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Global Vitamin B12 Supplement by Form (Powder, Capsule, Tablet, Liquid), The United States Vitamin B12 Supplement Market is expected to grow value of US$ 68.3 million between 2023 and 2033.
Newly-released Vitamin B12 Supplement market analysis report by Persistence Market Research reveals that global sales of Vitamin B12 Supplement 2022 were held at US$ 285.5 Million. With a 6.1% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 549 Million by the end of the forecast period. Vitamin B12 Supplement revenue through Fortified Food & Beverage application is expected to garner significant revenue, and is projected to grow at a CAGR of over 5.9% from 2023 to 2033.
Global Vitamin B12 Supplements Market (2023)
US$ 285.5 Million
Global Vitamin B12 Supplements Market (2033)
US$ 549 Million
Global Vitamin B12 Supplement Market CAGR (2018-2022)
U.S Vitamin B12 Supplement Market CAGR (2023 – 2033)
Key Companies Covered
As per the Vitamin B12 Supplement Research by Persistence Market Research - a market research and competitive intelligence provider, historically, from 2018 to 2022, the value of Vitamin B12 Supplement increased by around 7% CAGR. With an absolute dollar opportunity of US$ 244 Million during the forecast period, the market is projected to reach a US$ 549 Million valuation by 2033.
Vitamin B12, commonly known as cobalamin, is a water-soluble vitamin that is found naturally in animal diets. This vitamin is crucial for human health since it aids in the correct growth of the nervous system and has a significant role in the body of every individual. The body uses Vitamin B12 to form red blood cells (RBC) and it is also an important cofactor involved in the synthesis of DNA.
Due to the rise in vitamin deficiency in young populations and increased knowledge of supplements, the market for vitamin B12 supplements has significantly increased in recent years.
Growing public awareness of the importance of leading healthy lifestyles has expanded the vitamin B12 supplement industry. The increase in vitamin deficiencies in developing nations and the rise in veganism are other factors influencing the need for vitamin B12 supplements.
According to a study, 11% of people worldwide consume vegetarian food, while 3% of people follow vegan diets. Because plants and plant-based goods cannot naturally manufacture vitamin B12, those who do not consume animal-based products are at a higher risk of vitamin B12 deficiency.
In developing and low-income countries, malnutrition can cause noncommunicable diseases such as anemia, fatigue, headache, and obesity. According to the World Health Organisation estimates, approximately 1.9 billion adults are overweight and 465 million people are underweight. The market is likely to grow throughout the assessment period due to the deficiency of vitamin B12 in these nations due to malnutrition in these regions.
The fact that physicians frequently suggest vitamin B12 to patients with cancer, HIV infection, pregnancy, and digestive disorders, to enhance their immune systems and to fulfill the daily need for vitamin B12 in the body, is another factor that will result in the market expansion during the course of the assessment period. The increase in susceptibility among the senior population following COVID-19 is also projected to expand the market in the future.
North America had a market size of US$ 119.3 Million in 2022 and is estimated to reach US$ 127.5 Million in 2023. It is projected that North America will have a market worth US$ 229.5 Million in 2033. The historical CAGR between 2018 and 2022 is 7%. The forecasted CAGR between 2023 and 2033 is expected to be 6.1%.
According to a recent study conducted, approximately 6% of the U.S. population is vegan and around 8% of the population is vegetarian. In Canada, approximately 1 million people are vegan and around 2.3 million people consume a vegetarian diet.
The number of people consuming vegan food is expected to increase in the future. The lack of animal-based food in the diet of the population of North America is one of the reasons for having a deficiency of vitamin B12. Due to a large population having a deficiency of vitamin B12, North America is considered to be a significant market for Vitamin B12 Supplements.
United States Vitamin B12 Supplement Market Analysis:
The United States market is expected to grow to be worth US$ 179 Million with an absolute dollar growth of US$ 68.3 million between 2023 and 2033. The market in the country has grown at a CAGR of 5.5% from 2018 to 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2033.
The National institute of health (NIH) of the U.S. advises citizens who are above 50 to obtain their daily intake of vitamin B12 through a supplement or fortified foods. This along with the rise in the number of people consuming vegan or non-animal-derived foods is projected to expand the vitamin B12 supplement market during the assessment period.
Approximately around 20 million Americans are currently suffering from digestive disorders. Due to this, they are unable to absorb the required micro and macronutrients that include vitamin B12. Owing to these factors, the market in the country is projected to expand during the assessment period.
