Global Vitamin B12 Market Research Report: Forecast (2024-2030)

Market Definition

Vitamin B12, or cobalamin, is one of the various outstanding styles of vitamins taken into consideration as crucial for amino acid metabolism, fatty acid metabolism, and DNA synthesis due to its capabilities to enhance blood & cell health in the body. It is naturally present in animal-derived food products, inclusive of meat, fish, eggs, rooster, & dairy products, which is why individuals who handiest devour plant-based food have a deficiency of cobalamin. With the growing cases of malnutrition & vitamin deficiencies globally, especially within the more youthful populace, the demand for vitamin B12 is rising at an outstanding pace.

Market Insights & Analysis: Global Vitamin B12 Market (2024-30):

The Global Vitamin B12 Market size is valued at around USD 288 million in 2024 and is projected to register a significant CAGR of around 9.19% during the forecast period, i.e., 2024-30. The market is projected to be driven mainly by the growing awareness among people of the benefits of over-the-counter vitamins like B12 (Cobalamin), which keep the blood & nerve cells of the body healthy and help make DNA. In addition, the growing number of people with this deficiency is also expected to boost the market size & volume in the coming years. The demand for Vitamin B12 is being infused primarily by people seeking to prevent megaloblastic anemia, which brings a feeling of weakness & tiredness.

Besides, the growing trend of a vegan diet, along with intensive nutraceuticals, food & beverages, & dietary supplements, among others, are prominent areas surging the need for B12 vitamins and driving the market. Moreover, people's swift inclination to attain a healthy diet, especially across countries like China & India, and the mounting availability of cobalamin across various retail stores worldwide are also projected to enhance the vitamin B12 market share, according to the vitamin B12 market research report.

Moreover, rapid urbanization and improving disposable incomes are instigating manufacturers to expand their production capacities to satisfy the burgeoning consumer demand. Furthermore, the rising prevalence of mental health issues like depression, paranoia, & memory loss also projects a favorable outlook for the best vitamin B12 in the market across the globe.

Global Vitamin B12 Market Driver:

Prevalence of Vitamin B12 Deficiency to Drive Market Growth –  One major factor propelling the Global Vitamin B12 Market size is the incidence of vitamin B12 deficiency. Widespread vitamin B12 insufficiency impacts many exceptional demographics, including the elderly, vegetarians, vegans, and those with precise scientific illnesses, which include pernicious anemia and gastrointestinal issues that cause problems with the absorption of nutrients. With elevated knowledge of the bad outcomes of vitamin B12 insufficiency on fitness, which include anemia, exhaustion, and neurological issues, more individuals are looking for fortified ingredients and dietary supplements to deal with and prevent these deficiencies.

Demand is also pushed by healthcare experts' growing recommendation for nutrition B12 dietary supplements as a part of preferred medical treatment, particularly for at-risk populations. Increased market demand and a proactive method for controlling nutrition B12 levels are driving the use of vitamin B12 products throughout an extensive range of world populations. Thus, in the long run, augmenting the vitamin B12 supplement market share.

Global Vitamin B12 Market Challenge:

Potential Health Risks & Side Effects to Hinder Market Growth & Development – One of the primary obstacles going through the Global Vitamin B12 Industry is the potential for health dangers and side effects. While nutrition B12 is extensively regarded as safe and vital for the human body, overdosing on it can have destructive effects on humans' lives, along with rosacea, acne, and other dermatological issues. Rarely, headaches, nausea, anxiety, and dizziness can also be a result of excessive vitamin B12 dosages. The demand for nutrition B12 supplements can be impacted by a few clients being discouraged by these feasible negative effects.

Furthermore, vitamin B12 supplements should be avoided by individuals with precise medical problems, including Leber's disorder, a genetic eye sickness, as they may make the illness worse. Marketing techniques might also become more complicated due to the need for adequate labeling and explicit consumer education in light of the potential for such negative impacts. To mitigate these health dangers, leading companies in the market should offer accurate dose tips and raise customers' knowledge of safe intake behavior, striking a balance between the advantages of vitamin B12 and the necessity of reducing possible risks.

