Vitamin B12 Market: By Dosage form (Powder, Injection, Tablets, Nasal sprays, and Syrups), By Route of Administration (Intravenous, Subcutaneous, Oral, and Nasal), By Distribution channel (Hospital Pharmacy, Online sales, and Retail Pharmacy) and Geography    

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Vitamin B12 Market size was valued at USD 347.9 million in 2022 and is poised to grow at a significant CAGR of 6.9% from 2023 and 2029. Vitamin B12 is the most extensive and structurally complicated vitamin. It occurs naturally in animal products like meat and eggs, and manufacturers can produce it through bacterial fermentation synthesis. Continuous demand for vitamin B12 ingredients because of increased vitamin B12 deficiency boosts the global vitamin B12 market. The market is fueled by rising consumer health consciousness, and a significant increase in the vegan population has resulted in vitamin deficiencies, such as Vitamin B12. Leading and developing market companies who have invested much in research and development in such corresponding elements have seen tremendous success in their businesses. The rising prevalence of depression and memory loss also drives the vitamin B12 market. In the global vitamin B12 market, the demand is increasing among the vegan population and patients suffering from anemic diseases. The trend of veganism is booming among the population, and many manufacturers are providing certified vegan food products in their product portfolio. Based on dosage form, the tablet segment is expected to be the most popular in the vitamin B12 market. Tablets are easy to use and deliver a correct dose of the active ingredient in a convenient portable form. They can also be engineered to safeguard unstable drugs or hide undesirable chemicals.

vitamin B12 market Key Market Developments:
  • In, March 2022, LBB Specialties LLC announced that it had acquired Debro Inc., a Canadian specialty chemicals distributor based in Brampton, ON. The terms of the transaction were not disclosed.
  • In Oct 2021, Royal DSM, a global purpose-led science-based company, announced the completion of its acquisition of First Choice Ingredients for an enterprise value of US$453 million.

Global Vitamin B12 Market Summary

Study Period

2024-2030

Base Year

2023

CAGR

6.9%

Largest Market

North America

Fastest Growing Market

Asia pacific
Vitamin B12 Market Dynamics

The increased prevalence of malnutrition and vitamin deficiency among young people drives the demand for vitamin B12. Demand for vitamin B12 is also driven by rapid urbanization and rising disposable income. The global population's vitamin B deficiency has also created a vast market for vitamin B12. The lack of public knowledge of vitamin insufficiency impedes industry expansion.

Global Vitamin B12 Market Segmentation

By Dosage Form
  • Powder
  • Injection
  • Tablets
  • Nasal sprays
  • Syrups
By Route Administration
  • Intravenous
  • Subcutaneous
  • Oral
  • Nasal
By Distribution Channel
  • Hospital Pharmacy
  • Online sales
  • Retail Pharmacy

Frequently Asked Questions

The vitamin b12 market size was valued at USD 347.9 million in 2022

The vitamin b12 market key players are Sanofi-Aventis Yufeng Industry Group Hebei Huarong Pharmaceutical Co., Ltd. Ningxia Kingvit Pharmaceutical Co., Ltd. NCPC Victor Co., Ltd.

The vitamin b12 market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.

