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Vitamin B12 Ingredient Market Size - By Form (Cyanocobalamin, Methylcobalamin, Hydroxocobalamin, Adenosylcobalamin), Source (Animal-Based, Plant-Based), End-use (Human Nutrition, Animal Nutrition), Application, Regional Outlook & Global Forecast, 2023 – 2032

  • Report ID: GMI6864
  • Published Date: Oct 2023
  • Report Format: PDF

Vitamin B12 ingredient Market Size

Vitamin B12 Ingredient Market size was valued at USD 269.1 thousand in 2022 and is estimated to expand at a CAGR of 5.8% between 2023 and 2032. Growing awareness of the importance of maintaining overall health and well-being has led to greater interest in vitamins and minerals, including Vitamin B12. Vegan and vegetarian diets exclude animal products, which are primary sources of Vitamin B12. As the popularity of plant-based diets increases, the demand for Vitamin B12 supplements and fortified foods rises.
 

Vitamin B12 Ingredient Market

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The food and beverage industry often fortifies products with essential vitamins, including Vitamin B12. Fortified foods and beverages cater to health-conscious consumers looking for functional and nutritious options. Vitamin B12 is used in pharmaceuticals to treat deficiency-related conditions, such as pernicious anaemia.
 

Securing a consistent and sustainable supply of raw materials for Vitamin B12 production can be challenging. Maintaining consistent product quality and potency is essential in the Vitamin B12 industry. The vitamin B12 ingredient market is subject to strict regulatory standards and labeling requirements.
 

COVID-19 Impact

Many production facilities, including those involved in the production of dietary supplements and fortified foods, experienced shutdowns or reduced capacity due to lockdowns and workforce challenges. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is set to drive the market growth.
 

Vitamin B12 Ingredient Market Trends

Growing awareness of the importance of Vitamin B12 for overall health, particularly for vegans, vegetarians, and older adults, is driving demand for Vitamin B12 supplements and fortified foods. The popularity of plant-based diets is leading to a demand for plant-based sources of Vitamin B12, such as fortified plant-based milk, cereals, and supplements. The fortification of plant-based foods with Vitamin B12 is a growing trend to address nutrient deficiencies in plant-based diets.
 

Vitamin B12 Ingredient Market Analysis

Vitamin B12 Ingredient Market Size, By Form, 2021 - 2032 (USD Thousand)

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The vitamin B12 ingredient market from cyanocobalamin segment held over USD 44.7 thousand revenue in 2022. Cyanocobalamin is the most common and cost-effective form of Vitamin B12, making it a preferred choice for many supplement manufacturers. Cyanocobalamin is readily available and has a longer shelf life compared to other forms, making it suitable for mass production and distribution.
 

Vitamin B12 Ingredient Market Revenue Share, By Source, (2022)

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Animal-based segment accounted for 85% of the vitamin B12 ingredient market share in 2022. Vitamin B12 is naturally found in animal products, making it readily available for use in the meat and dairy industry. The demand is driven by the need to fortify these products.
 

The vitamin B12 ingredient market from pharmaceuticals segment is anticipated to witness 6.4% CAGR through 2032. Vitamin B12 ingredients are used in pharmaceutical formulations to treat Vitamin B12 deficiency-related conditions.
 

The human nutrition segment is poised to show tremendous growth till 2032. The demand for fortified foods and beverages with added vitamins, including Vitamin B12, continues to rise. Growing awareness of the importance of Vitamin B12 for overall human health drives demand for supplements containing Vitamin B12.
 

U.S. Vitamin B12 Ingredient Market Size, 2020- 2032 (USD Thousand)

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U.S. vitamin B12 ingredient market size dominated around USD 80.3 thousand in 2022. An increasing number of consumers in North America are focusing on health and wellness, leading to a higher demand for dietary supplements and fortified foods containing Vitamin B12.
 

Vitamin B12 ingredient Market Share

Some of the major companies operating in the vitamin B12 ingredient market are:

  • Adisseo
  • DSM Nutritional Products
  • Lonza Group
  • Merck KGaA
  • BASF SE
  • Gnosis by Lesaffre
  • Jubilant Life Sciences
  • NOW Foods
  • NutraGenesis LLC (part of Ascenta Health)
  • Nutrilo GmbH
  • Pharmavit GmbH
  • Rousselot
  • Spectrum Chemical Manufacturing Corp.
  • Thermo Fisher Scientific
  • Zhejiang Shengda Bio-Pharm Co., Ltd.

These companies focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these companies are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
 

Vitamin B12 ingredient Industry News:

  • In June 2021, Unived launched a plant-based vitamin b complex and multi vitamin tablet in the Indian market.
     
  • In June 2020, Elysium Health, Inc. launched a brain health supplement named MATTER in collaboration with University of Oxford.
     

This vitamin B12 ingredient market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Thousand & Tons from 2018 to 2032, for the following segments:

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Market, By Form

  • Cyanocobalamin
  • Methylcobalamin
  • Hydroxocobalamin
  • Adenosylcobalamin

Market, By Source

  • Animal-Based
  • Plant-Based

Market, By Application

  • Pharmaceuticals
  • Dietary Supplements
  • Medications 
  • Food and Beverages
  • Fortified Foods
  • Energy Drinks and Shots
  • Infant Formula
  • Cosmetics and Personal Care
  • Skin Care Products
  • Hair Care Products
  • Oral Care Products
  • Animal Feed and Nutrition

Market, By End-use

  • Human Nutrition
  • Animal Nutrition

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Indonesia
    • Malaysia 
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Egypt

 

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of vitamin B12 ingredient surpassed USD 269 thousand in 2022 and is set to reach USD 479 thousand by 2032, supported by the growing awareness of the importance of maintaining overall health and well-being.
Animal-based vitamin B12 ingredient industry segment held around 85% in 2022, as it is naturally found in animal products, making it readily available to fortify meat and dairy products.
U.S. market was worth over USD 80.3 thousand in 2022, owing to the focus among consumers on health and wellness, leading to a higher demand for dietary supplements and fortified foods containing Vitamin B12.
BASF SE, Gnosis by Lesaffre, Jubilant Life Sciences, NOW Foods, NutraGenesis LLC (part of Ascenta Health), Nutrilo GmbH, Pharmavit GmbH, Rousselot, Spectrum Chemical Manufacturing Corp., Thermo Fisher Scientific, Zhejiang Shengda Bio-Pharm Co., Ltd.

Vitamin B12 Ingredient Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 253
  • Countries covered: 21
  • Pages: 150
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