According to a recent report by Fact.MR, the global vitamin B12 market is expected to reach US$312.4 million by 2024, and then grow at 6.3% annually from 2024 to 2034.
Vitamin B12 is often recommended for people with digestive problems such as celiac disease. An acidic stomach environment is required for efficient absorption of vitamin B12. However, some digestive disorders, such as atrophic gastritis, can reduce stomach acid secretion and inhibit vitamin B12 absorption.
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As per survey estimates, there is a notable trend towards adopting a vegetarian diet in several regions. Government advisories highlight the importance of vitamin B12 supplementation and monitoring intake due to its key role in maintaining neurological health and energy production. Dietary guidelines in various countries have highlighted vitamin B12, reflecting the growing awareness and emphasis on health, which is expected to drive the market growth.
Vitamin B12 supplements help address deficiencies caused by reduced stomach acid. According to the National Institutes of Health, approximately 20 million people in the US will experience digestive disorders in 2023, which is expected to drive market growth in the country.
Governments in developing countries such as India have implemented policies to provide fortified foods and beverages to help people meet their daily micronutrient needs.
Key takeaways from market research
• The global vitamin B12 market is expected to expand at a CAGR of 6.3% to reach USD 575.4 million by the end of 2034.
• The market expanded at a CAGR of 6.8% from 2019 to 2023.
• Key market players include Charkit Chemical, chem kart India Pvt. Ltd., Koninklijke DSM nv, Pfizer Inc., Sanofi-Aventis, Bristol-Myers Squibb Company, Apotheca Inc., Johnlee Pharmaceutical Pvt Ltd., American Regent, and Merck Group.
• Vitamin B12 in tablets is projected to account for 40% of the market share in 2024.
• The US market is projected to reach a valuation of USD 97.6 million by the end of 2034.
“Consumption of micronutrients such as vitamin B12 is linked to lower risk of anemia, chronic diseases, and depression. Growing awareness regarding the importance of vitamin B12 supplementation is driving the market growth,” said analysts at Fact.MR.
Introduction of major companies
• Chemkart India Ltd.
• Pfizer Inc.
• Sanofi-Aventis
• Bristol-Myers Squibb
• Konikirijike DSM NV
• Charkit Chemical.
• American Regent
• Apotheca Co., Ltd.
• Merck Group
• John Lee Pharmaceutical Co., Ltd.
• others
Factors Driving Demand for Vitamin B12 in North America
The U.S. vitamin B12 market is projected to grow at a compound annual growth rate (CAGR) of 5.5% through 2034. According to a recent Gallup poll, 5% of U.S. adults identify as vegetarians. As plant-based options become more accessible, a shift toward veganism is expected to increase. This could reduce demand for natural sources of vitamin B12. However, with North American consumers’ higher purchasing power and tendency to invest in their health, the market for vitamin B12 supplements is expected to grow steadily over the next few years.
Competitive Analysis:
To produce higher quality supplements and ensure environmentally friendly production, manufacturers invest heavily in research and development while adhering to sustainable practices.
On January 9, 2023, Euroapi announced that, with the support of the French government, it would invest $43.3 million to expand the production capacity of its Normandy plant by 60%. The manufacturer offers vitamin B12 supplements in different forms: tablets, powder, liquid and capsules. In addition to production, the company is also investing in packaging.
In 2022, DSM invested in advanced packaging technologies focused on primary packaging, including producing Vitamin B12 in fully compostable stick packs. This initiative is aligned with DSM’s sustainability goals to provide reusable and recyclable packaging solutions that deliver a sustainable competitive advantage.
Vitamin B12 Market Research Segmentation
• By format:
Tablet
Powder
Liquid
Capsules
• By end use industry:
o Fortified foods and beverages
Pharmaceuticals
Health and Personal Care
o Agriculture, animal feed, poultry
• By region:
North America
Latin America
Western Europe
Eastern Europe
East Asia
South Asia and the Pacific
Middle East and Africa
read more: https://www.factmr.com/report/vitamin-b12-market
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