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Vitamin B12 is one of the key vitamin essential for amino acid metabolism, fatty acid metabolism and DNA synthesis. It is a crucial component for efficient cellular metabolsim of the human body. Vitmain B12 is one of the largest and most structurally complex vitamin found. Natural sources of vitamins include fish, meat, egg and poultry. Since, the amount of vitamin B12 is higher in animal food sources, there is a huge prevalence of vitamin deficiency among the people that follow plant based diet. As a result, there is a higher dependecy on multivitamins and synthetic vitamin B12 uptake among people that restrict themselves to vegan or vegetarian food sources.
Over the past years, there has been an increase in the prevalence of malnutrition and vitamin deficiencies among the younger population of the world. This could be owed to the increasing awareness regarding regular health check -ups in developed countries. According to the National Institute for Health and Care Excellence (NICE), the prevalence of vitamin B12 deficiency is around 6% among individuals aged below 60 years. According to the National Institute of Health, the global prevalence is around 15% among the general population. This factor is expected to increase the adoption of vitamin B12 supplements around the world.
However, there is limited knowledge regarding the side effects of vitamin deficiency among the people in emerging countries. Lack of knowledge regarding the availability of vitamin supplements in these regions could hinder market growth in the coming years.
Key Market Driver -
Increasing prevalence of vitamin deficiency
Key Market Restraint -
Lower awareness regarding vitamin deficiency in emerging countries
Globally, the vitamin B12 market can be categorized among the dosage form, route of administration, distribution channel, and region. Among the segmentation of dosage form, the market can be categorized into syrups, injection, tablets, powder, and nasal sprays. Based on the segmentation of route of administration the market is divided in to oral, intravenous, subcutaneous, and nasal. On the basis of distribution channel the market is categorized into hospital pharmacy, retail pharmacy and online pharmacy.
Geographically, the vitamin B12 market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the vitamin B12 market are Mylan N.V, Pfizer Inc, Merck & Co., Dr. Reddy’s Laboratory, Daiicho Sankyo Company, Apotheca Inc., American Regent Inc., and others
Based on segmentation of geography, the vitamin B12 market can be segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is expected to rule the global vitamin B12 market and is expected to dominate the market during the forecast period. Higher awareness regarding vitamin deficiency, higher sedentary lifestyle, and increased availability of different vitamin supplements are some factors that influence the growth of the market in the region. Europe is estimated secure the second dominating position in the market owed to higher in takeoff vitamin supplements in the region combined with improved healthcare facilities that provide affordable multivitamins to the public. Higher population of vegetarians in countries such as India is estimated to bolster the prevalence of vitamin deficiency and increase the dependency on supplements in the Asia-Pacific region. The market in Latin America and the Middle East and Africa are expected to capture lower share in the global vitamin B12 market owing to lower awareness regarding vitamin deficiency in the regions.
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