Cyanocobalamin Market by Route of Administration (Injectable Formulations, Nasal Formulations, Oral Formulations), End-use (Animal Feed, Food & Beverages, Healthcare) - Global Forecast 2024-2030

Cyanocobalamin Market by Route of Administration (Injectable Formulations, Nasal Formulations, Oral Formulations), End-use (Animal Feed, Food & Beverages, Healthcare) - Global Forecast 2024-2030

The Cyanocobalamin Market size was estimated at USD 358.26 million in 2023 and expected to reach USD 379.29 million in 2024, at a CAGR 6.12% to reach USD 543.13 million by 2030.

Cyanocobalamin is a synthetic format of vitamin B12, a vital nutrient essential for various bodily processes. Vitamin B12 is critical in producing red blood cells, maintaining nerve cell health, and synthesizing DNA. Cyanocobalamin is not naturally synthesized by the human body and must be obtained through diet or supplementation. Cyanocobalamin finds its application in several end-use sectors, primarily including healthcare for the treatment of vitamin B12 deficiency syndromes and pernicious anemia, in dietary supplements for supporting overall health, especially for individuals with dietary restrictions, and in the food & beverage industry for the fortification of foods to enhance their vitamin B12 content, catering to the needs of vegetarians, vegans, and older adults. The growth of the Cyanocobalamin market is influenced by several factors, such as an increase in vitamin B12 deficiency cases worldwide, the growing adoption of plant-based diets, and greater awareness about health and wellness that encourages the consumption of dietary supplements. However, the cyanocobalamin market faces certain challenges, including competition from natural alternatives, strict regulatory standards for approvals, and potential side effects and interactions with medication. On the other hand, increasing healthcare infrastructure and awareness in emerging economies, innovations in delivery methods, such as oral sprays and dissolvable strips, and developing formulations with added benefits, such as combination supplements, presents potential opportunities for the cyanocobalamin market.

Regional Insights

In North America, particularly in the United States and Canada, the demand for cyanocobalamin remains robust mainly due to the high prevalence of vitamin B12 deficiency among the aging population and vegetarians. The market is characterized by a well-established healthcare infrastructure and a strong presence of pharmaceutical companies, which has facilitated the region's substantial market share. The South American market is experiencing gradual growth, driven by increasing awareness about preventive healthcare and nutritional supplements. Brazil and Argentina are at the forefront, with government initiatives to combat malnutrition playing a significant role in market expansion. Europe represents a substantial market for cyanocobalamin, supported by a high standard of living, a growing elderly population, and increased health consciousness among consumers. Western European countries, including Germany, the UK, and France, are at the forefront regarding market size. The Middle East is gradually recognizing the importance of dietary supplements, including cyanocobalamin, amidst rising lifestyle-related health issues. While Africa's market for cyanocobalamin is in the nascent stage, it presents untapped potential due to a growing middle class and increasing health consciousness. The APAC region is witnessing rapid market growth, attributed to a burgeoning population, rising disposable incomes, and an expanding healthcare sector. China is a major producer of cyanocobalamin. Moreover, China's strong foothold in the pharmaceutical industry contributes largely to the global supply chain of cyanocobalamin. Japan's aging population has led to an increased focus on healthcare, making cyanocobalamin supplements popular among the elderly for maintaining energy levels and cognitive health. India's cyanocobalamin market is driven by its sizable vegetarian population needing vitamin B12 supplements and growing awareness regarding health and nutrition. The country's pharmaceutical sector shows promising growth, with investments and initiatives focusing on vitamin supplements.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Cyanocobalamin Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising aging population and an increase in vitamin B12 deficiency cases worldwide
Growing adoption of plant-based diets globally
Increasing demand for functional foods and dietary supplements

Market Restraints

Strict regulatory standards for approval with a shift towards natural and organic food sources of vitamin B12

Market Opportunities

Technological advancements in drug delivery systems
Developing formulations with added benefits

Market Challenges

Potential side effects and interactions with medication

Market Segmentation Analysis

Route of Administration: Increasing preference for oral formulations of cyanocobalamin for patients with mild vitamin B12 deficiency
End-use: Expanding usage of cyanocobalamin in healthcare sector for preventing and treating vitamin B12 deficiencies

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cyanocobalamin Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cyanocobalamin Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Marksans Pharma Arm Gets Marketing Authorisation For Cyanocobalamin 50 mg Film Coated Tablets From UK MHRA

Marksans Pharma Limited announced that its subsidiary Relonchem Limited had received marketing authorization from the UK Medicines and Healthcare Products Regulatory Agency (MHRA) for its product Cyanocobalamin 50 mg film-coated tablets.

Lupin gets USFDA approval for generic version of Cyanocobalamin nasal spray

Lupin Ltd. announced that it has received the US Food and Drug Administration's (USFDA) approval for its generic Cyanocobalamin nasal spray, aimed at treating patients with pernicious anemia by maintaining adequate vitamin B12 levels. The approved product, boasting a dosage of 500 mcg per spray, is expected to be produced in Lupin's Somerset facility in the United States.

EUROAPI to invest EUR 40 million for a more efficient and sustainable production process of Vitamin B12 in France

EUROAPI announced a strategic investment of EUR 40 million to advance its vitamin B12 production technology at its Saint-Aubin-lès-Elbeuf site, Seine-Maritime, France. This initiative, poised to enhance manufacturing capacity and diminish environmental impact by 2025, is jointly financed with EUR 7.9 million in support from various French entities.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cyanocobalamin Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Cyanocobalamin Market, highlighting leading vendors and their innovative profiles. These include Adisseo Group, Archer Daniels Midland Company, BASF SE, Boehringer Ingelheim International GmbH, Bristol-Myers Squibb, Daiicho Sankyo Company, Dr. Reddy’s Laboratories Ltd., Eli Lilly and Company, Endo International plc, EUROAPI, Eurofins Scientific Limited, F. Hoffmann-La Roche Ltd, Farbest-Tallman Foods Corporation, Glanbia plc, Golden Biotechnology Corp., Jamieson Laboratories Ltd., Koninklijke DSM N.V., Lonza Group, Merck KGaA, Pfizer Inc., Pharmavite LLC, Rabar Pty. Ltd., SANOFI WINTHROP INDUSTRIE, SternVitamin GmbH & Co. K.G., and Viatris Inc..

Market Segmentation & Coverage

This research report categorizes the Cyanocobalamin Market to forecast the revenues and analyze trends in each of the following sub-markets:

Route of Administration
Injectable Formulations
Nasal Formulations
Oral Formulations
End-use
Animal Feed
Food & Beverages
Healthcare
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year