Vitamin B12 Market Size, Share, Opportunities, & Business Forecast To 2030

The Global Vitamin B12 Market size is valued at around USD 288 million in 2024 and is anticipated to grow at a CAGR of about 9.19% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The growing demand for nutritional supplements because of accelerated health and well-being recognition is one of the key elements augmenting the growth of the Global Vitamin B12 Market. The growing number of vegans and vegetarians has multiplied demand for B12 supplements and fortified foods, seeing that these individuals are more likely to be B12-poor due to their diets' lack of animal sources. Further, the increasing proportion of the elderly populace is also augmenting the growth of the vitamin B12 industry because elderly human beings often need B12 dietary supplements as a result of reduced absorption performance. The market is likewise driven by technological advancements in the production of vitamin B12 and the increasing usage of B12 in pharmaceutical applications.

Moreover, because of environmental, and fitness-associated motives, the majority of the population is switching to plant-based diets, which is boosting demand for elements and nutritional supplements enriched with vitamin B12. Thus, to meet their nutritional deficiency, human beings are moving towards the consumption of B12 nutritional dietary supplements and fortified plant-based meals, such as cereals, plant milk, and nutritional yeasts. In the well-developed regions, sharp market growth can be witnessed because the number of vegan and vegetarian buyers is increasing swiftly, and market players are responding by providing an extra range of products enriched with vitamin B12.

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Additionally, it is projected that the possible health hazards and adverse effects of products containing vitamin B12 would impede the growth and expansion of the Global vitamin B12 market. Although vitamin B12 is widely considered safe and essential for human health, taking too much of it can have detrimental consequences for health, including acne, rosacea, and other dermatological conditions. In rare cases, high vitamin B12 doses can also cause headaches, nausea, anxiety, and dizziness. Some potential customers may get discouraged by these potential side effects, which might have negative effects on the size volume of the market for nutrition B12 supplements, further states the research report, “Global Vitamin B12 Market Analysis, 2024.”

Global Vitamin B12 Market Segmentation Analysis

By Cyanocobalamin Type

Injection
Oral
Spray

By Type of Production

Direct Fermentation
Indirect Production
Genetic Engineering

By Product

1% Vitamin B12
2% Vitamin B12
98% Vitamin B12
Others (96% Vitamin B12, 99% Vitamin B12)

By Application

Medical Treatment
Food Additives
Feed Supplement
Others (Cosmetics, Pharmaceutical, etc.)

The Medical Treatment Segment to Hold the Largest Market Share

Based on application, the market is further bifurcated into medical treatment, food additives, feed supplement, and others (cosmetics, pharmaceuticals, etc.). The medical treatment segment is projected to capture the largest market share during the forecast period. This segmental growth is primarily due to the growing focus of governments of different countries on offering the best medical treatments to people suffering from various health issues caused by their deficiency of vitamin B12. In addition to favorable policies and an increasing focus on improving healthcare infrastructure, leading market players are making huge investments in research development to explore possible applications of vitamin B12 in other treatments. Thus, all these efforts are anticipated to augment the size volume of vitamin B12 in the medical treatment segment in the coming years.

By Region

Americas
Asia-Pacific
Middle East Africa
Europe

Asia-Pacific to Lead the Global Vitamin B12 Market

It is anticipated that during the forecast period, the Asia-Pacific region would have the highest market share. It is primarily due to the increasing rate of vitamin deficiencies and malnutrition in the many countries of this region, particularly among younger people and those who only consume plant-based foods. This is hastening the inclination toward vitamin B12 and, consequently, promoting the growth and expansion of the Asia-Pacific Vitamin B12 Market. The increasing rate of malnutrition in Asia-Pacific is still a major driver driving the industry's expansion, as vitamins improve the body's ability to absorb nutrients and support healthy blood and DNA.

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Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including Hebei Yufeng Group, Hebei Huarong Pharmaceutical, BASF Nutrition, Sanofi, NCPC VICTOR, Chempure, Hebei Yuxing Bio-Engineering Co. Ltd., Ningxia Kingvit Pharmaceutical, Merck Co., Inc., Pfizer Inc., Teva Pharmaceutical Industries Ltd., LUPIN, Mylan N.V., Apotex Inc., Bristol Laboratories Ltd., Mankind Pharma, Biocon, and others, are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
What are the trends that have shaped the industry to its current form?
What key factors would propel and impede the industry across the globe?
How has the industry been evolving in terms of geography product adoption?
How has the competition been shaping up across the regions?
How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2019-30?
Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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