The global Vitamin B12 Market is poised to reach a valuation of USD 266.9 million by the year 2021, while showcasing a compound annual growth rate (CAGR) of 7.0% throughout the forecast period. The surge in health consciousness among individuals, coupled with a growing trend towards healthier lifestyles, has paved the way for increased demand in vitamin B12. Additionally, a considerable prevalence of vitamin deficiency among populations in developing nations, a rising inclination towards nutraceuticals and dietary supplements, as well as a significant surge in the vegan populace, are anticipated to bolster the expansion of market revenue.
According to recent research findings, the vegan demographic has experienced an impressive growth of 100,000 individuals between the years 2020 and 2021, which marks nearly a twofold increase from the vegan population figures in 2019. This number is projected to surpass 2 million by the close of 2022. As this group embraces dietary supplements, the demand for various vitamin B12-based nutritional products is poised to witness a notable increase.
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Vitamin B12, scientifically referred to as cobalamin, plays a pivotal role in transforming carbohydrates into glucose for energy production, facilitating the formation of red blood cells, and preventing conditions like anemia, birth defects, and osteoporosis. The mounting recognition of vitamin B12 food supplements for their potential to mitigate the risk of macular degeneration, support bone health, combat depression, and prevent neuronal loss is expected to underpin global market revenue growth. Nonetheless, challenges in the supply chain, escalated costs due to inflation, and escalating competition among market participants have somewhat hindered the innovation of novel products within the market.
Developing nations, particularly India and China, are anticipated to steer the revenue surge within the vitamin B12 market during the forecast phase. Presently, North India reports a staggering 47% of its population facing health concerns attributed to vitamin deficiency. Moreover, 70% of adults and 80% of pre-school children in the region are grappling with some form of vitamin B12 deficiency. This trend extends to the United States and individuals with European heritage, with an estimated occurrence rate of 151 cases per 100,000 population. This scenario is predominantly found in women and is connected to vitamin B12 deficiency. Consequently, the need for vitamin supplements and dietary products is predicted to rise.
Furthermore, vitamin B12 inadequacy poses a significant threat on a global scale, particularly among children and expectant mothers in low-income countries. The vitamin plays a vital role in hormone and enzyme regulation, with its deficiency leading to malnutrition and associated diet-related non-communicable diseases. This scenario becomes even more concerning in light of the World Health Organization's statistics, which show significant overweight and underweight populations globally, with malnutrition accounting for a considerable portion of childhood deaths.
The market segmentation by grade reveals food and pharmaceutical grade categories. The pharmaceutical grade segment is anticipated to maintain a steady revenue growth, driven by the diverse forms of vitamin B12 being integrated into pharmaceutical products. The food grade segment is predicted to showcase moderate growth, with the powder form being used in food and dietary supplements. The surge in health awareness has contributed to its adoption among athletes, bodybuilders, and the elderly demographic.
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The sales channel segmentation includes online and offline retail. The online retail sector claimed the largest revenue share in 2021, driven by increasing consumer preference for digital platforms and the efficiency and availability they offer. COVID-19 has further accelerated the growth of online retail. The offline retail segment, while traditional, still retains significance, especially among the elderly population. This group, despite the rise of online platforms, prefers the offline mode for purchasing products like vitamin B12 supplements.
Regionally, the Asia-Pacific (APAC) countries led the vitamin B12 market in 2021. APAC nations like China, a significant pharmaceutical exporter, experienced disruptions in dietary supplement supply due to the implementation of the zero-COVID policy. The Beijing Winter Olympics also boosted the demand for vitamin B12 supplements in the region. In North America, a surge in health consciousness and disposable income is expected to drive moderate revenue growth. Europe is anticipated to witness steady growth, driven by increasing consumer preference for nutraceuticals. Meanwhile, Finland, Germany, and other countries in the region have demonstrated varying levels of vitamin B12 intake.
The competitive landscape of the vitamin B12 market is marked by a consolidation of major global and regional players. These key players are strategically expanding their product portfolios through research and development and forging strategic partnerships. Among the notable players are Apotheca Inc., Merck Group, Charkit Chemical Company LLC, Johnlee Pharmaceuticals Pvt. Ltd., and more.
In conclusion, the global vitamin B12 market is on a growth trajectory, driven by rising health consciousness, vitamin deficiency awareness, and the growing demand for dietary supplements and nutraceuticals. While challenges like supply chain disruptions persist, innovative product launches and expanding market segments indicate a promising future for the vitamin B12 industry.
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