Key Features of the Reports

  • The report provides granular level information about the market size, regional market share, historic market (2019-2023), and forecast (2024-2030)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
  1. Executive Summary
  2. Global Vitamin B12 Market Introduction
    • Global Vitamin B12 Market Taxonomy
    • Global Vitamin B12 Market Definitions
      • By Product Type
      • Application/ End Users
  3. Global Vitamin B12 Market Dynamics
    • Drivers
    • Restraints
    • Opportunities/Unmet Needs of the Market
    • Trends
    • Global Vitamin B12 Market Dynamic Factors - Impact Analysis
    • Global Vitamin B12 Market Competition Landscape
  4. Global Vitamin B12 Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029
    • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Year-over-Year (Y-o-Y) Growth Analysis (%)
    • Market Opportunity Analysis
  5. Global Vitamin B12 Market, By Product Type, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • 98% Vit B12
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • 2% Vit B12
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • 1% Vit B12
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Others
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Vitamin B12 Market Forecast, By Application/End User, 2018 - 2022 and Forecast, 2023 - 2029
    • Pharma Industry
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Food
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Feed
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Others
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
  1. Global Vitamin B12 Market Forecast, By Region, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • North America
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Europe
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Asia-Pacific
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Latin America
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Middle East and Africa
      • Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
      • Year-over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
      • Market Opportunity Analysis
    • Global Vitamin B12 Market - Opportunity Analysis Index, By Product Type, Application/End User, and Region, 2023 - 2029
  2. North America Vitamin B12 Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • 98% Vit B12
      • 2% Vit B12
      • 1% Vit B12
      • Others
    • Application/End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Pharma Industry
      • Food
      • Feed
      • Others
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • US
      • Canada
    • North America Vitamin B12 Market - Opportunity Analysis Index, By Product Type, Application/End User, and Country, 2023 - 2029
    • North America Vitamin B12 Market Dynamics Trends
  3. Europe Vitamin B12 Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • 98% Vit B12
      • 2% Vit B12
      • 1% Vit B12
      • Others
    • Application/End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Pharma Industry
      • Food
      • Feed
      • Others
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Germany
      • UK
      • France
      • Spain
      • Italy
      • Russia
      • Poland
      • Rest of Europe
    • Europe Vitamin B12 Market - Opportunity Analysis Index, By Product Type, Application/End User and Country, 2023 - 2029
    • Europe Vitamin B12 Market Dynamics Trends
  4. Asia-Pacific Vitamin B12 Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • 98% Vit B12
      • 2% Vit B12
      • 1% Vit B12
      • Others
    • Application/End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Pharma Industry
      • Food
      • Feed
      • Others
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Japan
      • China
      • India
      • ASIAN
      • Australia & New Zealand
      • Rest of Asia-Pacific
    • Asia-Pacific Vitamin B12 Market - Opportunity Analysis Index, By Product Type, Application/End User and Country, 2023 - 2029
    • Asia-Pacific Vitamin B12 Market Dynamics Trends
  5. Latin America Vitamin B12 Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • 98% Vit B12
      • 2% Vit B12
      • 1% Vit B12
      • Others
    • Application/End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Pharma Industry
      • Food
      • Feed
      • Others
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Brazil
      • Mexico
      • Argentina
      • Rest of Latin America
    • Latin America Vitamin B12 Market - Opportunity Analysis Index, By Product Type, Application/End User and Country, 2023 - 2029
    • Latin America Vitamin B12 Market Dynamics Trends
  6. Middle East and Africa Vitamin B12 Market Analysis, 2018 - 2022 and Forecast, 2023 - 2029 (Revenue, USD Mn)
    • Product Type Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%), and Market Share (%)
      • 98% Vit B12
      • 2% Vit B12
      • 1% Vit B12
      • Others
    • Application/End User Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn), Y-o-Y Growth (%) and Market Share (%)
      • Pharma Industry
      • Food
      • Feed
      • Others
    • Country Analysis 2018 - 2022 and Forecast 2023 - 2029 by Revenue (USD Mn) Y-o-Y Growth (%) and Market Share (%)
      • Gulf Cooperation Council (GCC) Countries
      • Israel
      • South Africa
      • Rest of MEA
    • MEA Vitamin B12 Market - Opportunity Analysis Index, By Product Type, Application/End User and Country, 2023 - 2029
    • MEA Vitamin B12 Market Dynamics Trends
  7. Competition Landscape
    • Strategic Dashboard of Top Market Players
    • Company Profiles (Introduction, Financial Analysis, Product Type & Service Offerings, Key Developments, Strategies, and SWOT Analysis)
      • Sanofi-Aventis
      • Yufeng Industry Group
      • Hebei Huarong Pharmaceutical Co., Ltd.
      • Ningxia Kingvit Pharmaceutical Co., Ltd.
      • NCPC Victor Co., Ltd.
  1. Research Methodology
  2. Key Assumptions and Acronyms
  • Sanofi-Aventis
  • Yufeng Industry Group
  • Hebei Huarong Pharmaceutical Co., Ltd.
  • Ningxia Kingvit Pharmaceutical Co., Ltd.
  • NCPC Victor Co., Ltd.

Adjacent Markets