Vitamin B12 (Cobalamin) Market growth is attributed to Increased Demand for Food Industry Application

According to Precision Business Insights (PBI) latest report, The Vitamin B12 (Cobalamin) Market is expected to be worth USD 337.3 million in 2022, growing at an 8.2% CAGR from 2022 to 2028. The Vitamin B12 (Cobalamin) market is driven by rising awareness of the need for a healthy diet in countries such as India and China. The rising retail sector in countries like Indonesia, Malaysia, China, and India is driving the market in the area forward. In the coming years, the government's support for development programs will also likely fuel the market. Increased deficiency of specific vitamins, such as Vitamin B12, has resulted from rising consumer health consciousness and considerable growth in the vegan community. The demand for the product is being driven by a vitamin B12 deficit in pure vegan goods.

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Food Industry Segment Dominate the Vitamin B12 (Cobalamin) Market

The food industry segment is expected to account for a larger revenue share in the global Vitamin B12 (Cobalamin) Market with value share in the global market and projected to grow at 6.9% CAGR over 2022 and 2028. Cobalamin is used to fortify in the food and beverage industry since it is tasteless and odorless and has no effect on the prior taste and odor of the food. The food and beverage industry are seeing an increase in demand for fortified foods as people become more health conscious. The market in the area is projected to be driven by rising awareness of the need of a healthy diet in regions such as Asia and Europe.
Asia Pacific Leads Vitamin B12 (Cobalamin) Market
Asia Pacific is expected to hold the 37.2% market share in the global Vitamin B12 (Cobalamin) Market in the forecast period, and it is projected to grow at a CAGR of 8.7% in the coming years. The Asia Pacific region has one of the largest consumer bases and accounts for a substantial portion of the market. This region is also predicted to develop the fastest during the forecast period, owing to an enormous increase in demand for vegan nutrients due to an increase in the number of vegetarians, particularly in countries like India and Nepal.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

Global Vitamin B12 (Cobalamin) market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gaining significant geographic presence across the region.

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Vitamin B12 (Cobalamin) market is segmented based on form, grade, distribution channel, end-use, and geography.

Based on the form, the market is segmented into the following:
• Powder
• Liquid
• Capsule
• Tablets

Based on the grade, the market is segmented into the following:
• Food Grade
• Pharmaceutical Grade

Based on the distribution channel, the market is segmented into the following:
• Online Retails
• Offline Retails

Based on the application, the market is segmented into the following:
• Food Industry
• Nutraceuticals
• Pharmaceutical
• Dietary Supplements

Based on geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA
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Key player's profiles in the Vitamin B12 (Cobalamin) Market report are Charkit Chemical Company LLC, Apotheca Inc., Mylan N.V., Koninklijke DSM N.V., Chemkart, Merck KGaA, American Regent, Inc., Johnlee Pharmaceuticals Pvt. Ltd., and Interaction Pharmaceuticals Private Limited.

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