Vitamin B12 Cobalamin Market Research Report By Form (Crystalline, Powder, Liquid, Capsules, Tablets), By Source (Animal-Derived, Plant-Derived, Synthetic), By Application (Pharmaceuticals, Nutraceuticals, Food and Beverages, Cosmetics, Animal Feed), By Dosage (Low Dosage (up to 100 mcg), Medium Dosage (100-1,000 mcg), High Dosage (above 1,000 mcg)), By Distribution Channel (Retail Pharmacies, Online Pharmacies, Hospitals and Clinics, Nutritional Stores, Direct-to-Consumer) and By Regional (North America, Europe, South America, Asia Pacific

Vitamin B12 Cobalamin Market Overview

Vitamin B12 Cobalamin Market Size was estimated at 1.42 (USD Billion) in 2022. The Vitamin B12 Cobalamin Market Industry is expected to grow from 1.5(USD Billion) in 2023 to 2.5 (USD Billion) by 2032. The Vitamin B12 Cobalamin Market CAGR (growth rate) is expected to be around 5.81% during the forecast period (2024 - 2032).

Key Vitamin B12 Cobalamin Market Trends Highlighted

Key market drivers for Vitamin B12 Cobalamin include the rising prevalence of B12 deficiency due to dietary changes and increased awareness of its health benefits. Opportunities exist in the development of innovative delivery systems, such as oral sprays and transdermal patches, as well as the expansion of the market in developing countries where B12 deficiency is prevalent.Recent trends suggest a growing emphasis on personalized nutrition, with consumers seeking customized supplements based on their individual needs. Additionally, there is a shift towards plant-based diets, which can lead to B12 deficiency, driving demand for fortified foods and supplements. The market is also influenced by technological advancements in production processes, such as fermentation and extraction techniques, which can increase the efficiency and yield of B12 Cobalamin production.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Vitamin B12 Cobalamin Market Drivers

Growing Health Awareness and Demand for Dietary Supplements

The trend is developing under the influence of the fact that consumers are more and more aware of the significance of a healthy and productive life. This trend can be explained because optimal congestions of vitamins and mineral nutrients enable people to improve their well-being. According to Hawkins, Carlton, and Glass, Vitamin B12 is an essential nutrient that is involved in the growth and development activity of every cell of the body; it is crucial for the formation of red blood corpuscles and has an influence on the functionality of the nerves.All these health properties of Vitamin B12 will stimulate the demand for this type of dietary supplement. At the same time, we can hardly argue that the issue of the effective mode of life has been more significant than nowadays. More and more people opt for healthy lifestyles, and thus, they strive to maintain optimal diets, which also, under the impact of food tendency to reduce, will drive the augment of Vitamin B12 supplements demand. At the same time, the issue of Vitamin B12 supplement demand can be directly and inevitably linked to the increase in fortified foods and beverages demand.Now, the diversity of foods that contain different vitamins can be easily bought at stores. For instance, milk products, cereals, and plant-based foods contain supplemented Vitamin B12. However, the increase in the demand for Vitamin B12 supplements supports the rise of demand for foods and drinks that contain this nutrient. One more reason for expanding the Vitamin B12 supplements market is rapid technological development. The latest innovations in the field assist manufacturers in producing Vitamin B12 supplements using advanced fermentation and extraction techniques.To sum up, we can indicate that the above-mentioned trends will define the market's tendency to grow.

