Exploring Vitamin B12 Market Opportunity, Latest Trends, Demand, and Development By 2030| MarkNtel
MarkNtel Advisors recently published a detailed industry analysis of the Vitamin B12 Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Vitamin B12 Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The 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.
What are the major Driver the Vitamin B12 industry?
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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What segments define the Vitamin B12 market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
· By Cyanocobalamin Type
o Injection
o Oral
o Spray
According to report, By capturing the potential share, the injection type is anticipated to contribute notably to the Global Vitamin B12 Market growth & expansion during 2024-30.
· By Type of Production
o Direct Fermentation
o Indirect Production
o Genetic Engineering
· By Product
o 1% Vitamin B12
o 2% Vitamin B12
o 98% Vitamin B12
o Others (96% Vitamin B12, 99% Vitamin B12)
· By Application
o Medical Treatment
o Food Additives
o Feed Supplement
o Others (Cosmetics, Pharmaceutical, etc.)
According to report, Here, the medical treatment segment is anticipated to dominate the market through 2030.
Explore the Complete Vitamin B12 Market Analysis Report – https://www.marknteladvisors.com/research-library/global-vitamin-b12-market.html
Geographical Analysis: Vitamin B12 Market
o Americas
o Asia-Pacific
o Middle East & Africa
o Europe
Vitamin B12 Market Share & Competitive Landscape:
The Vitamin B12 Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Vitamin B12 Market are:
- Hebei Yufeng Group
- Hebei Huarong Pharmaceutical
- BASF Nutrition
- Sanofi
- NCPC VICTOR
- Chempure
- Hebei Yuxing Bio-Engineering Co. Ltd
- Ningxia Kingvit Pharmaceutical
Vitamin B12 Industry Recent 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.
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?
6.What is the future outlook for the Vitamin B12 Market in terms of technological advancements and market expansion?
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