Cobalamin Market: Outlook
Cobalamin is commonly known as Vitamin B12. Cobalamin is a highly complex, essential vitamin that contains the minerals and cobalt. It has many forms, including the methyl-, cyano-, hydroxy- and deoxyadenosyl- cobalamin forms. The cyano form of cobalamin is the majorly used form in prescription drugs and supplements. Several pharmaceutical products from cobalamin have been developed which includes the injection, tablet, and nasal spray. Cobalamin is a water-soluble vitamin that is naturally present in animal foods such as fish, eggs, poultry, meat, milk, and milk products. Cobalamin generally used in dietary supplements and pharmaceuticals products.
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Increasing demand for cobalamin due to an increasing rate of deficiency of vitamin B12 (anemia) in the human body
Cobalamin is a man-made form of vitamin B12 used to prevent and treat the deficiency of vitamin b12 in the human body. Many people get the cobalamin from their diet, but some face its deficiency in the certain health condition such as poor nutrition, HIV infection, cancer, alcoholism and it also occur to the people who follow the restricted vegetarian diet. These increasing deficiency of cobalamin in human helps to drive the cobalamin market. Other than this there is multiple application of cobalamin in a different industrial product which helps to increase the consumption level of cobalamin thus increasing consumption leads to enlarging the demand and this factor helps to drive the market of cobalamin, in the current as well as in the forecasted period. Along with multiple health benefits, there is some side effect of cobalamins such as diarrhea, itching, rash, and many more which may occur due to excess intake of cobalamin, which may become the restraint for the cobalamin market growth. This restraint can be overcome by the cobalamin manufactures by educating the consumers about the average level of consumption of cobalamin and can avoid its side effects. Cobalamin is also using in food and beverages industry where it is generally used in energy drinks such as red bull, Go girl, XS power drink of Amway, monster energy and many more. Application of cobalamin in different food and drinks products also helps to drive its market.
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Global Cobalamin Market: Segmentation
On the basis of the distribution channel: the global cobalamin market has been segmented as:
- Store-based retailers
- Pharmaceutical stores
- Specialty stores
- Online-Store retailers
On the basis of End Use: the global cobalamin market has been segmented as:
- Feed Industry
- Dietary Supplements
- Food and beverages industry
- Pharmaceuticals industry
On the basis of Grade: the global cobalamin market has been segmented as:
- Food Grade
- Feed Grade
On the basis of form: the global cobalamin market has been segmented as:
Global Cobalamin market: Key Players
Some of the major manufacturers and suppliers operating in the global cobalamin market are Yufeng Industry Group, Biological E. Limited, American Regent, Inc., Merck & Co., Inc., Endo Pharmaceuticals Inc. NCPC Victor Co., Ltd, iHerb, LLC., Ningxia Kingvit Pharmaceutical Co., Ltd, Hebei Huarong Pharmaceutical Co., Ltd. Sanofi S.A and many more who are manufacturing cobalamin. Currently, there is very less number of Cobalamin manufacturers but many are interested to enter into Cobalamin market.
Opportunities for Market Participants in the Cobalamin market:
Cobalamin is a very essential vitamin for the human body which is required to fight with the multiple health issues such as macular degeneration, bones related issues and osteoporosis, anemia, etc. This fight agent of cobalamin helps to generate the opportunity for the market players to grasp the larger market segment of consumer who is suffering from these health issues. According to WHO it is estimated that people from the Eastern Mediterranean region are mainly suffering from anemia (Deficiency of cobalamin) which includes one-third of their overall population. This increasing anemia rate creating the opportunity for the cobalamin manufacturers to enter into the new market. Cobalamin is also being used in the dietary supplement industry which is one of the emerging industry in the current scenario. Many people are diverting towards the dietary supplements for the nutrition and vitamins, this increasing consumption of dietary supplements also directly affecting the demand of cobalamin and aid to create more opportunity for the cobalamin manufacturers.
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