Increasing Prevalence of Vitamin B12 Deficiency

Vitamin B12 deficiency is a widespread issue, especially among certain groups of the population, such as plant-based eaters, vegetarians, and the aged. Vitamin B12 deficiency occurs because of primary scarcity in diets, impaired absorption, or the presence of certain medical conditions. The demand for Vitamin B12 supplements is projected to increase in the years to come because the issues that have pushed the demand up are increasingly becoming widespread.The Vitamin B12 Cobalamin Market Industry has continuously grown because of its increased demand. Based on the Personal Test, i.e., the Nutritionist’s advice, Vitamin B12 is the most important nutrient the body requires to properly function. It is also referred to as cobalamin. This all-important nutrient helps the body manufacture red blood cells, form nerves’ function, and for DNA synthesis. Whenever the body diminishes in vitamin B12 levels, one is at risk of developing a deficiency of Vitamin B12, which results in infections related to it.Different factors have facilitated the growth of this particular industry, such as an increased awareness of Vitamin B12 deficiency and the illnesses resulting from it. Moreover, there are many STEM individuals and worldwide organizations that have studied and spread across the world. An example of this, particularly one, is the Personal Test. For example, the free Vitamin B12 within Personal Test ranges from 147ng/L, while the expected result for Vitamin B12 hologic, i.e.H9 is 117ng/L. This result is somehow higher, meaning the person has no Vitamin B12 deficiency. Also, there is an increase in the incidence rate of malabsorption deficits for Vitamin B12 in food among the population which has currently led to increased dietary supplements.

Expansion of the Pharmaceutical Industry

The pharmaceutical industry is a key player in the development, production and distribution of Vitamin B12 supplements. The Vitamin B12 Cobalamin Market Industry is expected to be driven by the growing shift towards personalized medicine and the development of novel drug delivery systems. The increasing prevalence of chronic diseases and the aging population are expected to create new avenues for Vitamin B12 supplements as adjunctive therapy.

Vitamin B12 Cobalamin Market Segment Insights:

Vitamin B12 Cobalamin Market Form Insights

The Vitamin B12 Cobalamin Market is segmented by form into Crystalline, Powder, Liquid, Capsules, and Tablets. Of these, Crystalline is expected to be the largest segment in 2023, accounting for a market share of around 54%. Crystalline Vitamin B12 is the pure form of the vitamin, and it is commonly used in the production of fortified foods and beverages, as well as dietary supplements. It is highly stable and has a long shelf life, making it the preferred choice of the manufacturers. The Powder form is expected to be the second-largest segment, accounting for a market share of around 26% in 2023.Powdered Vitamin B12 is commonly used in the food and beverage industry as a fortificant, and it is also available in the form of capsules and tablets for dietary supplementation. It is generally cheaper than Crystalline Vitamin B12, making it a more cost-effective option in some applications. The Liquid segment is expected to grow steadily in the coming years, driven by the increasing demand for liquid dietary supplements. Liquid Vitamin B12 is more readily absorbed by the body than the other forms, and it is often the preferred choice for individuals with malabsorption issues.It is also used in the form of injection for the treatment of Vitamin B12 deficiency. The Capsules and Tablets segments are also expected to be relatively small, although they remain important due to their convenience and ease of use. Capsules and tablets are commonly used in dietary supplements, and they are available in a wide range of strengths and formulations to cater to different groups of people. The growth of the market is driven by factors such as the increasing prevalence of Vitamin B12 deficiency, rising awareness about the importance of Vitamin B12 for overall health, and the growing demand for fortified foods and beverages.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Vitamin B12 Cobalamin Market Source Insights

The Vitamin B12 Cobalamin Market is based on source, and is divided into animal, plant, and synthetic. The plant segment is expected to grow by 6.2% CAGR and the synthetic one by 6.5% CAGR. The growth of the animal segment is due to the growing demand for meat and dairy products, and the growth of the plant segment is explained by the growing popularity of veganism and vegetarianism. Synthetic cobalamin will grow due to the increasing use of vitamin B12 in fortified foods and beverages.

