The global vitamin B12 market size is expected to reach USD 266.9 Million in 2021 and register a revenue CAGR of 7.0% during the forecast period. Rising health awareness among individuals, healthy living trends, vitamin deficiency among individuals from developing countries, increasing demand for nutraceuticals, and dietary supplements, and a rising vegan population are expected to support market revenue growth. According to a research, the vegan population has risen by 100,000 from 2020, which is almost double the vegan population in 2019. By the end of 2022, the number is expected to surpass 2 million and their dietary supplement intake is expected to drive demand for various nutritional products based on vitamin B12. Vitamin B12, also known as cobalamin, converts carbohydrates into glucose and produces energy, forms red blood cells, and prevents anemia, major birth defects, and osteoporosis. Rising capability of vitamin B12 food supplements to reduce macular degeneration risk, support bone health, and impact depression, to prevent neuron loss is expected to drive market revenue growth globally. However, constraints in the supply chain, rising costs due to inflation, and increasing competitive behavior among sellers are limiting the development of new products in the market.
Consumers from developing countries such as India and China are projected to drive the revenue growth for the vitamin B12 market during the forecast period. Currently, according to a study in 2020, around 47% of the total population in North India is facing health issues due to vitamin deficiency, and 70% of adults and 80% of pre-school children are facing some kind of vitamin B12 deficiency. Rising incidence of pernicious anemia among individuals in the U.S. and of European ancestry is estimated at 151 per 100,000, mostly in women due to vitamin B12 deficiency, which is expected to drive the demand for vitamin supplementary and dietary products.
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On 13 April 2021, Life Extension launched B12 Elite for supporting brain health at the cellular level by delivering two different absorbable forms of vitamin B12. Age-related vitamin deficiencies can be reduced with this dietary supplement on the market. According to a study in Italy, around eight people out of 10 take dietary supplements and vitamins regularly, which has positively impacted the growth of this market by 28% in the last two years in Italy. Increasing costs of medical facilities encourage individuals to stay fit and active by taking vitamins, and other minerals, which are expected to drive robust revenue growth rate of the vitamin B12 market.
Driver: Increasing incidence of vitamin deficiency
Rising incidence of vitamin B12 deficiency among individuals in different countries among different age groups is driving demand for dietary supplements and other vitamin products. Individuals in a higher age group, with untreated celiac disease, and Crohn’s disease can be prescribed with regular intake of vitamin B12 supplements. Other than myelination, development, and function of the central nervous system, forming red blood cells, and regulating metabolism, this water-soluble vitamin can treat anemia among women as they age. Individuals who are unable to absorb vitamin B12 from natural sources tend to have a vitamin deficiency, including different symptoms such as nerve damage, fatigue, weakness, blurred vision, numbness, sweating, fever, and difficulty walking. Also, symptoms of vitamin B12 deficiency such as digestive system dysfunction, breathlessness, mood swings, depression, and pale skin dizziness are expected to increase demand for vitamin B12-based supplements and healthy food products.
Furthermore, inadequate intake of vitamin B12 may become a major threat to the worldwide population, especially children and pregnant women in low-income countries. Vitamin B12 helps in hormones, enzymes, and other substances that are essential for the human body. Deficiency of vitamin B12 causes malnutrition, which can result in diet-related noncommunicable diseases, obesity, underweight, and overweight. According to the World Health Organization (WHO), in 2020, 1.9 billion adults are overweight or obese, while 462 million are underweight. WHO also stated that approximately 45% of deaths occur among children aged under five due to malnutrition mostly in low- and middle-income countries. According to WHO, in 2020, 38.9 million children were overweight or obese. These factors are driving the revenue growth rate of the market.
On 17 May 2022, Performance Drink Group, Inc. announced the launch of Pro Boost, a new energy supplement beverage with no added sugar, no preservatives, no gluten, and zero-calorie, as a sports nutrition and energy drink that contains malic acid, taurine, n-acetyl l-tyrosine, caffeine, l-phenylalanine, and glucuronolactone. Also, 8,333% of the daily recommended vitamin B12, 2,000% of vitamin B6, and 100% of folic acid, and niacin make this energy drink effective for the consumers, which is expected to drive the vitamin B12 market revenue growth.
Rising mental vulnerability among elderly individuals after the COVID-19 outbreak is expected to drive demand for vitamin B12 supplements among consumers in older age groups. Doctors are prescribing regular intake of vitamin B12 supplements to cancer patients, pregnant women, HIV infected, and other diseases to boost the immune system. The presence of vitamin B12 in different food and pharmaceutical products is enhancing the nutritional benefits of those products among consumers who intake it regularly.
