According to the Market Statsville Group (MSG), the global cobalamin market size is expected to grow from USD 285.3 million in 2021 to USD 511.4 million by 2030, at a CAGR of 6.7% from 2022 to 2030. Vitamin B12 (Cobalamin) is a vital vitamin for amino acid metabolism, fatty acid metabolism, and DNA synthesis. A cobalamin is a non-natural form of vitamin B12 that is used to prevent and cure vitamin B12 deficiency in humans. It is a necessary component of the human body’s efficient cellular metabolism. Vitamin B12 is one of the planet’s most massive and structurally complex vitamins. Vitamins can be found in fish, meat, eggs, and poultry. Because animal food sources contain more vitamin B12, there is a significant prevalence of vitamin deficiency among persons who eat a plant-based diet. As a result, persons who confine themselves to vegan or vegetarian food sources have a higher need for multivitamins and synthetic vitamin B12 absorption.
Malnutrition and vitamin deficiencies have been more common among the world’s younger population in recent years. Owing to the growing awareness of the importance of frequent health screenings in wealthy countries. As per the National Institute for Health and Care Excellence (NICE), vitamin B12 insufficiency affects around 6% of people under the age of 60. According to the National Institute of Health, global prevalence among the general population is roughly 15%. This aspect is predicted to boost the global uptake of vitamin B12 supplements. However, individuals in emerging countries have little knowledge of the negative repercussions of vitamin deficiency. The lack of understanding about the availability of vitamin supplements in these locations could stymie market expansion.
The main cause for the market’s growth is the rising need for nutrients that help keep nerves and cells healthy, DNA and genetic materials healthy, and the growing emphasis on preventing megaloblastic anemia. Aside from that, the rapid development of the vegan population and the widespread use of nutraceuticals, food, and beverages, and dietary supplements augments the market growth.
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COVID–19 Impact on the Global Cobalamin Market
The world economy is shrinking as a consequence of the coronavirus pandemic, which is causing havoc on global economic activity. Globally, businesses are taking a virtual stand to stop the virus’s spread. With the emergence of COVID-19, vitamin B12 has witnessed growing demands in various sectors, primarily the health and pharmaceutical industries. Coronavirus outbreaks swept the globe, prompting curfews and lockdowns that damaged many enterprises worldwide and directly impacted the production and demand for these products. This opens up several potentials for new and small-scale firms to establish themselves in the area market and provide end-users with low-cost, high-quality products.
As a result of the COVID-19 outbreak, there has been a large increase in demand for vitamin B12 products all over the world, favorably impacting the cobalamin market value.
Global Cobalamin Market Dynamics
Drivers: Rising Health issues due to the deficiency of vitamin B12
Cobalamin is a synthetic form of vitamin B12 used to prevent and cure vitamin B12 deficiency in humans. Many people obtain cobalamin through their diet; however, others suffer from insufficiency due to health conditions such as poor nutrition, HIV infection, cancer, and alcoholism, and it can also occur in persons who follow a limited vegetarian diet. The growing insufficiency of cobalamin in humans propels the cobalamin market. Aside from that, there are several applications of cobalamin in various industrial products, raising cobalamin consumption. Increased consumption leads to increased demand, which helps drive the cobalamin market in both the current and predicted periods.
Restraints: Side effects associated with cobalamins
Along with many health advantages, there are certain cobalamin side effects such as diarrhea, itching, rash, and many more that may arise due to excessive cobalamin consumption, which may become a hindrance to the cobalamin market expansion. Cobalamin manufacturers can solve this limitation by teaching customers about the usual amount of cobalamin consumption and how to prevent its negative effects.
Opportunities: The increasing anemia rate provides opportunities for the cobalamin market
Cobalamin is a highly important vitamin for the human body that is necessary to battle various health conditions such as macular degeneration, bone-related diseases such as osteoporosis, anemia, and so on. This cobalamin fight agent creates a chance for market participants to capture a wider market segment of consumers suffering from these health conditions. According to the World Health Organization, one-third of the inhabitants in the Eastern Mediterranean area suffer from anemia (cobalamin deficiency).
This rising anemia rate offers an opportunity for cobalamin manufacturers to join a new market. Cobalamin is also employed in the nutritional supplement sector, a growing industry in the present climate. Many individuals are turning to dietary supplements for nutrition and vitamins; this increased use has a direct impact on cobalamin demand and helps provide new opportunities for cobalamin manufacturers.
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Scope of the Global Cobalamin Market
The study categorizes the cobalamin market based on dosage form, route of administration, distribution channel, and end-use verticals at regional and global levels.
By Dosage Form Outlook (Sales, USD Million, 2017–2030)
- Nasal Spray
By Route of Administration Outlook (Sales, USD Million, 2017–2030)
By Distribution Channel Outlook (Sales, USD Million, 2017–2030)
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
By End-Use Verticals Outlook (Sales, USD Million, 2017–2030)
- Food Industry
- Dietary Supplements
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By Region Outlook (Sales, USD Million, 2017–2030)
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
North America accounts for the highest market share during the forecast period by Region
Based on the regions, the global cobalamin market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. The market for vitamin B12 in the world is expected to be dominated by the North America region. Increasing awareness of vitamin insufficiency, a more sedentary lifestyle, and increased availability of various vitamin supplements are some of the reasons influencing the market’s growth in the region.
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Key Market Players in the Global Cobalamin Market
The global cobalamin market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Major players in the global cobalamin market are:
- Mylan N.V
- Pfizer Inc
- Merck & Co
- Dr. Reddy’s Laboratory
- Daiicho Sankyo Company
- Apotheca Inc
- American Regent Inc
- Hebei Huarong
- Hebei Yuxing/Hebei Yufeng Group
- Ningxia Kingvit
- Shandong Keyuan
- Chongqing Lummy
- NCPC VICTOR
- Shandong Haishan
- Shandong Chenlong