Vitamin B12 Market Size, Share, Growth, Trends, and Global Industry Analysis: 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 Region Forecast 2019-2030

Vitamin B12 Market size was valued at US$ 357.9 million in 2023 and is poised to grow at a significant CAGR of 7.1% from 2024 and 2030. 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 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 market. In the global 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 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.

In addition, the pharmaceutical industry is seeing an increase in demand for cyanocobalamin. In the food and beverage, nutraceutical, and dietary supplement industries, cyanocobalamin demand is expanding at a rapid rate. Veganism is gaining popularity among the general public, and many businesses now provide certified vegan food products in their product lines. Food manufacturers have a lot of options to add cyanocobalamin to their goods to meet the demand for B12 among the vegan population, because fortified foods are becoming increasingly popular. In 2017, France and Germany had the greatest percentage of polled individuals aged 16 to 24. Growing environmental concerns, as well as greenhouse gas emissions, are predicted to drive market demand.

Vitamin B12 Market Key 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.
• In July 2019, USFDA granted supplemental drug approval for Calomist, (Cyanocobalamin Nasal Spray) manufactured by Par Pharmaceutical New York