Cyanocobalamin: Market outlook
Health consciousness among the population has boosted the veganism and the buzz of vegan food products has a huge impact on the demographics. Over the past few decades, there has been significant growth in the vegan population. But increasing veganism has uplifted the deficiency of certain vitamins such as vitamin B12 among vegan consumers. To complement the deficiency, cyanocobalamin is administered to fulfill the deficiency of Vitamin B12. Cyanocobalamin is the synthetic form of vitamin B12. The deficiency of vitamin B12 is due to the fact that pure vegan products contain less amount of B12, which make vegan people more susceptible towards anemia as vitamin B12 helps in the maturation of the red blood cells in the bone marrow. In the global cyanocobalamin market, Europe and the Asia Pacific held the major share in the consumption of cyanocobalamin. On the other hand, North America and Europe account for major share in the production of cyanocobalamin owing to the presence of a global player in the region. The attractive marketing strategies and unique promotional activities by cyanocobalamin manufacturers have led to bringing awareness about the cyanocobalamin among the regional customers. With the increasing demand of cyanocobalamin in the market, it can be anticipated that the demand for cyanocobalamin will increase over the forecast period.
Rising Demand for Cyanocobalamin sweetener and important component in protein supplements
In the global cyanocobalamin market, the demand of cyanocobalamin is increasing among the vegan population and the patients suffering from anemic diseases. The demand of cyanocobalamin is increasing at the high growth rate in food and beverage, nutraceutical and dietary supplement industry. In addition, the demand for cyanocobalamin is also increasing in the pharmaceutical industry. In the food and beverages industry, cyanocobalamin is used in various food and beverage for the fortification as it is tasteless, odorless which does not impact on the original taste and odor of the food products. The demand for a fortified food product is increasing in the global food and beverage industry owing to increased health awareness among the population. Cyanocobalamin is also gaining popularity in the nutraceutical and dietary supplements market, as it is found to be helpful in erythropoiesis. Many gymnasts and athlete consider cyanocobalamin consumption to increase the RBCs count and also to enhance the oxygen-carrying capacity of RBCs to muscle fibers which aid in building stamina. In the pharmaceutical industry, it is recommended for the treatment of B12 deficiency usually caused by sub-acute combined degeneration (SCD) and also peripheral neuropathy. It is also been recommended in diseases like Crohn's disease, where there is a subtle decrease in the RBCs in the blood. In the global cyanocobalamin market, the high prices and high processing cost of the cyanocobalamin are restraining the market, but with the implementation of modern cutting edge technologies in the production line is evidently decreasing the processing cost which is expected to overcome by the manufactures in the coming years.
Global Cyanocobalamin: Market Segmentation
On the basis of form, global cyanocobalamin market is segmented as
On the basis of grade, global cyanocobalamin market is segmented as
On the basis of end use, global cyanocobalamin market is segmented as
- Food industry
- Dietary Supplements
On the basis of Distribution Channel, global cyanocobalamin market is segmented as
- Store-Based Retailing
- Convenience Stores
- Specialty Stores
- Online Retailing
Global Cyanocobalamin: Key Players
Some of the key players operating their business in the global cyanocobalamin market are Charkit Chemical Company LLC, Apotheca Inc., Mylan N.V., Koninklijke DSM N.V., Chemkart, Merck KGaA, American Regent, Inc., Johnlee Pharmaceuticals Pvt. Ltd., Interaction Pharmaceuticals Private Limited and others.
Opportunities for Market Participants:
The trend of veganism is booming among the population and many manufacturers are providing certified vegan food products in their product portfolio. Fortified food is gaining more attention which is creating huge opportunities for the food manufacturer to add cyanocobalamin to their food products to cater to the demand for B12 among the vegan population. On the basis of demographics, India accounts for 38% of the vegan population which again become an attractive market for the cyanocobalamin manufacturers. Apart from all the above-mentioned factors, increasing awareness among the customers is also expected to increase the demand for cyanocobalamin over the forecast period.
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