Restraint: Supply chain crisis in the global market
COVID-19 crisis does not only have health impacts but also has impacts on labor shortages, raw material shortages, and container shortages that can impact demand-supply equilibrium in the market. As per research, on 24 January 2022, a supply chain crisis impacted the nutrition industry, including the market for vitamin B12 globally due to inflation and constraints in supply chain. Global imbalances, measures for energy control, and interruptions in supply chain in China as COVID-19 cases are hampering the supply process and impacting the vitamin B12 market. Higher shipping costs are increasing the costs of producing vitamin B12-based supplements in the market. Also, according to the Indian Economic Survey 2021, in India, the pharmaceutical industry increased by 17.7% from 13.7% in 2020, which has made the nutrition market more competitive and emphasized the importance of developing new products in the market.
Based on form, the vitamin B12 market is segmented into powder, liquid, capsule, and tablets. The powder segment accounted for the largest revenue share in 2021. Many consumers who cannot absorb vitamin B12 from natural sources such as animal products including animal kidneys, livers, clams, sardines, beef, and plant products such as fortified cereal, fortified nutritional yeast, tuna, salmon, trout, non-dairy milk, dairy products, eggs, and many more need an intake of dietary supplements, and nutritional products in different forms. Powder is commonly used since it is used for its water-soluble property, along with the ability to contribute to different health issues such as reducing tiredness, and fatigue, formation of red blood cells, and resolving B12 absorption deficiency that affects the digestive system. Dietary supplements in powder form can be used in dietary products, food products, milk products, drinks, and many more that increase revenue growth of the segment. Different health benefits encourage fitness trainers, athletes, and bodybuilders to intake dietary supplements in powder form, which increases demand for such products.
The liquid segment is expected to register a moderate revenue growth rate during the forecast period as it is a commonly used form of vitamin B12. Compared to tablets and capsules, this liquid form takes lesser time to start the formation of new red blood cells in the body. Liquid form can get easily absorbed in the body and can be used in different food and pharmaceutical products for regular intake, which is expected to drive the growth of vitamin B12 in liquid form.
There is an increased demand for vitamin B12 capsules among aged individuals and health-aware consumers for regular intake. These supplements are prescribed by doctors to cancer patients and patients with vitamin deficits. PhenGold, PrimeShred, Leanbean, and PhenQ are the companies that produce pills for boosting metabolism and weight loss using vitamin B12. A tendency for consuming vitamin B12 capsules regularly is expected to drive revenue growth of this segment globally.
Based on grade, the vitamin B12 market is segmented into food and pharmaceuticals grade. The pharmaceutical grade segment is expected to register a steady revenue growth rate during the forecast period. Different forms of vitamin B12 such as liquid, capsule, and tablets have widespread use in pharmaceuticals, but the powder form is mostly used in food products and dietary supplements. Red blood cell and DNA formation capacity and effectiveness for developing nerve, and brain cells and for treating anemia, and heart diseases the efficiency of all forms of vitamin B12 is expected to drive the demand for these in pharmaceutical products globally. COVID-19 has further assured an increased health awareness among individuals and supports revenue growth of the segment.
The food segment is expected to register a moderate revenue growth rate during the forecast period. The powder form of vitamin B12 is used in food products, dietary supplements, and juices. Rising awareness among individuals about the tendency for leading a healthy lifestyle is driving demand for this product among bodybuilders, healthy consumers, athletes, and consumers in the vulnerable age group. On 18 May 2022, Elm and Rye announced to introduce Fat Burner, a new range of tablets containing vitamin B12 along with tribulus terrestris powder, chrysin, diindolylmethane, gamma oryzanol powder, calcium, caffeine, green tea, and other nutritional components for men consumers trying to gain muscle weight is expected to drive market revenue growth of the segment.
Sales Channel Insights:
Based on sales channel, the vitamin B12 market is segmented into online and offline retails. The online retail segment accounted for largest revenue share in 2021. Rising consumer preference, improved efficiency, and competitiveness in the market has enabled digital trade across a single market that is expected to drive revenue growth in the segment. Covid-19 has further emphasized the importance of the growing e-commerce industry and significantly impacted online retail sales channels. In comparison with traditional offline retail mode, efficiency of online platforms is higher and 24*7 availability is expected to drive demand for vitamin B12 in online channels during the forecast period.
Offline retail is a very traditional way of selling products globally. Other than the newly developed online selling platforms, products such as food supplements, and dietary supplements are sold through offline and hospital retailers. According to a study in 2020, 17% of the total population among Russian consumers in the age group between 25 to 34 years purchased medicine through online platforms and 55% of consumers above 60 years prefer offline models for purchasing medicines. Though dependency on online platforms is increasing, elderly consumers are preferring offline modes for purchasing medicines and other products such as vitamin B12 dietary supplements, which is driving revenue growth of the offline segment.
End-Use Verticals Insights:
Based on end-use verticals, the vitamin B12 market is segmented into the food industry, nutraceuticals, pharmaceuticals, dietary supplements, and others. The pharmaceuticals segment accounted for largest revenue share in 2021. Among the significant end-users, pharmaceutical industries play a major role in the vitamin B12-based dietary supplements market. According to a research, people aged above 50 need to intake vitamin B12 supplements regularly, which will drive revenue growth of the vitamin B12 market. Rising economies along with provisions for healthcare and expanded insurance mechanisms and demand for imported and local pharmaceutical products are expected to support further the revenue growth of this segment.
