Vitamin B12 Market
Vitamin B12 Market Forecasts to 2030 - Global Analysis By Product Type (Cyanocobalamin, Hydroxocobalamin, Methylcobalamin and Adenosylcobalamin), Form, Grade, Sales Channel, Application, End User and By Geography
According to Stratistics MRC, the Global Vitamin B12 Market is accounted for $211.3 million in 2024 and is expected to reach $350.6 million by 2030 growing at a CAGR of 8.8% during the forecast period. Vitamin B12, also known as cobalamin, is a water-soluble vitamin that plays a crucial role in various bodily functions. It is essential for the formation of red blood cells, maintenance of the nervous system, and DNA synthesis. Vitamin B12 is unique among vitamins because it contains the mineral cobalt, and its compounds are collectively referred to as cobalamins, which include active forms like methylcobalamin and 5-deoxyadenosylcobalamin, as well as inactive forms such as hydroxycobalamin and cyanocobalamin that convert into active forms in the body. Thus adequate intake through diet or supplementation is crucial, especially for at-risk populations.
According to the article published in Human Nutrition & Metabolism in March 2022, the prevalence of B12 deficiency in patients with chronic diseases such as type 2 diabetes was 17.5%.
Market Dynamics:
Driver:
Rising prevalence of vitamin B12 deficiency
As awareness of the health implications of vitamin B12 deficiency grows, more individuals are seeking supplements to prevent or address deficiencies. This is particularly true among at-risk populations, including the elderly, vegetarians, and those with gastrointestinal disorders that impair nutrient absorption. Healthcare professionals are increasingly recommending vitamin B12 supplements as part of standard treatment protocols, further boosting market demand
Restraint:
Limited natural sources
The growing dependency on fortified foods and supplements for vitamin B12 is due to limited natural sources, leading to market fluctuations and potential limitations in regions with less trusted options. Additionally, competition among manufacturers of vitamin B12 supplements and fortified foods creates increased marketing costs and pricing pressures, potentially affecting consumer trust and market stability hampering the market growth.
Opportunity:
Increase in vegan and vegetarian populations
The demand for vitamin B12 supplements is increasing due to the increasing number of vegans and vegetarians adopting plant-based diets. These diets are at a higher risk of deficiency, leading to a need for dietary supplements. Food manufacturers are expanding fortified food products, such as plant-based milks, cereals, and nutritional yeast, to meet the nutritional needs of these populations, contributing to market growth.
Threat:
Limited awareness in developing countries
Limited awareness about vitamin B12 deficiency can lead to underreporting of cases, causing insufficient public health initiatives and hindering market growth. This can result in companies hesitant to invest in marketing or product development for these populations. Additionally, inadequate health policies can result from governments not prioritizing micronutrient deficiencies, leading to a lack of food fortification initiatives and educational campaigns, further stunting market growth opportunities for vitamin B12 products.
Covid-19 Impact:
The COVID-19 pandemic has significantly impacted the vitamin B12 market, leading to increased demand for supplements as consumers focus on boosting their immunity. Health experts and organizations have emphasized the importance of vitamins, including B12, in maintaining overall health during the crisis. This heightened awareness has driven sales of vitamin B12 products, with expectations for continued growth in the coming years.
The cyanocobalamin segment is expected to be the largest during the forecast period
The cyanocobalamin is expected to be the largest during the forecast period because cyanocobalamin is recognized as the most stable form of vitamin B12, which contributes to its dominant position in the market. Its stability allows for easier handling and longer shelf life compared to other forms of vitamin B12, such as methylcobalamin or adenosylcobalamin. This stability makes cyanocobalamin a preferred choice for manufacturers, as it can be produced, stored, and transported with less risk of degradation, thus ensuring consistent supply and availability
The dietary supplements segment is expected to have the highest CAGR during the forecast period
The dietary supplements segment is expected to have the highest CAGR during the forecast period owing to surge in demand for Vitamin B12 supplements due to their higher risk of deficiency. Technological advancements in supplement delivery, such as sublingual tablets, powders, and transdermal patches, have made it easier for consumers to incorporate Vitamin B12 into their daily routines.
