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Vitamin B12 Market

Vitamin B12 Market

Vitamin B12 Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



May - 2024



Report Code:


Segments Covered
  • By Product By Product Cyanocobalamin, Hydroxocobalamin, Methylcobalamin, Adenosylcobalamin
  • By Route of Administration By Route of Administration Intramuscular Injection, Subcutaneous Injection, Oral, Nasal
  • By Form By Form Liquid, Tablet, Capsule, Nasal Gel, Others
  • By Application By Application Dietary Supplements, Pharmaceuticals, Animal Feed, Food and Beverages, Others
  • By Source By Source Fermentation, Others
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 493.6 Million
Revenue 2032Revenue 2032: USD 853.5 Million
Revenue CAGRRevenue CAGR (2024 - 2032): 6.3%
Fastest Growing Region Fastest Growing Region (2024 - 2032) Europe
Largest Region Largest Region (2023): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Vitamin B12 Market Share

The global Vitamin B12 Market is valued at USD 493.6 Million in 2023 and is projected to reach a value of USD 853.5 Million by 2032 at a CAGR (Compound Annual Growth Rate) of 6.3% between 2024 and 2032.

Key highlights of Vitamin B12 Market

  • North America dominated the Vitamin B12 market with revenue share of 34.8% in 2023
  • Europe is expected to witness remarkable growth during the forecast period
  • In 2023, the Cyanocobalamin segment dominated the Vitamin B12 market with revenue share of 71.7%
  • The Oral segment asserted its dominance in Vitamin B12 Market and capturing the largest revenue share of 42.2% in 2023
  • Liquid segment accounted to have largest revenue share of 62.3% in 2023
  • Pharmaceuticals application segment led the Vitamin B12 Market and capturing revenue share of 35.5% in 2023
  • Fermentation source segment contributed to have remarkable revenue share of 96.7% in 2023

Vitamin B12 Market Size, 2023 To 2032 (USD Million)

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Vitamin B12 Market: Regional Overview

North America dominated the Vitamin B12 Market with revenue share of 34.8% in 2023. One of the primary drivers of the Vitamin B12 market in North America is the increasing consumer awareness of health and wellness. As there is increasing focus on health preventions and active lifestyle, various consumers are actively shifted towards dietary supplements to address potential nutrient deficiencies and support their overall health goals. According the US Department of Health and Human Services and the USDA, many Americans are lacking in four vital nutrients: calcium, potassium, dietary fiber, and vitamin D. Thus, Vitamin B12 has gained significant attention due to its micronutrient benefit that contributes to robust health. Moreover, the surge in demand for dietary supplements in this region has significantly fueled the growth of the Vitamin B12 market. According to a 2023 survey by the Council for Responsible Nutrition (CRN), 74% of US adults take dietary supplements, and 55% are considered regular users.

U.S. Vitamin B12 Market Overview

The US Vitamin B12 market, valued at USD 155.5 Million in 2023 to USD 268.3 Million in 2032, is anticipated to grow at a CAGR of 6.2% from 2024 to 2032. According to the National Health and Nutrition Examination Survey (NHANES), approximately 6% of adults younger than 60 in the United States exhibit Vitamin B12 deficiency. This figure rises to around 20% among those over 60. In addition, there is increasing requirement of B12 supplements to maintain health level during pregnancy, which is also augmenting Vitamin B12 Market growth. NHANES data further reveals that a significant proportion of the population, 24% of men, 29% of women, and a notable portion of children, use dietary supplements containing Vitamin B12. This data highlighted a substantial requirement of supplements to meet Vitamin B12 needs, thus, propelling the demand for Vitamin B12 market.

U.S. Vitamin B12 Market

The global Vitamin B12 market can be categorized as Product, Route of Administration, Form, Applications, Source and Region.

