Vitamin B12 Market
Vitamin B12 Market Study by Tablets, Powder, Liquid, and Capsules for Fortified Food & Beverages, Healthcare, Personal Care, Pharmaceuticals, Agriculture, Animal Feed, and Poultry from 2024 to 2034
Analysis of Vitamin B12 Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Vitamin B12 Market Outlook (2024 to 2034)
According to a recent industry analysis by Fact.MR, the global vitamin B12 market is expected to be valued at US$ 312.4 million in 2024 and expand at a CAGR of 6.3% to reach US$ 575.4 million by the end of 2034.
Cobalamin, also called vitamin B12, is the largest of the eight water-soluble B-complex vitamins. It is essential for the formation of DNA and red blood cells. Also, it is an important component for the development and functioning of the brain and nerve cells.
- According to the Food and Agriculture Organization, the average required intake of vitamin B12 for the human body is 2 to 4 micrograms per day.
The human body does not produce vitamin B12, nor do plants synthesize vitamin B12. It can only be found in food from animals. Sources include meat, eggs, and some yeast products. Additionally, the fortification of food is done by artificially adding vitamin B12 to it.
Lack of vitamin B12 can cause anemia and nervous system damage. Elders and infants are more prone to vitamin B12 deficiency as their bodies do not absorb vitamin B12 from food efficiently. Cognitive changes, tiredness, shortness of breath, and muscle weakness are the prominent symptoms of a lack of vitamin B12. Physicians frequently suggest vitamin B12 to cancer patients and pregnant women to improve their immune systems. Also, scientists have proven that vitamin B12 benefits those suffering from depression.
| Report Attributes | Details |
|---|---|
| Vitamin B12 Market Size (2023A) | US$ 293.8 Million |
| Estimated Market Value (2024E) | US$ 312.4 Million |
| Forecasted Market Value (2034F) | US$ 575.4 Million |
| Global Market Growth Rate (2024 to 2034) | 6.3% CAGR |
| China Market Size (2024E) | US$ 51.7 Million |
| United States Market Growth Rate (2024 to 2034) | 5.5% CAGR |
| Key Companies Profiled |
|
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What are the Noteworthy Vitamin B12 Market Trends?
“Rising Adoption of Plant-based Diets That Potentially Lack Vitamin B12”
Plant-based foods lack vitamin B12. This poses nutrient concerns for vegetarians and especially vegans adhering to solely plant-based diets. Deficiency, primarily in vegetarian or vegan pregnant women, can lead to permanent neurological damage in fetuses.
- As per the 2023 report by the World Animal Foundation, there are over 88 million vegans globally, constituting 1% to 2% of the world's population.
- According to estimates from the Ipsos Survey 2018, individuals residing in the United Kingdom exhibit the highest likelihood of transitioning to a vegetarian diet.
The vitamin B12 market size is projected to expand significantly, as there are no other natural sources of vitamin B12 available for these dietary groups.
“Government Recommendations Promoting Vitamin B12 Supplementation and Monitoring”
The human body does not retain significant amounts of vitamin B12, excreting excess amounts through urine. Essential for functions such as nerve health and energy production, a consistent supply of B12 is necessary, as it is not stored long-term. Thus, regular supplementation is recommended, as advised by the United Kingdom government, which also advocates monitoring B12 levels.
The Canadian government has incorporated vitamin B12 into its dietary guidelines. With growing awareness of supplements and increasing prioritization of health, market growth for vitamin B12 sources will be constant.
What is Restricting Vitamin B12 Market Growth?
“Stringent Regulations Governing Dosage Levels, Permissible Additives, and Labeling”
The vitamin B12 market is typically regulated by health authorities in various countries to ensure product safety, efficacy, and accurate labeling. Regulations may include guidelines for dosage levels, permissible additives, and labeling requirements. Additionally, dietary supplement regulations may differ from those governing pharmaceuticals. The Food and Drug Administration (FDA), as the regulatory authority in the United States, monitors the content and labeling of vitamin B12 products in accordance with the Federal Food, Drug, and Cosmetic Act.
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Country-wise Insights
What are the Factors Driving Vitamin B12 Demand in North America?
“Increasing Investments in Health and Wellness”
The United States market is projected to expand at 5.5% CAGR through 2034.
- According to a recent Gallup poll, 5% of adults in the country self-identify as vegetarians.
With the rising availability of plant-based options, the trend toward veganism is expected to surge. Consequently, the reliance on natural sources of vitamin B12 may diminish. Given the higher purchasing power of individuals in North America and their willingness to invest in health, the market for vitamin B12 supplements is projected to expand steadily throughout the forecast period.
Why is China a Lucrative Market for Producers of Vitamin B12 Supplements?
