Vitamin B12 Supplement Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

PUBLISHED: February 13, 2024

PAGES: 250 Pages

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Description

Fairfield Market Research, a leading market intelligence firm, has released its latest comprehensive analysis report on the global Vitamin B12 Supplement market, providing valuable insights into the industry's current status and future trajectory. The report, based on meticulous research and robust data analysis, indicates significant growth prospects for the market, with sales expected to reach US$ 500 Million by the end of 2031, reflecting a projected Compound Annual Growth Rate (CAGR) of 8.0% from 2024 to 2031.

Growing Demand Fueled by Health Awareness and Dietary Trends

The global market for Vitamin B12 Supplements is witnessing notable growth, primarily driven by increasing public awareness of the importance of maintaining healthy lifestyles. Factors such as the rise in vitamin deficiencies, particularly in developing nations, and the growing adoption of veganism have significantly contributed to the surge in demand for these supplements. According to recent studies, the prevalence of vegetarian and vegan diets globally, accounting for 11% and 3% of the population, respectively, underscores the need for alternative sources of Vitamin B12. Additionally, malnutrition-related health issues prevalent in developing countries, as highlighted by the World Health Organization, further underscore the necessity for Vitamin B12 supplementation.

Regional Market Dynamics: Opportunities and Trends

North America: Leading the Charge in Vitamin B12 Supplementation

North America emerges as a prominent market for Vitamin B12 Supplements, with the United States alone projected to witness substantial growth, reaching a market value of US$ 160 Million by 2031. The increasing adoption of vegan and vegetarian diets, coupled with a significant population grappling with digestive disorders, underscores the region's robust demand for these supplements. Canada also presents lucrative opportunities, driven by a sizable population opting for meat-free diets and experiencing digestive health issues.

United Kingdom: Embracing Veganism and Vegetarianism

In the UK, the market for Vitamin B12 Supplements is expected to reach US$ 25.3 Million by 2031, driven by a rising number of individuals embracing vegan and vegetarian lifestyles. Approximately 3% of the population identifies as vegan, while 7% adhere to a vegetarian diet, indicating a growing market for B12 supplements.

India and Germany: Addressing Dietary Deficiencies

India and Germany represent significant markets for Vitamin B12 Supplements, fueled by a substantial portion of their populations adhering to vegetarian or vegan diets. In India, where 24% of the population is vegetarian and 9% vegan, the market is projected to expand steadily throughout the assessment period. Similarly, in Germany, where 3.2% of the population practices veganism, alongside rising concerns over digestive health and mental well-being, the market is poised for significant growth.

End-Use Industries and Product Forms Driving Growth

Fortified Food & Beverage: Meeting Nutritional Needs

The market for Vitamin B12 Supplements through Fortified Food & Beverage is expected to witness robust growth, driven by increasing awareness of health and nutrition. Food fortification presents a cost-effective solution to address nutrient deficiencies, with manufacturers investing in research and development to meet consumer demand for fortified products.

Powder Form: Versatile and Effective

The powder form of Vitamin B12 Supplements is anticipated to experience prominent growth, owing to its water-soluble nature and versatility in addressing various health concerns. With consumers seeking convenient and effective supplementation options, powdered supplements offer a convenient solution for incorporation into beverages, foods, and dietary products.

Competitive Analysis: Innovation and Investment

Leading players in the Vitamin B12 Supplement industry, including Chem Kart India Pvt Ltd, Pfizer Inc., Sanofi-Aventis, and others, are actively engaged in research and development initiatives to enhance product quality and meet evolving consumer preferences. Investment in advanced manufacturing facilities underscores the industry's commitment to addressing global demand for high-quality supplements.

