Vitamin B12 Supplement Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Description

Fairfield Market Research has released an insightful analysis of the Vitamin B12 Supplement market, showcasing robust growth trends fueled by heightened public awareness regarding the significance of maintaining a healthy lifestyle. The report underscores the pivotal role of fortified food and beverage applications in driving revenue growth in this sector, coupled with the rising prevalence of vitamin deficiencies, particularly among vegan and vegetarian populations. The market size is projected to expand from $302.34 million in 2024 to $494.19 million by 2031, with a compound annual growth rate (CAGR) of 7.30%.

Key Factors Driving the Expansion of the Vitamin B12 Supplement Industry

The Vitamin B12 Supplement industry is experiencing substantial growth due to a surge in public awareness about healthy living. The increasing incidences of vitamin deficiencies in developing nations and a rise in veganism are notable factors propelling the demand for Vitamin B12 supplements.

A significant portion of the global population adheres to vegetarian and vegan diets. Since plants and plant-based products do not naturally produce Vitamin B12, individuals who avoid animal-based products are at a higher risk of Vitamin B12 deficiency. This dietary trend necessitates the intake of supplements to ensure adequate Vitamin B12 levels, driving market growth.

In many developing and low-income countries, malnutrition is prevalent and can lead to noncommunicable diseases such as anemia, fatigue, headaches, and obesity. According to the World Health Organization (WHO), a substantial number of adults are either overweight or underweight due to malnutrition. This scenario underscores the critical need for Vitamin B12 supplements in these regions, thereby boosting market demand throughout the assessment period.

The role of healthcare professionals in recommending Vitamin B12 supplements to patients with conditions such as cancer, HIV infection, pregnancy, and digestive disorders also contributes to market growth. These recommendations aim to enhance the immune system and meet daily Vitamin B12 requirements. Additionally, the increased vulnerability of the senior population, especially post-COVID-19, is expected to further expand the market.

North America stands out as a significant market for Vitamin B12 supplements, driven by a considerable segment of the population experiencing Vitamin B12 deficiency. The region's market size was substantial in 2022, with projections indicating continued growth through 2033. The historical and forecasted Compound Annual Growth Rates (CAGR) reflect a strong market presence and sustained demand.

Recent studies indicate a notable percentage of the U.S. population follows vegan or vegetarian diets. Similarly, in Canada, a significant number of individuals adhere to vegan and vegetarian dietary practices. The increasing adoption of plant-based diets in North America contributes to the demand for Vitamin B12 supplements, as the absence of animal-based food sources in their diet leads to Vitamin B12 deficiency.

Future Prospects and Market Trends

The Vitamin B12 Supplement market is poised for substantial growth over the coming years, driven by several key trends and factors:

1.Rising Vegan and Vegetarian Populations: With an increasing number of individuals adopting vegan and vegetarian lifestyles globally, the demand for Vitamin B12 supplements is set to rise. This trend is particularly pronounced in regions like North America, where dietary preferences are shifting significantly.

2.Public Health Initiatives: Governments and health organizations are increasingly focusing on addressing nutrient deficiencies, including Vitamin B12, through public health campaigns and initiatives. These efforts are expected to boost awareness and consumption of Vitamin B12 supplements.

3.Technological Advancements in Supplement Production: Innovations in supplement formulation and delivery methods are enhancing the efficacy and appeal of Vitamin B12 supplements. These advancements are likely to attract more consumers and drive market growth.

4.Aging Population: The global aging population is more susceptible to Vitamin B12 deficiency due to various health conditions and decreased absorption efficiency. This demographic trend is expected to create a sustained demand for Vitamin B12 supplements.

5.Expansion of Fortified Food and Beverage Applications: The incorporation of Vitamin B12 into fortified food and beverage products is gaining traction. This trend is driven by consumer preference for convenient and functional food products that offer additional health benefits.

