The global cyanocobalamin market size was US$ 167.7 billion in 2021. The global cyanocobalamin market is forecast to grow to US$ 250.1 billion by 2030, registering a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2030.

Cyanocobalamin offers a huge amount of vitamin B12. Pernicious anemia is caused by a lack of vitamin B12 in the body. In addition, this vitamin is found in animal foods such as liver, fish, and eggs.

Factors Influencing the Market

The increasing number of cases related to Vitamin B12 deficiency will drive the growth of the global cyanocobalamin market. Patients suffering from anemia diseases require vitamin B12 on an urgent basis. As a result, it will drive the global cyanocobalamin market.

Increasing healthcare expenditure and the growing prevalence of diseases will benefit the global cyanocobalamin market. Infections, exhaustion, depression, nerve damage, digestive issues, anemia diseases, and memory loss are some of the signs of a vitamin B12 deficiency, which drives increased demand for cyanocobalamin supplements. Furthermore, favorable government initiatives to boost the medical segment will fuel the cyanocobalamin market growth.

The growing number of the population following a vegan diet and changing lifestyles and habits will drive the growth of the market. In addition, the growing focus on health is likely to propel the cyanocobalamin market forward during the forecast period.

The fewer side effects of cyanocobalamin will surge the market growth. Moreover, increasing product branding and the cheap cost of the product will lead to business expansion, thereby escalating the cyanocobalamin industry.

COVID-19 Impact Analysis

The COVID-19 crisis has fueled the demand for cyanocobalamin all across the globe. People became more health-conscious than before. In addition, the presence of effective health products, majorly in the vitamins industry, has been a prominent factor driving the market growth. Cyanocobalamin has registered significant growth amidst the crisis due to the rising need for products that could strengthen immunity. Medical care centers also started suggesting efficient vitamins to boost the immunity of people. As a result, the global cyanocobalamin market witnessed and has been witnessing considerable growth.

Regional Analysis

North America holds the highest share in the global cyanocobalamin market, owing to the high healthcare expenditure in the region. In addition, the awareness among people regarding vitamins is increasing. As a result, it is driving the growth of the market. Furthermore, the rising prevalence of diseases, such as infections, exhaustion, depression, nerve damage, anemia diseases, digestive issues, etc., are expected to propel the growth of the industry.

Competitors in the Market

ANGELINI
Bayer HealthCare
Biological E
Bristol-Myers Squibb
CCEPCD
Endo International
Huaxin Pharmaceutical
Jamieson
Luitpold Pharmaceuticals
Merck
Mylan
Pfizer
Sanofi-Aventis
Teva (Actavis)
Other Prominent Players
Market Segmentation

The global cyanocobalamin market segmentation focuses on Shape, Class, End-user, Distribution Channel, and Region.

Based On Shape

Capsule
Power
Liquid
Tablets
Based On Class

Pharmaceutical
Food
Based On End-Users

Nutraceuticals
Dietary Supplements
Food Industry
Pharmaceutical
Based On Distribution Channel

Store-Based Retailing
Online Retailing
Based on Region

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America