The global Vitamin B12 market stood at approximately 71 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 5.45% during the forecast period until 2034. Vitamin B12, also known as cobalamin, is a versatile compound with applications across various industries, including food, beverage, pharmaceuticals, health, personal care, and agriculture.
In food production, Vitamin B12 serves as a colouring agent, enhancing the appearance of products like hams, sausages, ice creams, fish, and meat items. Cyanocobalamin, the synthetic form of Vitamin B12, is widely utilized in food fortification, vitamin supplements, and pharmaceuticals. It plays a crucial role in supporting energy and metabolism, making it a common addition to energy drinks and breakfast cereals. Its stability and ease of crystallization make it a preferred choice for food additives and multivitamin formulations. In the pharmaceutical sector, Vitamin B12 is utilized in nutritional therapy to address deficiencies, pernicious anaemia, liver disease, neuritis, and neuralgia. Moreover, in health and personal care products, it functions as a skin-conditioning agent, contributing to skin health and conditioning in cosmetics. Furthermore, in agriculture, animal feed, and poultry farming, Vitamin B12 serves as a supplement for cattle, sheep, and other livestock, supporting their nutritional requirements.
The market dynamics of Vitamin B12 (cobalamin) are driven by its extensive use across diverse industries, including food and beverages, animal feed, personal care, pharmaceuticals, and nutraceuticals. As an indispensable nutrient crucial for human and animal health, Vitamin B12 plays a pivotal role in various food applications and disease prevention, fueling its demand and driving market growth. Additionally, a rising global awareness of health issues, coupled with an increasing number of health-conscious individuals, contributes to the growing demand for Vitamin B12 supplements. Factors such as obesity, malnutrition, weakened immune systems, and busy lifestyles have led to a surge in vitamin deficiencies, prompting individuals to prioritize vitamin intake for enhanced immunity and overall well-being. Moreover, the market presents opportunities for non-prescription supplement companies to capitalize on the expanding Vitamin B12 market, particularly by marketing products that complement over-the-counter medications. Furthermore, the trend towards natural and clean-label products represents an opportunity for the natural vitamin segment to thrive, as consumers seek out Vitamin B12 supplements derived from natural sources. The global Vitamin B12 market is likely to reach approximately 127 thousand tonnes in 2034.
Regionally, North America emerges as the dominant force, commanding the largest market share throughout the forecast period. Estimates suggest that North America holds the lion's share of the global market for vitamin B12. This supremacy can be attributed to several factors, including the region's high consumption of vitamin B12 supplements deficiency and the increasing awareness regarding the beneficial effects of vitamin B12 on health. Moreover, North America boasts the presence of major manufacturers specializing in the production of vitamin B12 products, further bolstering its market dominance. On the other hand, the European region is poised for rapid growth during the forecast period. This growth trajectory is fuelled by the rising inclination towards the adoption of preventative healthcare measures among European consumers. Additionally, the escalating prevalence of chronic diseases in Europe contributes to the expanding market for vitamin B12 within the region.
Based on the end-use industry, the global Vitamin B12 market is divided into Food & Beverages, Pharmaceuticals & Nutraceuticals, Animal Feed, and Others. Among these industries, Nutraceuticals is the dominating segment and held about 65% of the global Vitamin B12 market in 2023.
Major players in the Global Vitamin B12 market are Chem Kart India Pvt Ltd., Pfizer Inc., Sanofi-Aventis, Bristol-Myers Squibb Company, Konikilijike DSM N.V., Charkit Chemical., American Regent, Apotheca Inc., Johnlee Pharmaceutical Pvt. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Vitamin B12 which covers production, demand and supply of Vitamin B12 market in the globe.
• To analyse and forecast the market size of Vitamin B12
• To classify and forecast Global Vitamin B12 market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Vitamin B12 market in the globe.
To extract data for Global Vitamin B12 market, primary research surveys were conducted with Vitamin B12 manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Vitamin B12 market over the coming years.
ChemAnalyst calculated Vitamin B12 demand across the globe by analyzing the volume of Vitamin B12 consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Vitamin B12 manufacturers and other stakeholders
• Organizations, forums and alliances related to Vitamin B12 distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Vitamin B12 manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Vitamin B12 market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
71 thousand tonnes
Market size Volume in 2034
127 thousand tonnes
Growth Rate
CAGR of 5.45% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Food & Beverages, Pharmaceuticals & Nutraceuticals, Animal Feed, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Vitamin B12 market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Vitamin B12.
3. Capacity By Location
To better understand the regional supply of Vitamin B12 by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [Quarterly Update]
Study the historical annual production of Vitamin B12 by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [Quarterly Update]
Discover which end-user industry (Food & Beverages, Pharmaceuticals & Nutraceuticals, Animal Feed, and Others) are creating a market and the forecast for the growth of the Vitamin B12 market.
7. Demand by Region
Analyzing the change in demand of Vitamin B12 in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Vitamin B12. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Vitamin B12.
10. Company Share
Figure out what proportion of the market share of Vitamin B12 is currently held by leading players across the globe.
11. Manufacturing Process
Discover insights into the intricate manufacturing process of Vitamin B12.
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It also highlights the immediate impact on supply due to planned and unplanned outages as well as upcoming start-up
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the net market size of Vitamin B12 in terms of volume in 2023?
Ans:
The global market size of Vitamin B12 has reached approximately 71 thousand tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Vitamin B12?
Ans:
Pharmaceuticals & Nutraceuticals industry is the leading end-user industry of Vitamin B12 globally.
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