Global Vitamin B12 Market Trend:

Rise in Veganism & Vegetarianism Changing Market Dynamics – One developing trend that is having a big influence on the vitamin B12 market size is the rise in veganism and vegetarianism. For ethical, environmental, and health-related reasons, more people are switching to plant-based diets, which is driving rising demand for foods and supplements enriched with vitamin B12. Since vitamin B12 is naturally present in animal products, vegetarians and vegans are more likely to be deficient in it. To satisfy their nutritional demands, this has caused a spike in the consumption of B12 supplements and fortified plant-based foods, such as cereals, plant milk, and nutritional yeasts. Market growth is being driven by the increasing number of vegan and vegetarian consumers, especially in developed areas, to which leading companies are responding by offering a greater range of goods enhanced with B12.

This trend is further supported by growing awareness of the need to maintain enough B12 levels for general health, which makes the rise in veganism and vegetarianism a major factor augmenting vitamin B12 supplement market share.

Global Vitamin B12 Market (2024-30): Segmentation Analysis

The Global Vitamin B12 Market study of MarkNtel Advisors evaluates & highlights the major trends and influencing factors in each segment. It also includes predictions for the period 2024–2030 at the global level. Based on analysis, the market has been further classified as:

Based on Cyanocobalamin Type:

• Injection
• Oral
• Spray

By capturing the potential share, the injection type is anticipated to contribute notably to the Global Vitamin B12 Market growth & expansion during 2024-30. It owes principally to the growing cases of pernicious anemia, nervous disorders, myelopathy, tumors, Imerslund-Grasbeck disease, cyanide poisoning, nerve damage caused by shingles, diabetic nerve damage, tiredness or fatigue, chronic fatigue syndrome, and hepatitis C, among others, especially in countries such as India.

On the other front, the rapidly rising number of pregnant women or nursing mothers consuming cyanocobalamin orally to avoid spina bifida and other spinal & central nervous system-related birth defects in babies is also propelling the growth of the market globally. Cyanocobalamin tablets are the most consumed supplement type owing to their cost-effectiveness, extended shelf life, & easy packaging techniques, which is why they are highly preferred by a large number of consumers worldwide.

Based on Application:

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

Here, the medical treatment segment is anticipated to dominate the market through 2030. It owes principally 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. Besides, favorable policies and an increasing focus on strengthening the healthcare sector, entwined with rigorous research & development by the leading players to expand its application in other treatments, would also contribute to market growth during the forecast period.

Moreover, growing awareness among people about its benefits in treating health problems like anemia, loss of balance, weakness, numbness or tingling in the arms & legs, and situations when the body is unable to absorb vitamins, among others, is anticipated to project an upsurge in the demand for vitamin B12 for medical treatments & drive the vitamin B12 market size during the forecast period.

Global Vitamin B12 Market (2024-30): Regional Projections

Geographically, the Global Vitamin B12 Market expands across:

• Americas
• Europe
• The Middle East & Africa
• Asia-Pacific

Of all regions globally, Asia-Pacific is anticipated to dominate the market with the largest share during 2024-30. It owes principally to the growing cases of malnutrition and vitamin deficiencies, especially in the younger population and people who only eat plant-based food, across several countries in the region, i.e., accelerating the inclination for vitamin B12 and, in turn, stimulating regional market growth & expansion.

The rising prevalence of malnutrition across Asia-Pacific remains a key factor in accelerating the industry’s growth, as vitamins help increase the body’s capabilities to absorb nutrients and promote healthy blood & DNA. Besides, growing awareness among the people about the benefits of a healthy diet across countries like China & India is instigating the leading players to increase their development, production, and distribution of resources for Vitamin B12 and drive the market across the region during the forecast period.

Global Vitamin B12 Industry Recent Development:

• In January 2024: Positive outcomes from the AUSTEDO® (deutetrabenazine) Phase 2 study for tardive dyskinesia were announced by Teva, indicating their dedication to neurology research that extends beyond B12-related fields.
• In December 2023: Pfizer acquired Biohaven Pharmaceuticals. This deal expands Pfizer's market share in the neuroscience sector, especially in the treatment of migraines, but has little effect on the company's vitamin B12 products.
• In November 2023: Merck inaugurated a new vaccine production facility in Singapore, expanding its manufacturing presence. This investment demonstrates their dedication to promoting global health and guaranteeing a steady supply of vaccines.

Gain a Competitive Edge with Our Global Vitamin B12 Market Report

1. The Global Vitamin B12 Market report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps business organizations to gain a holistic understanding of market dynamics & make informed decisions.
2. This report also highlights current market trends & future projections, allowing business organizations to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
3. The Global Vitamin B12 Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, business organizations can develop strategies to minimize risks & optimize their operations.