Vitamin B12 Prices Dwindle Across the Globe Amid Flat Market

The market for Vitamin B12 has expanded pessimistically throughout the month of March 2023 after experiencing a consistent upward trajectory in the trend of Nutraceuticals and APIs around the world. China's decision to remove stringent COVID-19 limitations in the latter days of December 2022 and the first few weeks of January 2023 has breathed new life into a trillion-dollar economy that has suffered greatly over the past years. Due to the lack of end-user demand in the pharmaceutical and nutraceutical industries as well as lower offtakes from international suppliers, the prices of Vitamin B12 have been steadily declining in domestic markets around the world. 

Followed by a protracted period of economic unrest, the nutraceutical markets have shown renewed optimism concerning China and the rest of the world, but the low intake of Vitamin B12 has been an unpleasant surprise for market players. The high level of inventories with the producers and the abundant supply of Vitamin B12 in the factories, catering to the overall demand, are two significant factors for this continuous decrease in Vitamin B12 price throughout this month. The development momentum, however, is expected to pick up in the upcoming months, according to market analysts. Few market participants also forecast that the Chinese reopening rally, which has since peaked as the first quarter of 2023 is almost over, will eventually diminish.

China, the world's top producer of Vitamins and other nutraceuticals, has cut back on Vitamin B12 production due to the continued lack of consumer demand from local as well as international markets. Although the outlook for the world economy has improved, a study predicts that trade growth will stay slow in 2023, with a chance for a recovery in the second half of the year, benefiting global trade for Vitamin B12 in the coming years. This prediction faces macroeconomic downside risks from factors like rising inflation, high-interest rates, rising public debt, and an overall unstable geopolitical environment. According to the report, the US-China decoupling could further regionalize international trade, which would be a drag on global development. However, ChemAnalyst predicts that the prices of Vitamin B12 will likely stabilize in the upcoming weeks after the demand picks up.