Some key companies are:

Chem Kart India Pvt Ltd
Pfizer Inc.
Sanofi-Aventis
Bristol-Myers Squibb Company
Konikilijke DSM N.V.
Johnlee Pharmaceutical Pvt Ltd.
Charkit Chemical.
American Regent
Apotheca Inc.
Merck Group

Segmentation of the Global Vitamin B12 Supplement Market:

By Form

Tablet
Powder
Liquid
Capsule

By End Use Industry

Fortified Food & Beverages
Pharmaceutical
Health And Personal Care
Agriculture, Animal Feed, Poultry

By Region

North America
Latin America
Europe
Asia Pacific
Middle East and Africa

1. Executive Summary

1.1. Global Vitamin B12 Supplement Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2023
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Vitamin B12 Supplement Market Outlook, 2018 - 2031

3.1. Global Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2018 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Tablet
  - 3.1.1.2. Powder
  - 3.1.1.3. Liquid
  - 3.1.1.4. Capsule
3.2. Global Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2018 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Fortified Food & Beverages
  - 3.2.1.2. Pharmaceutical
  - 3.2.1.3. Health And Personal Care
  - 3.2.1.4. Agriculture, Animal Feed, Poultry
3.3. Global Vitamin B12 Supplement Market Outlook, by Region, Value (US$ Mn), 2018 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Vitamin B12 Supplement Market Outlook, 2018 - 2031

4.1. North America Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2018 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Tablet
  - 4.1.1.2. Powder
  - 4.1.1.3. Liquid
  - 4.1.1.4. Capsule
4.2. North America Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2018 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Fortified Food & Beverages
  - 4.2.1.2. Pharmaceutical
  - 4.2.1.3. Health And Personal Care
  - 4.2.1.4. Agriculture, Animal Feed, Poultry
- 4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 4.3.1.2. U.S. Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 4.3.1.3. Canada Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 4.3.1.4. Canada Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Vitamin B12 Supplement Market Outlook, 2018 - 2031

5.1. Europe Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2018 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Tablet
  - 5.1.1.2. Powder
  - 5.1.1.3. Liquid
  - 5.1.1.4. Capsule
5.2. Europe Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2018 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Fortified Food & Beverages
  - 5.2.1.2. Pharmaceutical
  - 5.2.1.3. Health And Personal Care
  - 5.2.1.4. Agriculture, Animal Feed, Poultry
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.2. Germany Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 5.3.1.3. U.K. Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.4. U.K. Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 5.3.1.5. France Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.6. France Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 5.3.1.7. Italy Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.8. Italy Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 5.3.1.9. Turkey Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.10. Turkey Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 5.3.1.11. Russia Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.12. Russia Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 5.3.1.13. Rest of Europe Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 5.3.1.14. Rest of Europe Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Vitamin B12 Supplement Market Outlook, 2018 - 2031

6.1. Asia Pacific Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2018 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Tablet
  - 6.1.1.2. Powder
  - 6.1.1.3. Liquid
  - 6.1.1.4. Capsule
6.2. Asia Pacific Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2018 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Fortified Food & Beverages
  - 6.2.1.2. Pharmaceutical
  - 6.2.1.3. Health And Personal Care
  - 6.2.1.4. Agriculture, Animal Feed, Poultry
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 6.3.1.2. China Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 6.3.1.3. Japan Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 6.3.1.4. Japan Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 6.3.1.5. South Korea Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 6.3.1.6. South Korea Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 6.3.1.7. India Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 6.3.1.8. India Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 6.3.1.9. Southeast Asia Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 6.3.1.10. Southeast Asia Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 6.3.1.11. Rest of Asia Pacific Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 6.3.1.12. Rest of Asia Pacific Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Vitamin B12 Supplement Market Outlook, 2018 - 2031

7.1. Latin America Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2018 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Tablet
  - 7.1.1.2. Powder
  - 7.1.1.3. Liquid
  - 7.1.1.4. Capsule
7.2. Latin America Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2018 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Fortified Food & Beverages
  - 7.2.1.2. Pharmaceutical
  - 7.2.1.3. Health And Personal Care
  - 7.2.1.4. Agriculture, Animal Feed, Poultry
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 7.3.1.2. Brazil Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 7.3.1.3. Mexico Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 7.3.1.4. Mexico Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 7.3.1.5. Argentina Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 7.3.1.6. Argentina Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 7.3.1.7. Rest of Latin America Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 7.3.1.8. Rest of Latin America Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Vitamin B12 Supplement Market Outlook, 2018 - 2031

