Vitamin B12 Market Future Prospects and Forecast To 2028
The global vitamin b12 market size was valued at USD 347.9 million in 2021 and is poised to grow at a CAGR of 6.9% during the forecast period 2022 and 2028. The demand for vitamin B12 increases at a high growth rate in the food and beverage, nutraceutical, and dietary supplement industry. In addition, the demand for vitamin B12 is also growing in the pharmaceutical industry. High processing costs and high prices of the vitamin B12 are restricting the market.
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Tablet Segment Dominates the Vitamin B12 Market
With
a market share of 76.3 percent in 2021 and a projected CAGR of 6.5 percent from
2022 to 2028, the tablet category is likely to account for a higher revenue
share in the global vitamin B12 market. Tablets are cost-effective and readily
available. Because of its cost-effectiveness and ease of packaging, tablets are
the most often used type of Cobalamin supplement. Consumers choose tablets
because of their simple material packaging and long shelf life.
The global vitamin b12
market segmentation:
1) By Dosage form: Powder,
Injection, Tablets, Nasal sprays, and Syrups.
2) By Route of
Administration: Intravenous, Subcutaneous, Oral, and Nasal.
3) By Distribution
channel: Hospital Pharmacy, Online sales, and Retail Pharmacy.
North
America Leads Vitamin
B12 Market
The
global vitamin B12 market is likely to dominate the North American region
throughout the forecast period. Increasing awareness of vitamin deficiency, a
more sedentary lifestyle, and increased affordability of various vitamin
supplements are some of the factors influencing market expansion in the region.
Due to boosting take-off vitamin supplements in the area and enhanced
healthcare facilities that supply affordable multivitamins to the public,
Europe is expected to win the second leading position in the market. In the
Asia-Pacific area, a growing vegetarian population in countries like India is
expected to exacerbate vitamin deficiencies and increase reliance on
supplements.
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
Global vitamin B12 market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,
In November
2021, Sanofi announced the completion of its acquisition of Kadmon Holdings,
Inc. The acquisition further strengthens growth and expansion for the General
Medicines portfolio.
In Feb 2021, Bristol
Myers Squibb announced that it has successfully completed its acquisition of
MyoKardia, Inc. in an all-cash transaction for approximately $13.1 billion.
With the completion of the acquisition, MyoKardia shares have ceased trading on
the NASDAQ Global Select Market and MyoKardia is now a wholly owned subsidiary
of Bristol Myers Squibb.
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Key player’s profiles in the vitamin B12 market report are Apotheca Inc, Merck KGaA, Charkit Chemical Company LLC., Johnlee Pharmaceuticals Pvt. Ltd., American Regent, Inc., Koninklijke DSM N.V., Chemkart, Bristol-Myers Squibb, Sanofi-Aventis, Pfizer
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