Global Vitamin B12 Market Size, Share, and COVID-19 Impact Analysis, By Type (Cynocobalamin, Hydroxocobalamin, Methylcobalamin, Adenosylcobalamin, and Others), By Vertical (Food & Beverages, Pharmaceuticals, Animal Feed, Dietary Supplements, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033

Industry: Healthcare

RELEASE DATE Mar 2024
REPORT ID SI3827
PAGES 200
REPORT FORMAT PathSoft

Global Vitamin B12 Market Insights Forecasts to 2033

  • The Global Vitamin B12 Market Size was Valued at USD 0.26 Billion in 2023.
  • The Market Size is Growing at a CAGR of 8.54% from 2023 to 2033.
  • The Worldwide Vitamin B12 Market Size is expected to Reach USD 0.59 Billion by 2033.
  • Europe is expected to Grow the fastest during the forecast period.

 

Global Vitamin B12 Market

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The Global Vitamin B12 Market Size is Expected to Reach USD 0.59 Billion by 2033, at a CAGR of 8.54% during the forecast period 2023 to 2033.

 

Vitamin B12, also known as cobalamin, is a water-soluble vitamin naturally found in animal-based food like meat, fish, eggs, and dairy products as dietary sources. It has a significant role in erythropoiesis and DNA synthesis. Vitamin B12 aids in the synthesis of SAMe (S-adenosylmethionine), a key methyl donor of DNA via remethylation of homocysteine to methionine. In nerve cells, vitamin B12 promotes axon regeneration of neuronal cells after nerve injury. It plays a fundamental role for the prevention of CNS associated disorders, and mood disorders namely Alzheimer’s disease and vascular dementia in elderly people. Vitamin B12 deficiency causes neurological impairments like myelopathy and neuropathy and symptoms include megaloblastic anemia, tingling and numbness of the extremities, visual distribution, memory loss, and dementia. The rising awareness about health beneficiary values of vitamin B12 protects against chronic diseases such as anemia, cardiovascular diseases, and neurological disorders. The rising geriatric population and the development of innovative delivery forms of vitamin B12 increasing its global market. However, stringent regulations for product approval and adverse effects of vitamin B12 hamper the market. Additionally, liver and kidney disease people limit the usage of vitamin B12 supplements as excess vitamin B12 supplements cause impaired liver and kidney function.      

 

Report Coverage

This research report categorizes the market for global vitamin B12 market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global vitamin B12 market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the global Vitamin B12 market.

 

Global Vitamin B12 Market Report Coverage

Report CoverageDetails
Base Year:2023
Market Size in 2023:USD 0.26 Billion
Forecast Period:2023 - 2033
Forecast Period CAGR 2023 - 2033 :8.54%
2033 Value Projection:USD 0.59 Billion
Historical Data for:2019 - 2022
No. of Pages:200
Tables, Charts & Figures:110
Segments covered:By Type, By Vertical, By Region.
Companies covered:: Sanofi, Pfizer Inc., LUPIN, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Mankind Pharma, Dr. Reddy’s Laboratories Ltd., Cadila Healthcare Ltd., Glenmark Pharmaceuticals Limited, Aurobindo Pharma Limited, Biocon, Merck & Co., Inc., Bristol Laboratories Ltd., Mylan N.V., Apotex Inc., Strides Pharma Science Limited, and Others
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

Poor dietary habits, unhealthy lifestyles, and other medical conditions are responsible for the growing rate of vitamin B12 deficient patients that led to increasing demand for vitamin B12 market. The rising awareness about vitamin B12 in maintaining good health and preventing chronic diseases such as anemia, cardiovascular diseases, and neurological disorders helps for the growth of the market. Additionally, the development of new and innovative delivery forms, such as sublingual and transdermal supplements enhances the market growth. The growing geriatric population is also influencing the market as this age group is more prone to vitamin B12 deficiency. The e-commerce platforms and online pharmacies are raising the distribution of vitamin B12, thus increasing the global market size of vitamin B12.    

 

Restraining Factors        

Stringent regulations for product approval is the challenging factor for the growth of the vitamin B12 market. Adverse effects associated with vitamin B12 are acne, allergic reactions, and GI disturbances that are responsible for hindering the market growth. The availability of alternative supplements such as multivitamins along with other minerals is dominating the vitamin B12 market. Restriction of Vitamin B12 intake in liver and kidney diseased person limit the usage of vitamin B12 supplements.  These key factors are restraining the global vitamin B12 market. 

