The vitamin B12 market is valued at approximately USD 347.9 million in 2021 and is predicted to exceed at a significant CAGR of 6.9 percent between 2022 and 2028. Vitamin B12 is the most extensive and structurally complicated vitamin. It occurs naturally in animal products like meat and eggs, and manufacturers can produce it through bacterial fermentation synthesis. Continuous demand for vitamin B12 ingredients because of increased vitamin B12 deficiency boosts the global vitamin B12 market. The market is fueled by rising consumer health consciousness, and a significant increase in the vegan population has resulted in vitamin deficiencies, such as Vitamin B12. Leading and developing market companies who have invested much in research and development in such corresponding elements have seen tremendous success in their businesses. The rising prevalence of depression and memory loss also drives the vitamin B12 market. In the global vitamin B12 market, the demand is increasing among the vegan population and the patients suffering from anaemic diseases. The trend of veganism is booming among the population, and many manufacturers are providing certified vegan food products in their product portfolio. Based on dosage form, the tablet segment is expected to be the most popular in the vitamin B12 market. Tablets are easy to use and deliver a correct dose of the active ingredient in a convenient portable form. They can also be engineered to safeguard unstable drugs or hide undesirable chemicals.
Recent Market Developments:
In, March 2022, LBB Specialties LLC announced that it has acquired Debro Inc., a Canadian specialty chemicals distributor based in Brampton, ON. The terms of the transaction were not disclosed.
In Oct 2021, Royal DSM, a global purpose-led science-based company, announces the completion of its acquisition of First Choice Ingredients for an enterprise value of US$453 million.