Key Market Players:

Apotheca Inc.
Merck Group
Charkit Chemical Company LLC
Johnlee Pharmaceuticals Pvt. Ltd.
American Regent, Inc.
Koninklijke DSM N.V.
Bristol-Myers Squibb Company
Sanofi-Aventis
Pfizer Inc.
Chemkart India Pvt. Ltd.

Market Segmentation

By Form

Tablet
Powder
Liquid
Capsule

By End Use Industry

Fortified Food & Beverages
Pharmaceutical
Health And Personal Care
Agriculture, Animal Feed, Poultry

By Region

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

1. Executive Summary

1.1. Global Vitamin B12 Supplement Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Vitamin B12 Supplement Market Outlook, 2019-2031

3.1. Global Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2019-2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Tablet
  - 3.1.1.2. Powder
  - 3.1.1.3. Liquid
  - 3.1.1.4. Capsule
3.2. Global Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2019-2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Fortified Food & Beverages
  - 3.2.1.2. Pharmaceutical
  - 3.2.1.3. Health And Personal Care
  - 3.2.1.4. Agriculture, Animal Feed, Poultry
3.3. Global Vitamin B12 Supplement Market Outlook, by Region, Value (US$ Mn), 2019-2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Vitamin B12 Supplement Market Outlook, 2019-2031

4.1. North America Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2019-2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Tablet
  - 4.1.1.2. Powder
  - 4.1.1.3. Liquid
  - 4.1.1.4. Capsule
4.2. North America Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2019-2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Fortified Food & Beverages
  - 4.2.1.2. Pharmaceutical
  - 4.2.1.3. Health And Personal Care
  - 4.2.1.4. Agriculture, Animal Feed, Poultry
- 4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2019-2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 4.3.1.2. U.S. Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 4.3.1.3. Canada Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 4.3.1.4. Canada Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Vitamin B12 Supplement Market Outlook, 2019-2031

5.1. Europe Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2019-2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Tablet
  - 5.1.1.2. Powder
  - 5.1.1.3. Liquid
  - 5.1.1.4. Capsule
5.2. Europe Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2019-2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Fortified Food & Beverages
  - 5.2.1.2. Pharmaceutical
  - 5.2.1.3. Health And Personal Care
  - 5.2.1.4. Agriculture, Animal Feed, Poultry
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2019-2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.2. Germany Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 5.3.1.3. U.K. Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.4. U.K. Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 5.3.1.5. France Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.6. France Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 5.3.1.7. Italy Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.8. Italy Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 5.3.1.9. Turkey Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.10. Turkey Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 5.3.1.11. Russia Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.12. Russia Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 5.3.1.13. Rest of Europe Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 5.3.1.14. Rest of Europe Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Vitamin B12 Supplement Market Outlook, 2019-2031

6.1. Asia Pacific Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2019-2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Tablet
  - 6.1.1.2. Powder
  - 6.1.1.3. Liquid
  - 6.1.1.4. Capsule
6.2. Asia Pacific Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2019-2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Fortified Food & Beverages
  - 6.2.1.2. Pharmaceutical
  - 6.2.1.3. Health And Personal Care
  - 6.2.1.4. Agriculture, Animal Feed, Poultry
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2019-2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 6.3.1.2. China Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 6.3.1.3. Japan Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 6.3.1.4. Japan Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 6.3.1.5. South Korea Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 6.3.1.6. South Korea Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 6.3.1.7. India Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 6.3.1.8. India Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 6.3.1.9. Southeast Asia Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 6.3.1.10. Southeast Asia Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 6.3.1.11. Rest of Asia Pacific Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 6.3.1.12. Rest of Asia Pacific Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Vitamin B12 Supplement Market Outlook, 2019-2031