The dietary supplement segment is expected to register a moderate revenue growth rate during the forecast period. On 17 May 2022, Sunshine Beverages announced the launch of a sparkling energy drink, Tropical Pineapple, which contains vitamin B12 with other nutritional ingredients to boost the energy level of the consumer, which is expected to increase demand for this drink among gym-goers and sportsperson.
Based on regional analysis, the vitamin B12 market in APAC countries accounted for the largest revenue share in 2021. APAC countries such as China export pharmaceutical products across the globe; however; supply of dietary supplements and nutritional products was disrupted after implementation of the zero-COVID policy in China, as manufacturers such as Shangyu NHU Bio-Chem and Zhejiang NHU Pharmaceutical halted production in mid-December. The Beijing Winter Olympics in 2022 increased the demand for vitamin B12 supplementary in this region among consumers for staying active and immune. In the Indian market, the price of vitamin B12 supplements is expected to shift downward due to a fall in demand among consumers as buyers have sufficient stocks for these products, and the market competitiveness among suppliers is projected to further affect the domestic market in India. According to the All-India Organization of Chemists and Druggists (AIOCD), health awareness among common individuals has increased the demand for zinc and vitamin supplements, cough syrups, and paracetamols by 15 – 20%. Increasing range of application areas and end-products is another factor expected to continue to drive revenue growth in the region during the forecast period.
Rising health awareness, emphasis on healthy lifestyle, dietary supplements, and nutrient supplements among the population in North America is expected to register a moderate revenue growth during the forecast period. Also, increasing disposable income among the population in these countries is further expected to drive the vitamin B12 market revenue growth. According to the National Institutes of Health (NIH), among Americans who are aged below 60 years, 6% of them are facing B12 deficiency, which is driving the demand for dietary supplements in this region.
The market revenue in European countries is expected to register a moderate revenue growth rate during the forecast period. Increased customer preference in Germany, Spain, the U.K., Sweden, and France in the last few years for higher neutraceutical penetration is supporting the growing market share globally. On 19 May 2022, Accord Healthcare, Inc., a U.K.-based company, announced to add Cyanocobalamin Injection to its injectable drug portfolio for treating B12 deficiencies caused by anemia, GI dysfunction, folic acid deficiency, and other various conditions, which are driving demand for vitamin B12 among manufacturers in this market.
According to a study, it has been reported that Finland has the maximum intake of vitamin B12, followed by Germany, Sweden, Spain, and France, whereas Ireland, Denmark, and the Netherlands have a moderate vitamin B12 intake and Greece has the minimum intake.
Competitive landscape of the Vitamin B12 market is consolidated with a few major companies operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major players in the market include 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., and Chemkart India Pvt. Ltd.
- On 4 May 2022, Los Angeles-based wellness brand, HUM Nutrition launched a product for Womb Service, which is a formulation of OB-GYN and 23 different nutrients such as folate, vegan DHA, and choline that provides nutrition at every stage of pregnancy. Along with the goals of supporting women at key stages of life, including PMS to pregnancy through menopause, it has further focused on developing the brain, bone, and eye of the baby and maintenance of blood levels accordingly.
- On 18 April 2022, Zydus Lifesciences Ltd announced that it received final approval from the U.S. Food and Drug Administration (USFDA), the U.S. health regulator to market its generic version of Cyanocobalamin injection, which is used to treat and prevent patients with lack of vitamin B12 deficiency caused due to pernicious anemia. These injections will come in strengths of 1,000 mcg/ml, 10,000 mcg/10 ml and 30,000 mcg/30 ml multiple-dose vials.
- On 12 April 2022, San Diego-based wellness brand, Cymbiotica launched Vitamin B12+B6. This liposomal formula is one of the most bioactive forms of Vitamin B6 and Vitamin B12 and is effective for supporting red blood cell production, enhancing memory, mood, and boosting bone health, and heart health. Properties and components such as high quality bioavailable, wildcrafted ingredients, zero chemicals, GMOs, soy, fish, wheat, animal products, corn, gluten, lactose, dairy, sugar, yeast, eggs, alcohols, solvents, additive, preservatives, fragrance, and silicon make the product significantly effective.
Segments Covered in the Report
This report offers historical data and forecasts revenue growth at a global, regional, and country-level, and provides an analysis of the market trends in each of the sub-segments from 2019 to 2030. For this study Reports and Data has segmented the Vitamin B12 market based on form, grade, sales channel, end-use verticals, and region:
Vitamin B12 Market Report Scope
Segments covered By Form Outlook, Grade Outlook, Sales Channel Outlook, End-Use Verticals Outlook, Regional Outlook
By Form Outlook
By Grade Outlook
By Sales Channel Outlook
By End-Use Verticals Outlook
Middle East & Africa
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