(PharmaNewsWire.Com, July 24, 2024 ) InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Vitamin B12 API Market – (By Type (Cyanocobalamin, Hydroxocobalamin (Hydroxocobalamin Chloride, Hydroxocobalamin Acetate, Hydroxocobalamin Base), Others (Methylcobalamin, etc.)), By Form (Powder, Liquid), By Grade (Pharmaceutical Grade, Food Grade, Industrial Grade), By Distribution Channel (Direct Sales, Distributors/Wholesalers, Online Retailers, Pharmacies, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
The Vitamin B12 Active Pharmaceutical Ingredient (API) is utilized in the production of pharmaceuticals, including injections, tablets, and capsules, that are designed to address deficiencies or medical disorders requiring Vitamin B12 supplementation. APIs are subjected to rigorous quality control and testing procedures to guarantee their purity, effectiveness, and safety for human ingestion. The Vitamin B12 API market is experiencing robust growth, driven by growing global awareness of the health benefits associated with this essential nutrient. Its demand is rising significantly among vegetarians, vegans, and older people, who are more prone to deficiencies. Pharmaceutical companies and dietary supplement manufacturers are key players in this market, leveraging advancements in biotechnology to enhance product efficacy and production efficiency. The market is segmented into different forms of Vitamin B12, including cyanocobalamin, methylcobalamin, and hydroxocobalamin, with cyanocobalamin being the most widely used due to its stability and cost-effectiveness. Distribution channels for Vitamin B12 APIs include offline retail stores, pharmacies, and, increasingly, online retailers. The e-commerce segment is expanding rapidly, driven by consumer convenience and the growing trend of digital health solutions. North America and Europe are leading markets, attributed to high health awareness and substantial healthcare spending, while Asia-Pacific is emerging due to rising disposable incomes and improved healthcare infrastructure. Overall, the Vitamin B12 API market is poised for continued growth, driven by health trends and advancements in product development and distribution.
List of Prominent Players in the Vitamin B12 API Market:
• North China Pharmaceutical Group • Kingvit • Basic Nutrition • EuroAPI • Rochem International • Wockhardt • CSPC Pharmaceutical Group Co., Ltd • HealthTech BioActives • Antibiotice • Pharmavit • RX pharmachem
Market Dynamics:
Drivers- Growing health awareness, physical activity, and lifestyle changes are key drivers of the Vitamin B12 API market. Additionally, the availability of a great range of healthcare options, including over-the-counter supplements and prescription medications, further drives market growth. Moreover, the adoption of healthier lifestyles, such as vegan or vegetarian diets that may be deficient in Vitamin B12, creates a larger market for Vitamin B12 API products to meet the nutritional needs of these populations. These factors contribute to the overall expansion and development of the Vitamin B12 API market.
Challenges:
The Vitamin B12 API market faces challenges such as stringent regulatory requirements and the presence of alternative treatments. Regulatory hurdles related to safety, efficacy, and quality standards can hinder market growth and create barriers to entry for new players. Additionally, the availability of alternative sources of Vitamin B12, such as fortified foods or oral supplements, may limit the demand for API products. Overcoming these challenges requires innovation in product development to differentiate Vitamin B12 API products from competitors and provide value to consumers seeking supplemental sources of Vitamin B12.
Regional Trends:
The North American Vitamin B12 API Market is expected to have a major revenue share. Besides, Europe had a significant share in the market due to the adoption of new strategies and policies by the major players in the Vitamin B12 API Market. Moreover, the presence of key players for market penetration in the region provides the opportunity for growth of the global Vitamin B12 API Market.
• In Jan 2023, EUROAPI received approval from its Board of Directors to invest €40 million in implementing a new production technique specifically for vitamin B12 at its facility in Saint-Aubin-lès-Elbeuf (Seine-Maritime, France). This initiative was granted a financial support of €7.9 million by the French Government as part of the Relance plan, Agence de l’Eau Seine-Normandie (Seine-Normandie Water Agency - AESN), and Normandie Region.
Segmentation of Vitamin B12 API Market-
By Type · Cyanocobalamin · Hydroxocobalamin o Hydroxocobalamin Chloride o Hydroxocobalamin Acetate o Hydroxocobalamin Base · Others (Methylcobalamin, etc.)
By Distribution Channel · Direct Sales · Distributors/Wholesalers · Online Retailers · Pharmacies · Others
By Region- North America- • The US • Canada • Mexico Europe- • Germany • The UK • France • Italy • Spain • Rest of Europe Asia-Pacific- • China • Japan • India • South Korea • South East Asia • Rest of Asia Pacific Latin America- • Brazil • Argentina • Rest of Latin America Middle East & Africa- • GCC Countries • South Africa • Rest of Middle East and Africa
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