The global cyanocobalamin market or global cyanocobalamin (vitamin B12) market size is expected to grow from USD 160.79 billion in 2020 to USD 211.08 billion in 2027, with a CAGR of 3.9% during the forecast period (2021-2027). The deficiency of vitamin B12 among vegan consumers is the main reason for the growth of the cyanocobalamin market. Cyanocobalamin is a form of vitamin B12. Pure vegan products push vegan people towards anemia diseases, which leads to the deficiency of vitamin B12. The patients suffering from anemia diseases are in a state of urgent requirement of vitamin B12. Moreover, it leads to a rise in the cyanocobalamin market.
Factors Affecting the Cyanocobalamin Industry Over the Forecast Period:
- Following a vegan diet, changing lifestyle, habits, and concerning health are some reasons leading to the growth of the cyanocobalamin market.
- Infections, nerve damage, anemia diseases, fatigue, depression, digestive problems, and memory loss are some symptoms that occur due to the lack of vitamin B12, which increases the demand for cyanocobalamin supplements.
- The major challenges for the cyanocobalamin market are better health products with fewer side effects, branding of a product, low cost, expansion of business, promotional business strategies, and others.
- The chances of growth in this market are comparatively due to the increasing health-consciousness to improve their immunity.
Impact of COVID-19 on Cyanocobalamin Market:
The crisis of the COVID-19 situation has been a driver of the growth in health products, especially in the vitamins market. Cyanocobalamin has witnessed considerable growth amidst the crisis, backed by the rising demand for medicinal products to boost immunity. Therefore, a considerable rise in global sales of cyanocobalamin is estimated by the end of 2020. Post COVID-19 pandemic, the demand for cyanocobalamin is expected to remain constant during the forecast period.
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Scope of the Report
The report shows the outlook of cyanocobalamin market study based on the shape, class, end-users, and distribution channel.
Based on the shape, the cyanocobalamin market has been divided into-
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Based on the class, the cyanocobalamin market has been divided into-
Based on the end-users, the cyanocobalamin market has been divided into-
- Dietary Supplements
- Food Industry
Based on the distribution channel, the cyanocobalamin market has been divided into-
- Store-Based Retailing
- Online Retailing
Cyanocobalamin Market: Regional Outlook
The global cyanocobalamin market has been divided into five regions respectively; North America, Europe, Asia Pacific, Middle East & Africa, and South America. Out of these, North America held the largest share in the global cyanocobalamin market in 2020, followed by Europe and the Asia Pacific. North America is quite expected to dominate in the coming years and has the largest share in producing vitamin B12 products. Secondly, the Asia Pacific and Europe are expected to record the highest growth share in the coming years. The Asia Pacific and Europe have the largest share in the consumption of vitamin B12 products. Moreover, these countries are leading to the growth of the vitamin B12 (cyanocobalamin) market.
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Key Global Cyanocobalamin Market Competitors Includes –
The cyanocobalamin market has a presence of a few market players across the globe. The key cyanocobalamin players operating in the global market include –
- Bayer HealthCare
- Biological E
- Bristol-Myers Squibb
- Endo International
- Huaxin Pharmaceutical
- Luitpold Pharmaceuticals
- Teva (Actavis).
The cyanocobalamin market report provides a thorough analysis of macroeconomic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs.
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