Vitamin B12 Supplement Market Snapshot
Newly-released Vitamin B12 Supplement market analysis report by Persistence Market Research reveals that global sales of Vitamin B12 Supplement 2022 were held at US$ 285.5 Million. With a 6.1% projected CAGR from 2023 to 2033, the market is expected to reach a valuation of US$ 549 Million by the end of the forecast period. Vitamin B12 Supplement revenue through Fortified Food & Beverage application is expected to garner significant revenue, and is projected to grow at a CAGR of over 5.9% from 2023 to 2033.
The global vitamin B12 supplement market is expected to grow significantly in the forecast period. Vitamin B12 supplements are consumed by people who do not get enough vitamin B12 from their regular diet, which can lead to various health problems. The market is driven by factors such as the increasing prevalence of vitamin B12 deficiency, the growing aging population, and the rising popularity of vegan and vegetarian diets.
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Market Drivers:
The increasing prevalence of vitamin B12 deficiency is a major driver of the vitamin B12 supplement market. Vitamin B12 is an essential nutrient that is required for the proper functioning of the nervous system and the production of red blood cells. However, many people do not consume enough vitamin B12 in their regular diet, which can lead to deficiency and various health problems. This has led to an increase in the demand for vitamin B12 supplements.
Another driver of the vitamin B12 supplement market is the growing aging population. As people age, their ability to absorb vitamin B12 from food decreases, which can lead to deficiency. This has led to an increase in the demand for vitamin B12 supplements among the elderly population.
The rising popularity of vegan and vegetarian diets is also driving the vitamin B12 supplement market. Vitamin B12 is primarily found in animal-based foods, and people who follow a vegan or vegetarian diet may not consume enough vitamin B12. This has led to an increase in the demand for vitamin B12 supplements among the vegan and vegetarian population.
Market Restraints:
One of the main challenges for the vitamin B12 supplement market is the availability of raw materials. Vitamin B12 supplements are primarily made from bacterial fermentation, and the availability of the raw materials required for fermentation can be limited, which can lead to price fluctuations.
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Segmentation:
The global vitamin B12 supplement market can be segmented by type, form, distribution channel, and region.
- Based on type, the market can be segmented into tablets, capsules, and others.
- Based on form, the market can be segmented into cyanocobalamin, methylcobalamin, and others.
- Based on distribution channel, the market can be segmented into online retail, offline retail, and others.
Regional Analysis:
The global vitamin B12 supplement market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to hold the largest share of the market owing to the increasing prevalence of vitamin B12 deficiency and the growing aging population in the region. Asia Pacific is expected to grow at a significant CAGR owing to the rising popularity of vegan and vegetarian diets in the region.
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Competitive Landscape:
The global vitamin B12 supplement market is highly competitive with key players such as Pfizer, Merck, Sanofi, GlaxoSmithKline, and Nature’s Bounty. These players are focusing on new product launches and strategic partnerships to expand their market share. For instance, in December 2021, Nature’s Bounty launched a new line of vitamin B12 supplements for the vegan and vegetarian population.
The global vitamin B12 supplement market is expected to witness significant growth over the forecast period owing to the increasing prevalence of vitamin B12 deficiency, the growing aging population, and the rising popularity of vegan and vegetarian diets. However, the availability of raw materials can be a hindrance to market growth. The market is highly competitive with key players focusing on new product launches and strategic partnerships to expand their market share.
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