Region with largest share:
North America is projected to hold the largest market share during the forecast period attributed to an increase in the use of dietary supplements, the advanced healthcare sector focusing on preventative care, and the availability of a wide range of products in the region. In addition, the growing prevalence of neural conditions and gastrointestinal issues is leading to an increased consumption of cobalamin supplements in the region.
Region with highest CAGR:
Asia Pacific is projected to witness the highest CAGR over the forecast period owing to the high prevalence of diabetic neuropathy, growth in the geriatric population, and rising awareness regarding health supplements are the factors anticipated to drive the region’s growth. Moreover, the presence of key players and their growing production capacities are poised to significantly contribute to the region’s market growth over projected years.
Key players in the market
Some of the key players in Vitamin B12 market include BASF SE , Adisseo, BTSA Biotechnologias Aplicadas S.L., Chem Kart India Pvt Ltd, DSM, Farbest Brands, Lonza Group, Merck KGaA, NOW Foods, NutraGenesis LLC, Nutrilo GmbH, Pfizer Inc, Pharmavit GmbH, Rabar Pty Ltd, Rousselot, Spectrum Chemical Manufacturing Corp., SternVitamin GmbH & Co. K.G., Thermo Fisher Scientifica and Zhejiang Shengda Bio-Pharm Co., Ltd.
Key Developments:
In July 2024, BASF has recently launched Haptex® 4.0, a next-generation polyurethane solution designed to revolutionize the production of sustainable synthetic leather. This innovative material is notable for being 100% recyclable, addressing long-standing challenges in the recycling of synthetic leather
In July 2024, Thermo Fisher Scientific has introduced a new pre-transplant risk assessment assay via its CLIA laboratory in Fishers, Ind., that helps assess risk of early acute rejection in kidney transplant recipients, providing data that may inform a more personalized approach to post-transplant immunosuppression management.
In June 2024, BASF and ‘Pragati’ extended full transparency & traceability to bio-based footwear solutions with SuCCESS code. It establishes a global standard for certifying castor oil and its derivatives, such as bio-based polyurethane, used in footwear manufacturing.
Product Types Covered:
• Fresh Trout
• Live Trout
• Frozen Trout
• Smoked Trout
• Canned Trout
• Other Product Types
Catch Types Covered:
• Aqua Cultured
• Wild Captured
Forms Covered:
• Whole
• Fillets
• Steaks
• Portions
Distribution Channels Covered:
• Direct Sales
• Online Retail
• Supermarkets/Hypermarkets
• Specialty Stores
End Users Covered:
• Households
• Restaurants
• Hotels
• Catering Services
• Food Processing
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 Application Analysis
3.8 End User Analysis
3.9 Emerging Markets
3.10 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Vitamin B12 Market, By Product Type