“Rising Demand for Vitamin B12 Supplements Driven by Increase in Elderly Population”
The market in China is forecast to expand at a 7% CAGR and reach US$ 101.7 million by the end of 2034. The country has a rapidly aging population. The absorbability of vitamin B12 from natural sources depends on the stomach acidity level, which is naturally lower in older people. Hence, the requirements of vitamin B12 are met through supplements.
- According to the World Health Organization, China has one of the fastest-growing aging populations in the world. By 2040, 28% of the Chinese population is projected to be above 60. This substantial consumer demographic is forecasted to drive market growth during and beyond the forecast period.
Category-wise Insights
Why are Vitamin B12 Supplements Widely Preferred in the Tablet Form?
"Ease of Consumption and Handing Associated with Tablets”
The tablet form of vitamin B12 supplement is estimated to hold 40% of the vitamin B12 market share in 2024. This segment is valued at US$ 125 million in 2024 and is projected to reach US$ 230 million by the end of 2034.
Vitamin B12 supplements are available in different forms on the market. Out of all other forms, the tablet form of vitamin B12 is easier to consume and handle. Also, it is convenient to get the dosage as the tablets are available in different ranges of concentrations from 50 mcg to 5,000 mcg. Typically, the injectable form is available in a concentration of 1,000 mcg.
Why are Sales of Vitamin B12-Fortified Food and Beverages Rising?
“Government Implementation of Fortified Food Programs to Address Nutritional Deficiencies”
Fortified food & beverages are estimated to hold a 29% market share in 2024. The B12 food segment is estimated at a valuation of US$ 91 million in 2024 and is forecast to climb to US$ 163 million by the end of 2034.
- According to the World Health Organization, micronutrient deficiency, also known as hidden hunger, is more common in low- and lower-middle-income countries.
- According to the Food and Agriculture Organization, countries in South-central and Southeast Asia and Africa heavily rely on staple foods like cereals, roots, and tubers due to the lack of availability of animal-based food.
These population groups have a high risk of micronutrient deficiency. Therefore, to overcome this problem, various strategies for micronutrient interventions have been developed, and one of the strategies is food fortification.
- The UN World Food Programme has pledged to elevate the proportion of fortified rice, maize, and wheat from 60% in 2020 to 80% by 2025. Additionally, it aims to collaborate with 40 nations to guarantee fortified food access for the most vulnerable families.
Countries such as India and China are implementing fortified food programs for their citizens. As a result of these initiatives, demand for vitamin B12 for fortification purposes is projected to rise.
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Competition Landscape
Charkit Chemical, Chem Kart India Pvt Ltd, Koninklijke DSM N.V., Pfizer Inc., Sanofi-Aventis, Bristol-Myers Squibb Company, Apotheca Inc., Johnlee Pharmaceutical Pvt Ltd., American Regent, and Merck Group are key players in the vitamin B12 industry.
- The Cymbiotica Company introduced a composition combining Vitamin B6 and B12 in 2022. The formulation aims to bolster memory, alleviate depression, and promote heart health.
- Zydus Lifescience has been authorized by the United Nations to distribute its generic cyanocobalamin injection. This injection is beneficial for patients with vitamin B12 deficiency and those dealing with anemia. The B12 injection will be available in concentrations of 1,000 mcg/ml, 10,000 mcg/10ml, and 30,000 mcg/30ml.
- In February 2020, DSM made significant investments in advanced technology for both the production and packaging of vitamin B12 supplements. This strategic move was aimed at enhancing production capabilities and expanding business operations.
Fact.MR has provided detailed information about the price points of key manufacturers of vitamin B12 positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.
Segmentation of Vitamin B12 Market Research
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By Form :
- Tablets
- Powder
- Liquid
- Capsules
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By End-use Industry :
- Fortified Food & Beverages
- Pharmaceuticals
- Health & Personal Care
- Agriculture, Animal Feed, Poultry
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By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
- FAQs -
What was the global vitamin B12 market size in 2023?
The global vitamin B12 market reached a size of US$ 293.8 million in 2023.
What are the projected sales for vitamin B12 supplements for 2034?
Sales of vitamin B12 are projected to reach US$ 575.4 million by 2034-end.
At what rate is the demand for vitamin B12 fortified food and beverages forecasted to rise?
Sales of vitamin B12-fortified food & beverages are forecasted to rise at a CAGR of 6% from 2024 to 2034.
Who are the leading manufacturers of vitamin B12?
Key players in the market are Chem Kart India, Pfizer Inc., Sanofi-Aventis, and Bristol-Myers Squibb Company.
What is the vitamin B12 market size in China?
The market for vitamin B12 in China is set to reach US$ 51.7 million in 2024.
Vitamin B12 Market