Global Vitamin B12 Market - 2024-2031

Report Overview

The Global Vitamin B12 Market reached US$ 346.18 million in 2023 and is expected to reach US$ 517.25 million by 2031, growing at a CAGR of 5.15% during the forecast period 2024-2031.

As more people become aware of the symptoms and consequences of vitamin B12 deficiency, there is a growing demand for supplements that address this issue. Deficiency in vitamin B12 can lead to various health problems, including fatigue, neurological issues and anemia. This heightened awareness is driving consumers to seek out vitamin B12 supplements to prevent or manage these conditions, contributing to the market's growth.

Innovations such as sublingual tablets, liquid formulations and intranasal sprays are gaining popularity due to their improved absorption and convenience compared to traditional oral supplements. These advanced delivery methods enhance the bioavailability of vitamin B12, leading to more effective supplementation and driving consumer preference for these products. The market is seeing a rise in the availability of these innovative formulations, reflecting the trend towards more effective and user-friendly vitamin B12 supplements.

For instance, on July 30, 2024, LycoRed introduced its new line of innovative Vitamin B12 formulations, showcased at Vitafoods. Featuring advanced Stablets technology, these formulations overcome the challenges of stability and uniform distribution by chemically bonding B12 to a pharmaceutical ion exchange resin. This breakthrough protects the vitamin from pro-oxidants and potential cross-reactions that could lead to degradation.

Market Dynamics

Popularity of Vegan and Vegetarian Diets

The increasing awareness of nutritional deficiencies associated with plant-based diets is contributing to the expansion of the vitamin B12 market. As awareness about the potential for vitamin B12 deficiency rises among vegan and vegetarian communities, there is a corresponding increase in the consumption of vitamin B12 supplements. This awareness is bolstered by educational campaigns and health advice emphasizing the importance of regular supplementation for those on plant-based diets.

Manufacturers are responding to the demand by offering vitamin B12 supplements that cater specifically to vegan and vegetarian consumers. These supplements are often derived from microbial fermentation or fortified plant-based products, ensuring that they align with the dietary preferences of these consumers. The availability of such targeted products is further fueling market growth.

For instance, on October 26, 2023, Weikfield Foods, renowned for its beloved products like custard powder, corn flour, baking powder and pasta, announced the launch of Weikfield Iron Fortified Pasta. This new, nutritionally enhanced pasta is fortified with Iron, Vitamin B12 and Folic Acid, offering a delicious way to enjoy essential nutrients without sacrificing flavor.

Prevalence of Chronic Diseases

The growing prevalence of chronic diseases such as diabetes, cardiovascular conditions and gastrointestinal disorders is driving the global vitamin B12 market. These conditions often impact the body's ability to absorb vitamin B12 efficiently or increase the need for supplementation. For instance, individuals with diabetes may have altered vitamin B12 absorption due to medications or underlying health issues, leading to a higher demand for supplements to manage their health.

As healthcare providers increasingly recommend vitamin B12 supplements for patients with chronic diseases, the global vitamin B12 market is experiencing growth. Ongoing research and development in the field of chronic disease management are contributing to the expansion of the vitamin B12 market. Studies exploring the benefits of vitamin B12 for specific chronic conditions enhance market understanding and drive innovation, leading to the development of targeted supplements and formulations.

Potential for Adverse Effects

The possibility of adverse effects from vitamin B12 supplements can lead to consumer hesitancy, affecting market demand. Potential side effects, such as allergic reactions or interactions with other medications, may cause individuals to avoid or limit their use of these supplements. This reluctance can slow growth in the global vitamin B12 market as consumers seek safer or alternative options.

Adverse effects associated with vitamin B12 supplementation may contribute to negative market perceptions. The potential for adverse effects has led to market segmentation within the global vitamin B12 market. Companies are developing specialized formulations, such as those with controlled-release mechanisms or lower dosages, to address safety concerns and minimize the risk of adverse effects. This segmentation can influence market trends and product availability.

Market Segment Analysis

The global vitamin B12 market is segmented based on product, source, composition, application and region.

Increasing Consumer Interest and Innovations in Vitamin B12

The hydroxocobalamin segment holds the largest share of the global vitamin B12 market. Hydroxocobalamin is highly favored in the medical and pharmaceutical sectors because of its superior bioavailability and longer retention in the body compared to other forms of vitamin B12. Its ability to effectively treat vitamin B12 deficiency, particularly in individuals with metabolic disorders or malabsorption issues, has increased demand in clinical and therapeutic settings. As a result, hydroxocobalamin is becoming a cornerstone in the growing global vitamin B12 market.