5.1 Introduction
5.2 Cyanocobalamin
5.3 Hydroxocobalamin
5.4 Methylcobalamin
5.5 Adenosylcobalamin
6 Global Vitamin B12 Market, By Form
6.1 Introduction
6.2 Tablets
6.3 Capsules
6.4 Powder
6.5 Injections
6.6 Sublingual
6.7 Gummies
6.8 Other Forms
7 Global Vitamin B12 Market, By Grade
7.1 Introduction
7.2 Pharmaceutical Grade
7.3 Food Grade
7.4 Feed Grade
8 Global Vitamin B12 Market, By Sales Channel
8.1 Introduction
8.2 Retail
8.3 Online
8.4 Wholesale
9 Global Vitamin B12 Market, By Application
9.1 Introduction
9.2 Dietary Supplements
9.3 Pharmaceuticals
9.4 Food & Beverages
9.5 Animal Feed
9.6 Other Applications
10 Global Vitamin B12 Market, By End User
10.1 Introduction
10.2 Healthcare Providers
10.3 Retail Consumers
10.4 Pharmacies & Drug Stores
10.5 Food Manufacturers
10.6 Other End Users
11 Global Vitamin B12 Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 BASF SE
13.2 Adisseo
13.3 BTSA Biotechnologias Aplicadas S.L.
13.4 Chem Kart India Pvt Ltd
13.5 DSM
13.6 Farbest Brands
13.7 Lonza Group
13.8 Merck KGaA
13.9 NOW Foods
13.10 NutraGenesis LLC
13.11 Nutrilo GmbH
13.12 Pfizer Inc
13.13 Pharmavit GmbH
13.14 Rabar Pty Ltd
13.15 Rousselot
13.16 Spectrum Chemical Manufacturing Corp.
13.17 SternVitamin GmbH & Co. K.G.
13.18 Thermo Fisher Scientific
13.19 Zhejiang Shengda Bio-Pharm Co., Ltd.
List of Tables
1 Global Vitamin B12 Market Outlook, By Region (2022-2030) ($MN)
2 Global Vitamin B12 Market Outlook, By Product Type (2022-2030) ($MN)
3 Global Vitamin B12 Market Outlook, By Cyanocobalamin (2022-2030) ($MN)
4 Global Vitamin B12 Market Outlook, By Hydroxocobalamin (2022-2030) ($MN)
5 Global Vitamin B12 Market Outlook, By Methylcobalamin (2022-2030) ($MN)
6 Global Vitamin B12 Market Outlook, By Adenosylcobalamin (2022-2030) ($MN)
7 Global Vitamin B12 Market Outlook, By Form (2022-2030) ($MN)
8 Global Vitamin B12 Market Outlook, By Tablets (2022-2030) ($MN)
9 Global Vitamin B12 Market Outlook, By Capsules (2022-2030) ($MN)
10 Global Vitamin B12 Market Outlook, By Powder (2022-2030) ($MN)
11 Global Vitamin B12 Market Outlook, By Injections (2022-2030) ($MN)
12 Global Vitamin B12 Market Outlook, By Sublingual (2022-2030) ($MN)
13 Global Vitamin B12 Market Outlook, By Gummies (2022-2030) ($MN)
14 Global Vitamin B12 Market Outlook, By Other Forms (2022-2030) ($MN)
15 Global Vitamin B12 Market Outlook, By Grade (2022-2030) ($MN)
16 Global Vitamin B12 Market Outlook, By Pharmaceutical Grade (2022-2030) ($MN)
17 Global Vitamin B12 Market Outlook, By Food Grade (2022-2030) ($MN)
18 Global Vitamin B12 Market Outlook, By Feed Grade (2022-2030) ($MN)
19 Global Vitamin B12 Market Outlook, By Sales Channel (2022-2030) ($MN)
20 Global Vitamin B12 Market Outlook, By Retail (2022-2030) ($MN)
21 Global Vitamin B12 Market Outlook, By Online (2022-2030) ($MN)
22 Global Vitamin B12 Market Outlook, By Wholesale (2022-2030) ($MN)
23 Global Vitamin B12 Market Outlook, By Application (2022-2030) ($MN)
24 Global Vitamin B12 Market Outlook, By Dietary Supplements (2022-2030) ($MN)
25 Global Vitamin B12 Market Outlook, By Pharmaceuticals (2022-2030) ($MN)
26 Global Vitamin B12 Market Outlook, By Food & Beverages (2022-2030) ($MN)
27 Global Vitamin B12 Market Outlook, By Animal Feed (2022-2030) ($MN)
28 Global Vitamin B12 Market Outlook, By Other Applications (2022-2030) ($MN)
29 Global Vitamin B12 Market Outlook, By End User (2022-2030) ($MN)
30 Global Vitamin B12 Market Outlook, By Healthcare Providers (2022-2030) ($MN)
31 Global Vitamin B12 Market Outlook, By Retail Consumers (2022-2030) ($MN)
32 Global Vitamin B12 Market Outlook, By Pharmacies & Drug Stores (2022-2030) ($MN)
33 Global Vitamin B12 Market Outlook, By Food Manufacturers (2022-2030) ($MN)
34 Global Vitamin B12 Market Outlook, By Other End Users (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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