- Powder
- Injection
- Tablets
- Nasal sprays
- Syrups
Vitamin B12 Market size was valued at USD 347.9 million in 2022 and is poised to grow at a significant CAGR of 6.9% from 2023 and 2029. Vitamin B12 is the most extensive and structurally complicated vitamin. It occurs naturally in animal products like meat and eggs, and manufacturers can produce it through bacterial fermentation synthesis. Continuous demand for vitamin B12 ingredients because of increased vitamin B12 deficiency boosts the global vitamin B12 market. The market is fueled by rising consumer health consciousness, and a significant increase in the vegan population has resulted in vitamin deficiencies, such as Vitamin B12. Leading and developing market companies who have invested much in research and development in such corresponding elements have seen tremendous success in their businesses. The rising prevalence of depression and memory loss also drives the vitamin B12 market. In the global vitamin B12 market, the demand is increasing among the vegan population and patients suffering from anemic diseases. The trend of veganism is booming among the population, and many manufacturers are providing certified vegan food products in their product portfolio. Based on dosage form, the tablet segment is expected to be the most popular in the vitamin B12 market. Tablets are easy to use and deliver a correct dose of the active ingredient in a convenient portable form. They can also be engineered to safeguard unstable drugs or hide undesirable chemicals.
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The increased prevalence of malnutrition and vitamin deficiency among young people drives the demand for vitamin B12. Demand for vitamin B12 is also driven by rapid urbanization and rising disposable income. The global population's vitamin B deficiency has also created a vast market for vitamin B12. The lack of public knowledge of vitamin insufficiency impedes industry expansion.
The vitamin b12 market size was valued at USD 347.9 million in 2022
The vitamin b12 market key players are Sanofi-Aventis Yufeng Industry Group Hebei Huarong Pharmaceutical Co., Ltd. Ningxia Kingvit Pharmaceutical Co., Ltd. NCPC Victor Co., Ltd.
The vitamin b12 market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.