Canada Vitamin B12 Supplement Market Analysis:
An estimated 2.3 million Canadians consume vegetarian food. People who eat a vegan or vegetarian diet are more susceptible to vitamin B12 deficiency since plants cannot naturally manufacture it. In addition to the surge in vegan and vegetarian diets, over 20 million Canadians experience digestive problems, which may prevent them from absorbing the necessary micro and macronutrients. The market for vitamin B12 supplements is projected to expand as a result of these reasons throughout the assessment period.
UK Vitamin B12 Supplement Market Analysis:
The market in the UK is expected to grow to be worth US$ 27.3 Million with an absolute dollar growth of US$ 10.9 Million till 2033. The market in the country has grown at a CAGR of 5.8% from 2018 to 2022 and is expected to grow at a CAGR of 5.2% from 2023 to 2033.
It is estimated that around 3% of the population in the U.K. consider themselves vegan. Along with this, about 7% of the population consider themselves vegetarian and the number of adults below the age of 20 who consume a vegetarian diet is approximately 11%. This rise in the popularity of vegan and vegetarian diets makes the United Kingdom and lucrative market for vitamin B12 supplement manufacturers.
India Vitamin B12 Supplement Market Analysis:
There are a significant number of people in India who practice a vegetarian diet. An estimated 24% of the Indian population is vegetarian, with an additional 9% vegan. This amounts to nearly 574 million Indians who do not consume meat. Due to the vast number of people who consume a meat-free diet, India has a significant population that is deficient in vitamin B12.
According to a recent study, 47% of Indians have low levels of vitamin B12 or are deficient in it. As a result, the has a significant market for Vitamin B12 supplement manufacturers, and the market for Vitamin B12 supplements is projected to expand throughout the assessment period.
Germany Vitamin B12 Supplement Analysis:
Veganism is practiced by around 3.2% of the German population or approximately 2.6 million individuals. The primary causes that are encouraging people to consume a vegan diet in the nation are healthier eating and climate change due to cattle farming. The nation is suffering from a vitamin B12 deficit due to the rising popularity of plant-based diets. In addition to an increase in the number of vegans in the country, digestive problems and mental illnesses like depression are also on the rise.
Around 8% of the population has clinical depression, whereas an estimated 19% of the population in the nation suffers from digestive issues. Therefore, the market in the country is projected to grow significantly during the assessment period.
Which End Use Industry is projected to offer Significant Opportunity to Vitamin B12 Supplements Market?
The market through Fortified Food & Beverage is projected to witness significant opportunity as it has grown at a CAGR of 6.6% from 2018 to 2022 and is expected to grow at a CAGR of 5.9 % from 2023 to 2033.
The rise in awareness regarding health and rising nutrient deficiencies among the population are the main factors expanding the fortified food & beverage industry. Food fortification is a cost-effective way that significantly increases the nutritional value of food to meet the daily required intake of vitamins and minerals. The manufacturers of fortified foods have taken notice of the rise in demand for their products and are investing heavily in the research and development of better products for their consumers.
Which Form of Vitamin B12 Supplement is Expected to be Most Lucrative?
The powder form is projected to witness prominent growth as it has grown at a CAGR of 7.5% from 2018 to 2022 and is expected to grow at a CAGR of 6.7% from 2023 to 2033.
Many consumers who cannot absorb vitamin B12 from natural sources such as animal-derived food such as fish and meat, and people suffering from some digestive disorders need to use dietary supplements and nutritional products in various forms. The powder form is frequently used because of its water-soluble nature and potential to help with a variety of health problems, including lowering weariness and exhaustion, forming red blood cells, and treating a B12 deficit that affects the digestive system. Powdered nutritional supplements can be added to beverages, foods, milk products, and dietary goods.
Vitamin B12 manufacturing companies all across the world and regions are currently engaged in research and development to produce better quality supplements and investing heavily to build advanced manufacturing plants to keep up with the demand from all across the globe.
Key players in the Vitamin B12 Supplement industry are Chem Kart India Pvt Ltd, Pfizer Inc., Sanofi-Aventis, Bristol-Myers Squibb Company, Koninklijke DSM N.V., Johnlee Pharmaceutical Pvt Ltd., Charkit Chemical, American Regent, Apotheca Inc., and Merck Group.
Some of the recent developments in the Vitamin B12 supplements market are:
By End Use Industry
The global market size of the Vitamin B12 Supplement Market is worth US$ 285.5 Million in 2023.
The global market size of Vitamin B12 Supplement is projected to witness a market size of US$ 305 Million in 2023.
The valuation of the Vitamin B12 Supplement Market from 2018 to 2022 is US$549 million.
The CAGR growth of the Vitamin B12 Supplement Market over the last 4 years was 7%.
The projected CAGR for the vitamin B12 supplement market is 6.1%.
The powder type of vitamin B12 supplement will garner a significant value share by 2023.