Parameter Details
Segments Covered

By Product

  • Cyanocobalamin
  • Hydroxocobalamin
  • Methylcobalamin
  • Adenosylcobalamin

By Route of Administration

  • Intramuscular Injection
  • Subcutaneous Injection
  • Oral
  • Nasal

By Form

  • Liquid
  • Tablet
  • Capsule
  • Nasal Gel
  • Others

By Application

  • Dietary Supplements
  • Pharmaceuticals
  • Animal Feed
  • Food and Beverages
  • Others

By Source

  • Fermentation
  • Others

By Region

  • North America
    • U.S.
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Pfizer Inc.
  • BASF
  • Merck & Co. Inc.
  • DSM
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
Pricing and purchase options Avail of customized purchase options to meet your exact research needs. Explore purchase options

Vitamin B12 Market: Product Overview

In 2023, Cyanocobalamin generated a significant revenue share of 71.7% in the Vitamin B12 Market. The Product segment is divided into Cyanocobalamin, Hydroxocobalamin, Methylcobalamin, and Adenosylcobalamin. The use of Cyanocobalamin in numerous physiological functions is propelling the segmental growth of the Vitamin B12 Market. Because of its stability, cost-effectiveness, and efficacy in addressing Vitamin B12 deficiencies, this form of Vitamin B12 is largely utilized in fortified foods and supplements. According to NCBI, at least 47% of people in India have a Vitamin B12 deficiency. Vitamin B12 insufficiency is more prevalent, affecting 12.5% of adults 19 and older, and 12.3% of those 60 and older. Moreover, cyanocobalamin's synthetic nature enables precise dosage control, making it a preferred choice for therapeutic interventions to correct Vitamin B12 deficiencies. Medical professionals commonly administer cyanocobalamin via intramuscular or subcutaneous injections to ensure rapid absorption and effective replenishment of Vitamin B12 stores, particularly in cases of severe deficiency or impaired absorption.

Vitamin B12 Market by Product Type 2023

Vitamin B12 Market: Applications Overview

The Pharmaceuticals segment held a significant revenue share of 35.5% in 2023. The Applications segment is classified into Dietary Supplements, Pharmaceuticals, Animal Feed, Food and Beverages, and Others. One of the primary applications of pharmaceutical formulations containing Vitamin B12 is the treatment of deficiency related conditions, such as pernicious anemia and other forms of megaloblastic anemia. Pernicious anemia results from impaired absorption of Vitamin B12 due to autoimmune destruction of gastric parietal cells or other gastrointestinal disorders affecting intrinsic factor production. Pharmaceutical products containing Vitamin B12, typically administered via intramuscular or subcutaneous injection, provide a concentrated source of the nutrient for replenishing depleted stores and restoring normal hematological parameters. Pharmaceutical interventions involving high-dose Vitamin B12 supplementation, either alone or in combination with other nutrients or medications, can help alleviate neurological symptoms and improve overall neurological function in affected individuals.

Key Trends

  • With the rise in veganism and plant-based diets, there's an increasing demand for Vitamin B12 supplements sourced from non-animal origins. For example, fortified plant-based milk alternatives like almond milk, soy milk, and oat milk are gaining popularity among consumers seeking vegan-friendly sources of Vitamin B12.
  • The distribution of Vitamin B12 supplements through direct-to-consumer (DTC) channels and e-commerce platforms is a revolutionized trend in the growth of the Vitamin B12 Market. Thus, various companies are shifting to online retailing platform to reach a broader audience.
  • Manufacturers are now focusing on advance formulation in the development of vitamin supplements which is also one of the major factors fueling the growth of the Vitamin B12 Market. Examples include sublingual tablets, chewable gummies, and transdermal patches, providing consumers with more options to meet their preferences and lifestyle needs.

Premium Insights

Various regulatory bodies including FDA and EFSA set some guidelines and standards to ensure the safety, quality, and efficacy of products intended for human consumption and animal use. According to the FD&C Act, it is the duty of a company to guarantee that the dietary supplements it produces or distributes comply with federal law and are not adulterated or misbranded. Likewise, The European Food Safety Authority (EFSA) assesses the safety and bioavailability of substances for potential inclusion in the Annexes of Regulation (EC) No 1925/2006, which aims to standardize the regulations regarding the addition of vitamins and minerals to food. This trend bolsters the growth of the Vitamin B12 Market in coming years. In compliance with these regulations, various manufacturers are majorly focusing on their products which adhere all these standards. For instance, Lupin, a pharmaceutical company, reported that the United States Food and Drug Administration (USFDA) had granted approval for its abbreviated new drug application for cyanocobalamin nasal spray. Cyanocobalamin, a synthetic form of Vitamin B12, is utilized to prevent and address anemia resulting from Vitamin B12 deficiency.