Vitamin B12 Cobalamin Market Application Insights

The Vitamin B12 Cobalamin Market is segmented into Pharmaceuticals, Nutraceuticals, Food and Beverages, Cosmetics, and Animal Feed. Pharmaceuticals are expected to hold a significant share of the Vitamin B12 Cobalamin Market. The pharmaceutical industry uses Vitamin B12 Cobalamin for manufacturing various medications like anemia drugs and supplements. In 2023, the Vitamin B12 Cobalamin Market for Pharmaceuticals was valued at USD 0.78 billion and is expected to reach USD 1.12 billion by 2032, exhibiting a CAGR of 4.1%. This growth can be attributed to the rising prevalence of Vitamin B12 deficiency and increasing demand for personalized medicine.The Nutraceuticals segment is anticipated to have a promising growth rate. Growing awareness about the health benefits of Vitamin B12 Cobalamin is driving the demand in the nutraceutical industry. The market for Vitamin B12 Cobalamin in the nutraceutical sector is estimated to be valued at USD 0.42 billion in 2023 and is projected to expand at a CAGR of 6.2% over the forecast period. Due to rising consumer awareness of health and wellness, the demand for Vitamin B12 Cobalamin supplements is likely to increase. The Food and Beverages segment is expected to experience steady growth.The increasing use of Vitamin B12 Cobalamin as a food supplement is expected to propel the segment's growth. In 2023, the Vitamin B12 Cobalamin Market for Food and Beverages was valued at USD 0.25 billion and is projected to reach USD 0.36 billion by 2032, exhibiting a CAGR of 4.3%. The Cosmetics segment is anticipated to have a positive growth trajectory. Vitamin B12 Cobalamin is increasingly used in skincare products due to its anti-aging and skin-brightening properties. The market for Vitamin B12 Cobalamin in the cosmetics industry is estimated to be valued at USD 0.09 billion in 2023 and is projected to expand at a CAGR of 5.8% over the forecast period.Rising consumer demand for natural and organic skincare products is driving the segment's growth. The Animal Feed segment is expected to witness moderate growth. The increasing use of Vitamin B12 Cobalamin in animal feed for livestock, poultry, and pets is anticipated to drive the segment's growth. The market for Vitamin B12 Cobalamin in the animal feed industry is estimated to be valued at USD 0.06 billion in 2023 and is projected to expand at a CAGR of 4.9% over the forecast period.

Vitamin B12 Cobalamin Market Dosage Insights

The Vitamin B12 Cobalamin Market segmentation by dosage can be divided into low dosage (up to 100 mcg), medium dosage (100-1,000 mcg), and high dosage (above 1,000 mcg). Low dosage is commonly used for daily supplements and over-the-counter medications. In 2023, the low dosage segment accounted for the largest share of the market. The medium dosage segment is primarily used for prescription medications and is expected to witness significant growth due to the increasing prevalence of vitamin B12 deficiency. The high dosage segment is mainly used for severe vitamin B12 deficiencies and is expected to grow at a moderate pace.The Vitamin B12 Cobalamin Market is expected to reach USD 2.5 billion by 2032, growing at a CAGR of 5.81%.

Vitamin B12 Cobalamin Market Distribution Channel Insights

The distribution channel segment plays a crucial role in the Vitamin B12 Cobalamin Market. In 2023, the retail pharmacies segment held the largest market share of around 35%, owing to the widespread accessibility and convenience offered by these channels. Online pharmacies are projected to witness significant growth in the coming years, driven by increasing internet penetration and the ease of ordering medications online. Hospitals and clinics account for a considerable share of the market, as they are the primary for administering injectable forms of Vitamin B12.Nutritional stores cater to the growing demand for dietary supplements and functional foods, contributing to their share in the market. Direct-to-consumer channels, including company websites and telemedicine platforms, are gaining traction, offering personalized recommendations and doorstep delivery. The market growth is attributed to the rising prevalence of Vitamin B12 deficiency, increasing awareness about its health benefits, and the growing demand for fortified foods and beverages.