Furthermore, the global market for health supplements continues to grow, driven by trends in preventive healthcare and consumer interest in natural and bioactive nutrients in the vitamin B12 supplement market. Its appeal lies in being perceived as a more natural and effective option, which resonates with health-conscious consumers. The expanding pharmaceutical and nutraceutical industries in emerging markets are also contributing to the widespread adoption of hydroxocobalamin, cementing its leading position in the global vitamin B12 market.

For instance, in April 2022, Cymbiotika launched its Vitamin B6 + B12 liposomal formulation. Designed to support memory, enhance red blood cell production and improve mood, this innovative supplement also promotes heart and bone health, offering a comprehensive approach to overall well-being. The new and improved Vitamin B12+B6 formula contains an additional form of Vitamin B12 (Hydroxycobalamin), getting all three of the most potent and bioavailable forms of B12.

Market Geographical Share

Expanding Healthcare Infrastructure and Advancements in Asia-Pacific

Asia-Pacific is poised to dominate the global vitamin B12 market. The expansion of healthcare infrastructure in Asia-Pacific, particularly in emerging economies, has improved access to supplements and fortified foods. The market is benefiting from better distribution channels and the increasing availability of healthcare services, enabling more consumers to purchase and use vitamin B12 supplements as part of their regular health regimen.

Asia-Pacific market is benefiting from advancements in supplement production technologies, allowing manufacturers to create high-quality, bioavailable forms of vitamin B12 that cater to the diverse needs of consumers. The innovations include fast-absorbing formulations, chewable tablets and liquid supplements, which enhance the appeal and accessibility of vitamin B12 products in the market.

Market Competitive Landscape

The major global players in the market include Hoffmann-La Roche Ltd., Bayer AG, Merck Group, Johnlee Pharmaceuticals Pvt. Ltd, American Regent Inc, Koninklijke DSM N.V., EUROAPI, Pharmavit, Supreem Pharmaceuticals Mysore Pvt. Ltd. and Arshine Feed Additives Co., Ltd.

Russia-Ukraine War Impact Analysis

The conflict between Russia and Ukraine has significantly impacted global supply chains, particularly for key raw materials and components necessary for vitamin B12 production. Both countries play essential roles in the global trade of chemicals and materials used in the pharmaceutical and supplement industries. The war has disrupted the flow of these materials, leading to shortages and higher costs for manufacturers, creating bottlenecks in the vitamin B12 market.

The war has also affected global transportation networks, particularly in Eastern Europe, a key transit route for goods moving between Asia and Europe. These logistical disruptions have made it more difficult and expensive to transport vitamin B12 and other pharmaceutical products across borders. In the market, this has led to delays in deliveries, shortages in various regions and increased shipping costs for companies involved in the distribution of vitamin B12.

By Product

Cyanocobalamin

Hydroxocobalamin

Methyl cobalamin

Adenosyl cobalamin

By Source

Plant-based

Animal-based

By Composition

Tablets

Capsules

Powders

Others

By Application

Food and Beverage

Animal Feed

Personal Care

Others

By Region

North America

US

Canada

Mexico

Europe

Germany

UK

France

Italy

Spain

Rest of Europe

South America

Brazil

Argentina

Rest of South America

Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

Middle East and Africa

Key Developments

On October 25, 2022, DIESSE Diagnostica Senese announced the launch of two new mono-tests for Vitamin B12 and Folate, set to be available by the end of November. These tests are crucial for diagnosing the causes of anemia and neuropathy, assessing nutritional status and monitoring the effectiveness of treatment for these essential vitamins.

On June 3, 2021, Ruchi Soya announced its entry into the nutraceuticals segment with the launch of 10 new products, all offering 100% vegetarian nutrition. The company will leverage joint branding under "Patanjali" and "Nutrela" for packaging, promotion, advertising and marketing of this initial product range, marking a strong debut in the health and wellness sector.

On December 8, 2021, OmegaQuant, renowned for its nutritional status tests for omega-3 fatty acids and vitamin D, announced the launch of its new at-home Vitamin B12 status test. This convenient test enables consumers to easily assess their B12 levels by measuring methylmalonic acid (uMMA) in urine, which OmegaQuant highlights as the most accurate indicator of B12 deficiency.

Why Purchase the Report?

To visualize the global vitamin B12 market segmentation based on product, source, composition, application and region, as well as understand key commercial assets and players.

Identify commercial opportunities by analyzing trends and co-development.

Excel spreadsheet containing a comprehensive dataset of the vitamin-b12-market, covering all levels of segmentation.

PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.

Product mapping available as Excel consisting of key products of all the major players.

The global vitamin B12 market report would provide approximately 70 tables, 64 figures and 201 pages.

Target Audience 2024

Manufacturers/ Buyers

Industry Investors/Investment Bankers

Research Professionals

Emerging Companies