Vitamin B12 Market Is Projected To Reach US$ 575.4 Million By 2034, Fact.MR

According to a recent report by Fact.MR, the global market for vitamin B12 is expected to reach US$ 312.4 million by 2024, followed by an annual growth rate of 6.3% from 2024 to 2034.

Vitamin B12 is commonly recommended for individuals with digestive issues such as celiac disease. Efficient absorption of vitamin B12 requires an acidic environment in the stomach. However, some digestive disorders, such as atrophic gastritis, can reduce stomach acid production, thereby impairing the absorption of vitamin B12.

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In several regions, there is a notable trend toward adopting vegetarian diets, as indicated by survey estimates. Government recommendations emphasize the importance of supplementing and monitoring vitamin B12 intake due to its crucial role in maintaining nerve health and energy production. Dietary guidelines from various nations highlight vitamin B12, reflecting a growing awareness and emphasis on health, which is expected to drive market growth.

Vitamin B12 supplementation can help individuals address deficiencies caused by decreased stomach acid. According to the National Institutes of Health, around 20 million people in America experienced digestive disorders in 2023, a factor projected to drive market growth in the country.

Governments in developing nations, such as India, are implementing policies to provide fortified food and beverages to help people meet their daily micronutrient needs.

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.

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

Factors Driving Vitamin B12 Demand in North America
The U.S. market for vitamin B12 is projected to grow at a compound annual growth rate (CAGR) of 5.5% until 2034. According to a recent Gallup poll, 5% of U.S. adults identify as vegetarians. As plant-based options become more accessible, the shift toward veganism is expected to increase. This could lead to a decline in the demand for natural sources of vitamin B12. However, given the strong purchasing power of North American consumers and their tendency to invest in health, the market for vitamin B12 supplements is anticipated to see consistent growth in the coming years.

Competitive Analysis:
To produce higher-quality supplements and ensure environmentally friendly production, manufacturing companies are heavily investing in research and development while adhering to sustainable practices.

On January 9, 2023, Euroapi announced a US$43.3 million investment to expand its production capacity by 60% at its Normandy plant, supported by the French government. Manufacturers offer vitamin B12 supplements in various forms, including tablets, powder, liquid, and capsules. Besides production, companies are also investing in packaging.

In 2022, DSM invested in advanced packaging technology, specifically for primary packaging, which includes producing vitamin B12 in fully compostable stick packs. This initiative aligns with DSM's sustainability goals, providing reusable and recyclable packaging solutions that offer a sustainable competitive advantage.

Segmentation of Vitamin B12 Market Research
• By Form :
o Tablets
o Powder
o Liquid
o Capsules

• By End-use Industry :
o Fortified Food & Beverages
o Pharmaceuticals
o Health & Personal Care
o Agriculture, Animal Feed, Poultry

• By Region :
o North America
o Latin America
o Western Europe
o Eastern Europe
o East Asia
o South Asia & Pacific
o Middle East & Africa

Read More: https://www.factmr.com/report/vitamin-b12-market

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