Vitamin B12 Supplement Market is predicted to reach a revenue of US$ 549 million by 2033, Reveals Persistence Market Research
The surge in consumption of supplements soar, taking ahead Vitamin B12 Supplement Market: Opportunities Ahead
New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Vitamin B12 Supplement market revenues were estimated at US$ 285.5 Million in 2022 and are anticipated to grow at a CAGR of 6.1% from 2023 to 2033, according to a recently published Persistence Market Research report. By the end of 2033, the market is expected to reach a US$ 549 million valuation. The demand through the fortified food & Beverage industry is projected to grow at a CAGR of 5.9% from 2023 to 2033.
The significant rise in the demand for vitamin B12 is due to the rise in the number of people adopting a vegan or vegetarian diet. As plants cannot produce vitamin B12 naturally, people practicing vegan and vegetarian diets are more susceptible to vitamin B12 deficiency which can cause anemia, fatigue, and mood changes as well a lack of vitamin B12 is also linked to obesity.
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Doctors generally prescribe vitamin B12 supplements to patients who are suffering from cancer, HIV, digestive disorders, and pregnancy to improve their immunity as well as fulfill the daily requirement of vitamin B12 in the body.
North America accounts for the most significant market for vitamin B12 supplements. The regional market was held at US$ 119.3 Million in 2022 and is projected to be worth US$ 229.5 Million by 2033. The historical CAGR between 2018 and 2022 is 35%. The forecasted CAGR till 2033 is expected to be 41.8%.
Vitamin B12 supplement producers are extensively spending on research and development to offer a superior product to their competitors. As the demand for vitamin B12 supplements grows year after year, the firms are extending their production and facility capacity to produce more products.
Some of the key companies in the vitamin B12 supplement market are Apotheca Inc.
Charkit Chemical Company LLC
Johnlee Pharmaceuticals Pvt. Ltd.
American Regent, Inc.
Koninklijke DSM N.V.
Bristol-Myers Squibb Company
Chemkart India Pvt. Ltd.
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Some of the recent developments in the Vitamin B12 supplements market are:
Vitamin B12 manufacturing companies all across the world and regions are currently engaged in research and development to produce better quality supplements and investing heavily to build advanced manufacturing plants to keep up with the demand from all across the globe.
In April 2022, Zydus Lifesciences announced that they have received final approval from U.S. FDA to market its generic version of Cyanocobalamin injection which can be used to treat patients with vitamin B12 deficiency that is caused by pernicious anemia. This will be in the form of an injection and will be sold at strengths of 1,000 mcg/ml, 10,000 mcg/10 ml, and 30,000 mcg/30 ml multiple-dose vial.
In April 2022, Cymbiotica launched Vitamin B6+ B12. This liposomal formulation is effective for supporting and enhancing memory, red blood cell production, and mood, and boosting heart health and bone health.
In February 2020, DSM announced an investment in a high-tech facility for its vitamin supplement production and packaging.
In 2022, HUM nutrition announced its product womb service that will be providing 23 essential nutrients to pregnant women including vitamin B12. This product aims to help women through all key stages of their life from PMS to Menopause.
More Insights Available
In its new offering, Persistence Market Research presents an unbiased analysis of the Vitamin B12 Market, presenting historical market data (2018-2022) and forecast statistics for the period from 2023 to 2033.
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The study reveals extensive growth in Vitamin B12 Supplements
by Form (Powder, Capsule, Tablet, Liquid),
By End-Use Industry (Fortified Food and Beverage, Pharmaceutical, Health & Personal Care, Agriculture/Animal Feed/Poultry) and
by Region – (North America, Latin America, Europe, Asia Pacific, Middle East and Africa)
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