 

Market Segmentation

The Global vitamin B12 as a service Market share is classified into Type, Vertical, and Regional insights.

 

By Product Type Insights

  • The cyanocobalamin segment dominates the market with the largest revenue share over the forecast period.

On the basis of type, the vitamin B12 market is segmented into cyanocobalamin, hydroxocobalamin, methylcobalamin, adenosylcobalamin and others. Among these, the cyanocobalamin segment is dominating the market with the largest revenue share over the forecast period. Cyanocobalamin is most common form of vitamin supplement as it is inexpensive and is the most stable.

 

By End-user Vertical

  • The pharmaceutical segment is witnessing significant CAGR growth over the forecast period.

On the basis of vertical, the global vitamin B12 market is segmented into food & beverages, pharmaceuticals, animal feed, dietary supplements, and others. Among these, the pharmaceutical segment is witnessing significant growth over the forecast period. The pharmaceutical industry is a well-known end-user in the global market of vitamin B12. The rising healthcare provisions and consumer demand for both imported and domestic pharmaceutical products are anticipated for segment growth.

 

Regional Insights

  • North America dominates the market with the largest market share over the forecast period.

 

Global Vitamin B12 Market

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North America is dominating the market with the largest market share over the forecast period. The high prevalence rate of vitamin B12 deficiency, and rising awareness about health-beneficial effects of vitamin B12 in North America region escalating the market of vitamin B12. The major manufacturers of vitamin B12 are present in North America. 

 

Europe is expected to grow the fastest during the forecast period. There is an increasing inclination towards the adoption of preventive healthcare measures and an increasing prevalence of chronic disease in the European region is escalating the global vitamin B12 market.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global vitamin B12 market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market

 

List of Key Market Players

  • Sanofi
  • Pfizer Inc.
  • LUPIN
  • Teva Pharmaceutical Industries Ltd.
  • Sun Pharmaceutical Industries Ltd.
  • Mankind Pharma
  • Dr. Reddy’s Laboratories Ltd.
  • Cadila Healthcare Ltd.
  • Glenmark Pharmaceuticals Limited
  • Aurobindo Pharma Limited
  • Biocon
  • Merck & Co., Inc.
  • Bristol Laboratories Ltd.
  • Mylan N.V.
  • Apotex Inc.
  • Strides Pharma Science Limited
  • Others

 

Recent Developments

  • In April 2022, Zydus Lifesciences gets a nod from USFDA for Vitamin B12 injection. It is used to treat and prevent lack of vitamin B12.
  • In April 2022, Cymbiotika launched new Vitamin B12+B6 formula in liposomal form.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global vitamin B12 market based on the below-mentioned segments:

 

Vitamin B12 Market, Product Type Analysis

  • Cynocobalamin
  • Hydroxocobalamin
  • Methylcobalamin
  • Adenosylcobalamin
  • Others

 

Vitamin B12 Market, Vertical Analysis

  • Food & beverages
  • Pharmaceuticals
  • Animal feed
  • Dietary supplements
  • Others

 

Vitamin B12 Market, Regional Analysis

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Uk
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Rest of Asia Pacific
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Qatar
    • South Africa
    • Rest of Middle East & Africa

Frequently Asked Questions (FAQ)

  • 1. What is the market size of the Global Vitamin B12 Market?
    The Global Vitamin B12 Market is expected to grow from USD 0.26 Billion in 2023 to USD 0.59 Billion by 2033, at a CAGR of 8.54% during the forecast period 2023-2033.
  • 2. Which region is dominating the Global Vitamin B12 market?
    North America is dominating the Global Vitamin B12 market.
  • 3. Which are the key companies in the market?
    Sanofi, Pfizer Inc., LUPIN, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Mankind Pharma, Dr. Reddy’s Laboratories Ltd., Cadila Healthcare Ltd., Glenmark Pharmaceuticals Limited, Aurobindo Pharma Limited, Biocon, Merck & Co., Inc., Bristol Laboratories Ltd., Mylan N.V., Apotex Inc., Strides Pharma Science Limited and Others

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