Vitamin B12 Market Set to Reach US$ 575.4 Million by 2034 | Fact.MR

The global Vitamin B12 market is on a robust growth trajectory, with a valuation of US$ 312.4 million in 2024, projected to expand at a compound annual growth rate (CAGR) of 6.3% to reach US$ 575.4 million by 2034, according to a comprehensive report by Fact.MR. The market's expansion is fueled by increasing consumer awareness of health and wellness, the growing prevalence of vegan and vegetarian diets, and the rising incidence of Vitamin B12 deficiency. This press release highlights the key drivers, trends, and opportunities shaping the Vitamin B12 market, based exclusively on insights from the Fact.MR report.

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Market Overview

Vitamin B12, also known as cobalamin, is a vital water-soluble vitamin essential for red blood cell formation, DNA synthesis, and neurological function. Found naturally in animal-based foods such as meat, eggs, and dairy, it is absent in plant-based diets, making supplementation critical for vegans and vegetarians. The market is driven by the increasing adoption of plant-based diets, rising health consciousness, and government initiatives promoting fortified foods to address nutritional deficiencies.

Key Market Drivers

1. Growing Vegan and Vegetarian Population

The global rise in veganism and vegetarianism, with over 88 million vegans worldwide as reported by the World Animal Foundation in 2023, is a significant driver of the Vitamin B12 market. As plant-based diets lack natural sources of Vitamin B12, individuals following these diets rely heavily on supplements and fortified foods, boosting market demand. The United Kingdom, in particular, shows a high likelihood of transitioning to vegetarian diets, further amplifying the need for B12 supplementation.

2. Increasing Prevalence of Vitamin B12 Deficiency

Vitamin B12 deficiency is a growing concern, particularly among individuals with digestive disorders such as celiac disease or atrophic gastritis, which impair B12 absorption due to reduced stomach acid production. According to the National Institutes of Health, approximately 20 million Americans suffered from digestive disorders in 2023, driving demand for Vitamin B12 supplements to address deficiency-related issues like anemia and neurological symptoms.

3. Government Initiatives for Fortified Foods

Governments in developing nations, such as India, are implementing policies to promote fortified foods and beverages to combat micronutrient deficiencies. Fortified food and beverage applications are estimated to hold a 29% market share in 2024, valued at US$ 91 million, and are projected to reach US$ 163 million by 2034. These initiatives are increasing the availability and consumption of Vitamin B12-fortified products, supporting market growth.

4. Rising Health Awareness

Growing awareness of Vitamin B12's role in reducing risks of anemia, chronic diseases, and depression is driving consumer demand for supplements. Healthcare professionals increasingly recommend B12 supplementation, particularly for at-risk groups such as the elderly, vegans, and those with malabsorption issues, further propelling market expansion.

Regional Insights

North America

North America holds a significant share of the global Vitamin B12 market, with the United States projected to reach a valuation of US$ 97.6 million by 2034, driven by a CAGR of 5.5%. The region's growth is supported by high consumer awareness, a strong nutraceutical industry, and a growing vegetarian population, with 5% of U.S. adults identifying as vegetarians according to a recent Gallup poll.

Asia Pacific

The Asia Pacific region is expected to lead the global market, holding a 58.16% share in 2024. The region's dominance is driven by rapid urbanization, rising disposable incomes, and increasing health consciousness, particularly in countries like China and India. The growing prevalence of vitamin deficiencies and the expanding vegan population are key factors boosting demand for Vitamin B12 supplements and fortified foods.

Market Trends

1. Popularity of Tablet Form

Vitamin B12 tablets, available in concentrations ranging from 50 mcg to 5,000 mcg, are estimated to occupy a 40% market share in 2024 due to their ease of consumption, precise dosing, and convenience. This format's popularity is driving market growth, particularly among consumers seeking user-friendly supplementation options.

2. Sustainable Production Practices

Manufacturers are investing in sustainable production methods to meet consumer demand for environmentally friendly products. For instance, in January 2023, Euroapi announced a US$ 43.3 million investment to expand its Vitamin B12 production capacity by 60% at its Normandy plant, supported by the French government, aligning with sustainability goals.

3. Innovative Delivery Formats

The market is witnessing innovation in delivery forms, such as sublingual tablets, and nasal sprays, to cater to diverse consumer preferences. In 2022, DSM introduced fully compostable stick packs for Vitamin B12 packaging, enhancing sustainability and consumer appeal.

Competitive Landscape

Key players in the Vitamin B12 market, including Charkit Chemical, Chem Kart India Pvt. Ltd., Koninklijke DSM N.V., Pfizer Inc., Sanofi-Aventis, Bristol-Myers Squibb Company, Apotheca Inc., Johnlee Pharmaceutical Pvt. Ltd., American Regent, and Merck Group, are focusing on product innovation, strategic partnerships, and capacity expansion. These companies are investing heavily in research and development to improve supplement quality and explore new applications, such as in pharmaceuticals and fortified foods.

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Challenges and Opportunities

Challenges

The market faces challenges such as supply chain constraints, rising production costs due to inflation, and competition from alternative supplements. Additionally, limited awareness of Vitamin B12 deficiency in some regions may hinder market growth.

Opportunities

The growing demand for plant-based and fortified products presents significant opportunities for manufacturers. Innovations in delivery systems, such as oral sprays and transdermal patches, and the expansion of e-commerce channels are expected to enhance market accessibility. The increasing focus on personalized nutrition also offers potential for tailored Vitamin B12 solutions.

Future Outlook

The Vitamin B12 market is poised for sustained growth through 2034, driven by the rising adoption of plant-based diets, increasing health awareness, and government-backed fortification programs. With a projected valuation of US$ 575.4 million by 2034, the market reflects the growing importance of addressing nutritional deficiencies in a health-conscious world. Manufacturers that prioritize innovation, sustainability, and consumer education will be well-positioned to capitalize on emerging opportunities.

Conclusion

The global Vitamin B12 market is experiencing dynamic growth, underpinned by the rising prevalence of veganism, increasing health awareness, and supportive government policies. With strong regional demand in North America and Asia Pacific, and ongoing innovations in product formats and sustainable production, Vitamin B12 is set to play a critical role in addressing global nutritional needs. As consumer preferences evolve, the market will continue to thrive, offering significant opportunities for industry players.

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