Vitamin B12 Cobalamin Market Regional Insights

The regional segmentation of the Vitamin B12 Cobalamin Market offers valuable insights into the market's geographical distribution and growth dynamics. North America holds a significant market share due to the high prevalence of vitamin B12 deficiency and growing awareness of its health benefits. Europe follows closely, driven by favorable regulatory policies and increasing demand for fortified food products. The APAC region is expected to witness substantial growth, attributed to rising disposable income and changing dietary patterns. South America and MEA are emerging markets with untapped potential, presenting opportunities for market expansion.By understanding the regional dynamics, businesses can tailor their strategies to target specific markets and capture growth opportunities.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Vitamin B12 Cobalamin Market Key Players And Competitive Insights:

The vitamin B12, Cobalamin Market industry poses a highly competitive landscape, with leading players competing against each other. Overall, major players in the Vitamin B12 Cobalamin Market industry are continuously moving towards gaining a competitive edge in some way. The emergence of key players in the Vitamin B12 Cobalamin Market industry can be due to expanding their product portfolio, enhancing their distribution scale and scope, forming strategic relationships and primarily increasing investment in research and development.Leading players of the Vitamin B12 Cobalamin Market are working towards developing novel products that meet the ever changing requirements of consumers as it acts as the major driver of Vitamin B12 Cobalamin Market growth. Other drivers of the Vitamin B12 Cobalamin Market include increasing health awareness among consumers and rising disposable income among other reasons. Merck is one of the major players of Vitamin B12 Cobalamin Market which offers a wide range of Vitamin B12 products. These products include cyanocobalamin, hydroxocobalamin, methylcobalamin and other types of Vitamin B12 products. Moreover, Merck has a vast distribution network and is one of the largest Vitamin B12 Cobalamin Market players globally. BASF is another such player operating in the Vitamin B12 Cobalamin Market, which offers a wide range of vitamins and nutrients. Both companies are involved in research and development activities and are committed to offering high-quality products and services. Furthermore, BASF is also known for its efforts to reduce its carbon footprint and is working towards becoming more sustainable.

Key Companies in the Vitamin B12 Cobalamin Market Include:

• Nature Made


• Jarrow Formulas


• KAL


• NOW Foods


• Health Chemie


• Solgar


• Thorne Research


• EW Nutrition


• Lonza


• MegaFood


• Merck Co.


• DSM


• Country Life


• Nature's Bounty


• Pure Encapsulations

Vitamin B12 Cobalamin Market Industry Developments

The Vitamin B12 Cobalamin Market is anticipated to reach a valuation of USD 2.5 billion by 2032, expanding at a 5.81% CAGR from 2024 to 2032. Rising awareness of vitamin B12 deficiency and its associated health risks, coupled with increasing demand for fortified foods and beverages, is driving market growth. Key industry participants are investing in research and development to introduce innovative Vitamin B12 Cobalamin-based products, such as supplements, injectables, and fortified foods. The market is also witnessing strategic collaborations and partnerships to expand distribution channels and cater to the growing demand for Vitamin B12 Cobalamin products.

Vitamin B12 Cobalamin Market Segmentation Insights

• Vitamin B12 Cobalamin Market Form Outlook
  
  
  
  • Crystalline
  
  
  • Powder
  
  
  • Liquid
  
  
  • Capsules
  
  
  • Tablets
  
  
  
  

• Vitamin B12 Cobalamin Market Source Outlook
  
  
  
  • Animal-Derived
  
  
  • Plant-Derived
  
  
  • Synthetic
  
  
  
  

• Vitamin B12 Cobalamin Market Application Outlook
  
  
  
  • Pharmaceuticals
  
  
  • Nutraceuticals
  
  
  • Food and Beverages
  
  
  • Cosmetics
  
  
  • Animal Feed
  
  
  
  

• Vitamin B12 Cobalamin Market Dosage Outlook
  
  
  
  • Low Dosage (up to 100 mcg)
  
  
  • Medium Dosage (100-1,000 mcg)
  
  
  • High Dosage (above 1,000 mcg)
  
  
  
  

• Vitamin B12 Cobalamin Market Distribution Channel Outlook
  
  
  
  • Retail Pharmacies
  
  
  • Online Pharmacies
  
  
  • Hospitals and Clinics
  
  
  • Nutritional Stores
  
  
  • Direct-to-Consumer
  
  
  
  

• Vitamin B12 Cobalamin Market Regional Outlook
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa