Global Vitamin B12 (Cobalamin) Market – Industry Trends and Forecast to 2029

Global Vitamin B12 (Cobalamin) Market By Form (Powder, Liquid, Capsule, Tablets), Grade (Food Grade, Pharmaceutical Grade), Sales Channel (Online Retails, Offline Retails), End-Use Verticals (Food Industry, Nutraceuticals, Pharmaceutical, Dietary Supplements) – Industry Trends and Forecast to 2029

Vitamin B12 (Cobalamin) Market Analysis and Size

Over the years, the health and wellness industry has become a dominant lifestyle value among consumers, profoundly changing consumer behavior toward naturally sourced micronutrients. Vitamin B12 (cobalamin) is gaining popularity in various end-user industries, including cosmetics, dietary supplements, functional food and beverage and others due to its multi-functionality and ongoing clean label trend.

Data Bridge Market Research analyses that the vitamin B12 (cobalamin) market was valued at USD 0.293 billion in 2021 and is expected to reach the value of USD 0.51 billion by 2029, at a CAGR of 7.2% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and consumer behaviour.

Market Definition

Vitamin B12 is an essential water-soluble vitamin. It primarily aids in the health of nerve tissues, brain function, and the production of red blood cells. Vitamin also aids in bone formation, mineralization, and growth. Vitamin B12 deficiency causes balance issues, memory loss, difficulty thinking and reasoning, anaemia, and other symptoms. Meat, eggs, salmon, and other dairy products are common dietary sources. In addition, injectable vitamin B12 formulations such as hydroxocobalamin and cyanocobalamin are available on the market.

Vitamin B12 (Cobalamin) Market Scope and Segmentation

Vitamin B12 (Cobalamin) Market Dynamics

Drivers

• Growing demand from the various end-user industries

Vitamin has been used in various industries, including food and beverages, animal feed, personal care, pharmaceuticals, and nutraceuticals. Vitamin is a carbon-containing nutrient necessary for human and animal bodies. Among them, vitamin B is used in a wide range of food and beverage applications, contributes significantly to disease prevention, and is a major driver of the growth of the vitamin B12 (cobalamin).

• Growing health awareness as well as high prevalence of vitamin deficiency

Globally, the number of health-conscious people is increasing. Obesity, malnutrition, a weakened immune system, and other health issues are also on the rise. Furthermore, the prevalence of vitamin deficiency is growing as a result of unscheduled mealtimes, hectic lifestyles, and nutritional loss during food processing. As a result of these factors, people are focusing on getting enough vitamin into their bodies to boost their immunity.

Opportunity

Many companies market their products as non-prescription products that can be used in conjunction with over-the-counter medications. This represents a significant opportunity for the non-prescription supplement industry around the world as the vitamin B12 (cobalamin) market expands. Growing consumer preference for natural and clean-label products is the best opportunity to drive natural vitamin demand in end-use industries.

Restraints

The raw material used for vitamin B12 (cobalamin) is derived from various natural sources, resulting in a scarcity of raw material. Furthermore, the high cost of vitamin B12 (cobalamin) is restraining the vitamin B12 (cobalamin) market. Dietary supplements are subject to specific regulations. This can sometimes make it difficult for companies to obtain approval from authorities, which can challenge the vitamin B12 (cobalamin) market growth.

This vitamin B12 (cobalamin) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the vitamin B12 (cobalamin) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Vitamin B12 (Cobalamin) Market

The World Health Organization (WHO) recommends that the global population consume immunity-boosting foods as well as vitamin, minerals, proteins, dietary fibre, and antioxidants, which are required by the human body to fight the outbreak. As a result, the population's consumption of vitamin supplements rises, increasing the demand for the vitamin market. Vitamin B12 (cobalamin) are in high demand in this COVID situation and are expected to grow in the coming years as well. The COVID-19 outbreak has had a profound effect on people's lives all over the world. With the increasing number of cases, stringent government regulations such as lockdowns, shutting down industries and business sectors, and so on are being implemented in almost every country. It is critical to boost immunity to fight this pandemic.

Recent Development

• In February 2020, DSM, a leading company, decided to invest in a high-tech, fully automated packing line for vitamin C production, which will be used to provide customers with improved traceability, reliability, and quality.
• DSM announced in October 2019 that it would produce vitamin B6 in two locations: Xinghuo, China, and Grenzach, Germany.
• In June 2019, one of the top key players, ADM, combined a diverse range of animal and human nutrition product lines into a single nutrition business unit used for the company's health and wellness business, including innovative products such as Novatol Vitamin E 1490PH.

Global Vitamin B12 (Cobalamin) Market Scope

The vitamin B12 (cobalamin) market is segmented on the basis of form, grade, sales channel and end-use vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form

• Powder
• Liquid
• Capsule
• Tablets

Grade

• Food Grade
• Pharmaceutical Grade

Sales channel

• Online Retails
• Offline Retails

End user vertical

• Food Industry
• Nutraceuticals
• Pharmaceutical
• Dietary Supplements

Vitamin B12 (Cobalamin) Market Regional Analysis/Insights

The vitamin B12 (cobalamin) market is analysed and market size insights and trends are provided by country, form, grade, sales channel and end use vertical as referenced above.

The countries covered in the vitamin B12 (cobalamin) market report are U.S., Canada and Mexico in North America, Germany, Sweden, Poland, Denmark, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the vitamin B12 (cobalamin) market it has large share of the U.S. market due to increased consumption of vitamin B12 (cobalamin) in powder form. Since powder form has a longer shelf life than liquid form. Germany dominates the European vitamin B12 (cobalamin) market due to the high consumption of vitamin B12 (cobalamin) in the powder form in the daily routine because powdered vitamin B12 (cobalamin) are easier to transport than liquid vitamin B12 (cobalamin). China dominates the Asia-Pacific vitamin B12 (cobalamin) market due to its large population, which is more interested in consuming a high amount of natural vitamin supplements.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Vitamin B12 (Cobalamin) Market Share Analysis

The vitamin B12 (cobalamin) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to vitamin B12 (cobalamin) market.

Some of the major players operating in the vitamin B12 (cobalamin) market are:

• DSM (Netherlands)
• BASF SE (Germany)
• Lonza Group (Switzerland)
• Glanbia plc (Ireland)
• ADM (U.S.)
• Farbest Brands (U.S.)
• SternVitamin GmbH & Co. KG (Schleswig-Holstein)
• Adisseo (France)
• BTSA Biotechnologias Aplicadas S.L. (Spain)
• Rabar Pty Ltd (Australia)
• Cargill, Incorporated (U.S.)