The global Vitamin B12 Market is projected to reach USD 266.9 million in 2021, with a revenue compound annual growth rate (CAGR) of 7.0% during the forecast period. Factors driving market growth include increasing health awareness, rising vitamin deficiency in developing countries, growing demand for nutraceuticals and dietary supplements, and an expanding vegan population.
The number of vegans has doubled from 2019 to 2020, reaching 100,000, and is expected to surpass 2 million by the end of 2022. This trend is likely to boost the demand for vitamin B12-based nutritional products and supplements. Vitamin B12 plays a crucial role in converting carbohydrates into energy, forming red blood cells, preventing anemia and birth defects, and supporting bone health and mental well-being. Its ability to reduce the risk of macular degeneration, support brain health, and impact depression is expected to drive market growth.
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However, the market faces challenges such as supply chain constraints, rising costs due to inflation, and increased competition among sellers, which limit the development of new products.
Key players in the Vitamin B12 Market:
· 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.
· Chemkart India Pvt. Ltd
Consumers from developing countries like India and China are expected to drive revenue growth in the vitamin B12 market. A significant percentage of the population in North India faces vitamin deficiency issues, and a high incidence of pernicious anemia is observed among individuals of European ancestry, especially women. These factors are likely to contribute to the demand for vitamin B12 supplements and dietary products.
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Product launches also play a significant role in market growth. For example, Life Extension introduced B12 Elite, a brain health supplement containing two absorbable forms of vitamin B12. In Italy, the regular intake of dietary supplements and vitamins by eight out of ten people has positively impacted the market's growth. Increasing medical costs are encouraging individuals to take vitamins and minerals to maintain their health, contributing to the market's robust growth.
The COVID-19 pandemic has increased the vulnerability of mental health among the elderly population, leading to a higher demand for vitamin B12 supplements. Doctors prescribe these supplements to cancer patients, pregnant women, and individuals with HIV to boost their immune systems. The presence of vitamin B12 in various food and pharmaceutical products enhances their nutritional value, further driving demand.
One of the key restraints faced by the market is the supply chain crisis caused by the pandemic. Labor shortages, raw material shortages, and container shortages have disrupted the demand-supply equilibrium. Higher shipping costs and inflation have increased the production costs of vitamin B12-based supplements. The pharmaceutical industry in India has also become more competitive, affecting the market's dynamics.
The vitamin B12 market is segmented by form, grade, sales channel, and end-use verticals. Powder form accounts for the largest share due to its water-soluble property and widespread use in dietary and food products. Liquid form is commonly used for its quick absorption. Capsules are in demand among the elderly and health-conscious consumers. The pharmaceutical grade segment dominates the market, followed by the food grade segment. Online retail channels have gained popularity, especially during the COVID-19 pandemic, but offline channels remain significant, particularly for elderly consumers. The pharmaceutical segment is the largest end-use vertical, while the dietary supplement segment is expected to grow steadily.
Regionally, the Asia-Pacific (APAC) market leads in terms of revenue, with China being a major exporter of pharmaceutical products. However, disruptions in the supply chain due to COVID-19 policies and market competitiveness have impacted the market. North America and Europe also show moderate revenue growth, driven by increasing health awareness and disposable income. Finland, Germany, Sweden, Spain, and France have the highest vitamin B12 intake.
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