Report Coverage & Deliverables

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Market Dynamics

Increasing health awareness driving the Vitamin B12 Market

Growing consumer awareness towards the importance of maintaining optimal nutrition to support overall well-being because of its potential health benefits is propelling the Vitamin B12 Market demand. In addition, growing demand for Vitamin B12 supplements in various physiological functions is accelerating to the market expansion. Moreover, the modern lifestyle characterized by hectic schedules, increased stress, and reliance on processed foods has further fueled the demand for Vitamin B12 supplements. Furthermore, health benefits of Vitamin B12 in many body functions such as, Red blood cell production, DNA synthesis, Brain and nervous system, Blood and nerve cell health, Bone health, and Cardiovascular function are experiencing the rapid growth of the Vitamin B12 Market in coming years.

Rise in vegetarian and vegan diets propels the Vitamin B12 Market

Many individuals are adopting vegetarian and vegan diets for perceived health benefits. For instance, 9.7 million people follow a vegetarian diet, with about 1 million being vegan in United States. These diets are helpful in reducing risks of chronic diseases such as hypertension, heart disease, and certain types of cancer. In addition, these vitamins are majorly utilized in neurological function, red blood cell formation, and DNA synthesis. For example, Cymbiotica's Liposomal Vitamin B12 + B6 product supports red blood cell production, mood, memory, cellular energy and heart and bone health. Furthermore, various companies are focusing on developing advance product which in turn propels the growth of the Vitamin B12 Market. For instance, Fullife Healthcare and Parry Nutraceuticals have collaborated to introduce a fresh lineup of plant-derived nutritional items. Leading the charge is the debut product, a plant-based Vegan B12, marketed under the esteemed Swiss nutrition label, Fast&Up. This USDA organic certified formulation blends organic whole-food vitamins with methylcobalamin, delivering a complete dose of Vitamin B12 at 100% of the recommended daily allowance (RDA).

Competitive Landscape

In the competitive landscape of the Vitamin B12 market, several key players have made significant moves to establish their presence and offerings. Par Pharmaceutical, based in New York, gained a competitive edge with the supplemental drug approval from the U.S FDA for CaloMist, a cyanocobalamin nasal spray, in July 2019. This approval positioned Par Pharmaceutical as a prominent player in the market, offering a novel delivery method for Vitamin B12 supplementation. Furthermore, regulatory actions in international markets impact the competitive dynamics of the industry. In December 2019, the Food Safety and Standards Authority of India (FSSAI) lifted the ban on the manufacturing of methylcobalamin in the state of Gujarat, India.

The key players in the global Vitamin B12 market include - Pfizer Inc., BASF, Merck & Co. Inc., DSM, GLANBIA NUTRITIONALS, PHARMAVIT, ADIESSO, SPECTRUM CHEMICAL MFG. CORP., DAIICHI SANKYO COMPANY among others.

Recent Market Developments

  • In January 2024, Teva announces positive results from Phase 2 trial of AUSTEDO® (deutetrabenazine) for tardive dyskinesia, demonstrating their commitment to neurology research beyond B12-related areas.
  • In November, 2023, Merck expands its manufacturing footprint with the inauguration of a new vaccine production facility in Singapore. This investment signifies their commitment to global health and ensuring reliable vaccine supply.
  • In December, 2023, Pfizer Acquires Biohaven Pharmaceuticals: This acquisition strengthens their presence in the neuroscience space, particularly migraine treatments, but doesn't directly impact their Vitamin B12 offerings.
  • In December, 2023, Merck acquires ImaBiotherapeutics, a clinical-stage biotechnology company focused on developing novel immunotherapies. This acquisition strengthens their immunotherapy pipeline and aligns with their focus on innovation in this field.

Frequently Asked Question
  • The global Vitamin B12 valued at USD 493.6 Million in 2023 and is expected to reach USD 853.5 Million in 2032 growing at a CAGR of 6.3%.


  • The market is project to grow at a CAGR of 6.3% between 2024 and 2032.

  • The driving factors of the Vitamin B12 include

  • North America was the leading regional segment of the Vitamin B12 in 2023.