultry), regions of the world (north america, latin america, western europe, eastern europe, east asia, south asia & oceania, and the middle east & africa).
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