8.1. Middle East & Africa Vitamin B12 Supplement Market Outlook, by Form, Value (US$ Mn), 2018 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Tablet
  - 8.1.1.2. Powder
  - 8.1.1.3. Liquid
  - 8.1.1.4. Capsule
8.2. Middle East & Africa Vitamin B12 Supplement Market Outlook, by End Use Industry, Value (US$ Mn), 2018 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Fortified Food & Beverages
  - 8.2.1.2. Pharmaceutical
  - 8.2.1.3. Health And Personal Care
  - 8.2.1.4. Agriculture, Animal Feed, Poultry
8.3. Middle East & Africa Vitamin B12 Supplement Market Outlook, by Country, Value (US$ Mn), 2018 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 8.3.1.2. GCC Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 8.3.1.3. South Africa Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 8.3.1.4. South Africa Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 8.3.1.5. Egypt Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 8.3.1.6. Egypt Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 8.3.1.7. Nigeria Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 8.3.1.8. Nigeria Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
  - 8.3.1.9. Rest of Middle East & Africa Vitamin B12 Supplement Market by Form, Value (US$ Mn), 2018 - 2031
  - 8.3.1.10. Rest of Middle East & Africa Vitamin B12 Supplement Market by End Use Industry, Value (US$ Mn), 2018 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Manufacturer vs by End Use Industry Heatmap
9.2. Company Market Share Analysis, 2023
9.3. Competitive Dashboard
9.4. Company Profiles
- 9.4.1. Apotheca Inc.
  - 9.4.1.1. Company Overview
  - 9.4.1.2. Product Portfolio
  - 9.4.1.3. Financial Overview
  - 9.4.1.4. Business Strategies and Development
- 9.4.2. Merck Group
  - 9.4.2.1. Company Overview
  - 9.4.2.2. Product Portfolio
  - 9.4.2.3. Financial Overview
  - 9.4.2.4. Business Strategies and Development
- 9.4.3. Charkit Chemical Company LLC
  - 9.4.3.1. Company Overview
  - 9.4.3.2. Product Portfolio
  - 9.4.3.3. Financial Overview
  - 9.4.3.4. Business Strategies and Development
- 9.4.4. Johnlee Pharmaceuticals Pvt. Ltd
  - 9.4.4.1. Company Overview
  - 9.4.4.2. Product Portfolio
  - 9.4.4.3. Financial Overview
  - 9.4.4.4. Business Strategies and Development
- 9.4.5. American Regent, Inc.
  - 9.4.5.1. Company Overview
  - 9.4.5.2. Product Portfolio
  - 9.4.5.3. Financial Overview
  - 9.4.5.4. Business Strategies and Development
- 9.4.6. Koninklijke DSM N.V
  - 9.4.6.1. Company Overview
  - 9.4.6.2. Product Portfolio
  - 9.4.6.3. Financial Overview
  - 9.4.6.4. Business Strategies and Development
- 9.4.7. Bristol-Myers Squibb Company
  - 9.4.7.1. Company Overview
  - 9.4.7.2. Product Portfolio
  - 9.4.7.3. Financial Overview
  - 9.4.7.4. Business Strategies and Development
- 9.4.8. Sanofi-Aventis
  - 9.4.8.1. Company Overview
  - 9.4.8.2. Product Portfolio
  - 9.4.8.3. Financial Overview
  - 9.4.8.4. Business Strategies and Development
- 9.4.9. Pfizer Inc.
  - 9.4.9.1. Company Overview
  - 9.4.9.2. Product Portfolio
  - 9.4.9.3. Financial Overview
  - 9.4.9.4. Business Strategies and Development
- 9.4.10. Chemkart India Pvt. Ltd
  - 9.4.10.1. Company Overview
  - 9.4.10.2. Product Portfolio
  - 9.4.10.3. Financial Overview
  - 9.4.10.4. Business Strategies and Development