7.1. Latin America Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2019-2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Tablet
  - 7.1.1.2. Powder
  - 7.1.1.3. Liquid
  - 7.1.1.4. Capsule
7.2. Latin America Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2019-2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Fortified Food & Beverages
  - 7.2.1.2. Pharmaceutical
  - 7.2.1.3. Health And Personal Care
  - 7.2.1.4. Agriculture, Animal Feed, Poultry
7.3. Latin America Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2019-2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 7.3.1.2. Brazil Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 7.3.1.3. Mexico Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 7.3.1.4. Mexico Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 7.3.1.5. Argentina Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 7.3.1.6. Argentina Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 7.3.1.7. Rest of Latin America Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 7.3.1.8. Rest of Latin America Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Vitamin B12 Supplement Market Outlook, 2019-2031

8.1. Middle East & Africa Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2019-2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Tablet
  - 8.1.1.2. Powder
  - 8.1.1.3. Liquid
  - 8.1.1.4. Capsule
8.2. Middle East & Africa Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2019-2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Fortified Food & Beverages
  - 8.2.1.2. Pharmaceutical
  - 8.2.1.3. Health And Personal Care
  - 8.2.1.4. Agriculture, Animal Feed, Poultry
8.3. Middle East & Africa Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2019-2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 8.3.1.2. GCC Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 8.3.1.3. South Africa Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 8.3.1.4. South Africa Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 8.3.1.5. Egypt Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 8.3.1.6. Egypt Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 8.3.1.7. Nigeria Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 8.3.1.8. Nigeria Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031
  - 8.3.1.9. Rest of Middle East & Africa Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2019-2031
  - 8.3.1.10. Rest of Middle East & Africa Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2019-2031

9. Competitive Landscape

9.1. Manufacturer vs by End Use Industry Heatmap
9.2. Company Market Share Analysis, 2024
9.3. Competitive Dashboard
9.4. Company Profiles
- 9.4.1. Apotheca Inc.
  - 9.4.1.1. Company Overview
  - 9.4.1.2. Product Portfolio
  - 9.4.1.3. Financial Overview
  - 9.4.1.4. Business Strategies and Development
- 9.4.2. Merck Group
  - 9.4.2.1. Company Overview
  - 9.4.2.2. Product Portfolio
  - 9.4.2.3. Financial Overview
  - 9.4.2.4. Business Strategies and Development
- 9.4.3. Charkit Chemical Company LLC
  - 9.4.3.1. Company Overview
  - 9.4.3.2. Product Portfolio
  - 9.4.3.3. Financial Overview
  - 9.4.3.4. Business Strategies and Development
- 9.4.4. Johnlee Pharmaceuticals Pvt. Ltd.
  - 9.4.4.1. Company Overview
  - 9.4.4.2. Product Portfolio
  - 9.4.4.3. Financial Overview
  - 9.4.4.4. Business Strategies and Development
- 9.4.5. American Regent, Inc.
  - 9.4.5.1. Company Overview
  - 9.4.5.2. Product Portfolio
  - 9.4.5.3. Financial Overview
  - 9.4.5.4. Business Strategies and Development
- 9.4.6. Koninklijke DSM N.V
  - 9.4.6.1. Company Overview
  - 9.4.6.2. Product Portfolio
  - 9.4.6.3. Financial Overview
  - 9.4.6.4. Business Strategies and Development
- 9.4.7. Bristol-Myers Squibb Company
  - 9.4.7.1. Company Overview
  - 9.4.7.2. Product Portfolio
  - 9.4.7.3. Financial Overview
  - 9.4.7.4. Business Strategies and Development
- 9.4.8. Sanofi-Aventis
  - 9.4.8.1. Company Overview
  - 9.4.8.2. Product Portfolio
  - 9.4.8.3. Financial Overview
  - 9.4.8.4. Business Strategies and Development
- 9.4.9. Pfizer Inc
  - 9.4.9.1. Company Overview
  - 9.4.9.2. Product Portfolio
  - 9.4.9.3. Financial Overview
  - 9.4.9.4. Business Strategies and Development
- 9.4.10. Chemkart India Pvt. Ltd.
  - 9.4.10.1. Company Overview
  - 9.4.10.2. Product Portfolio
  - 9.4.10.3. Financial Overview
  - 9.4.10.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations