Vitamin B12 Market Projected to Reach USD 422.63 Million by 2030
Increasing Health Awareness and Dietary Shifts Drive Market Growth
The Vitamin B12 Market Growth is poised for significant expansion, with projections indicating an increase from USD 266.63 million in 2023 to approximately USD 422.63 million by 2030, reflecting a compound annual growth rate (CAGR) of 6.8% during the forecast period.
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Market Overview
Vitamin B12, also known as cobalamin, is a water-soluble vitamin essential for the normal functioning of the brain and nervous system, as well as for red blood cell formation. It is naturally found in animal-derived foods such as meat, fish, and dairy products. The growing awareness of maintaining overall health and well-being has led to increased interest in vitamins and minerals, particularly Vitamin B12.
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Key Market Drivers
Several factors are contributing to the robust growth of the Vitamin B12 market:
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Rising Awareness of Vitamin B12 Deficiencies: Globally, over 2 billion people are affected by micronutrient deficiencies, known as micronutrient malnutrition or hidden hunger, with approximately 35% of all preschool-aged children and 50% of women of reproductive age affected. The prevalence of Vitamin B12 deficiency is around 6% among individuals aged below 60 years and approximately 15% among the general population. This growing awareness has led to an increased demand for Vitamin B12 supplements and fortified foods.
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Shift Towards Plant-Based Diets: The rising popularity of plant-based diets has increased the demand for Vitamin B12 supplements and fortified foods, as this vitamin is primarily found in animal-derived products. Individuals adhering to vegetarian or vegan diets often require alternative sources to meet their nutritional needs, thereby boosting the market for Vitamin B12 products.
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Aging Population: With aging, Vitamin B12 absorption declines, leading to higher deficiency rates in older adults. This demographic shift has boosted the market for senior-focused Vitamin B12 products, as maintaining adequate levels is crucial for preventing neurological and hematological disorders.
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Regional Insights
In 2023, the Asia Pacific region held a market share of 21% and is the fastest-growing market for Vitamin B12. The market in this region is expanding its product line to include fortified meals, injections, and sprays, in addition to traditional pills and capsules. Investments in healthcare infrastructure, along with high rates of deficiency, rising awareness, economic expansion, and diversification, present enormous growth potential for the Vitamin B12 market in countries like China and India.
Conclusion
The global Vitamin B12 market is on a trajectory of steady growth, driven by increasing health awareness, dietary shifts towards plant-based foods, and an aging population. Addressing challenges such as deficiency awareness and providing diverse product offerings will be crucial for sustaining this growth and meeting the evolving demands of consumers worldwide.
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