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Vitamin B12 Ingredient Market Analysis

Report ID: GMI6864
Published Date: Oct 2023
Report Format: PDF

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Vitamin B12 Ingredient Market Analysis

Vitamin B12 Ingredient Market Size, By Form, 2021 - 2032 (USD Thousand)

The vitamin B12 ingredient market from cyanocobalamin segment held over USD 44.7 thousand revenue in 2022. Cyanocobalamin is the most common and cost-effective form of Vitamin B12, making it a preferred choice for many supplement manufacturers. Cyanocobalamin is readily available and has a longer shelf life compared to other forms, making it suitable for mass production and distribution.

Vitamin B12 Ingredient Market Revenue Share, By Source, (2022)

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Animal-based segment accounted for 85% of the vitamin B12 ingredient market share in 2022. Vitamin B12 is naturally found in animal products, making it readily available for use in the meat and dairy industry. The demand is driven by the need to fortify these products.

The vitamin B12 ingredient market from pharmaceuticals segment is anticipated to witness 6.4% CAGR through 2032. Vitamin B12 ingredients are used in pharmaceutical formulations to treat Vitamin B12 deficiency-related conditions.

The human nutrition segment is poised to show tremendous growth till 2032. The demand for fortified foods and beverages with added vitamins, including Vitamin B12, continues to rise. Growing awareness of the importance of Vitamin B12 for overall human health drives demand for supplements containing Vitamin B12.

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U.S. vitamin B12 ingredient market size dominated around USD 80.3 thousand in 2022. An increasing number of consumers in North America are focusing on health and wellness, leading to a higher demand for dietary supplements and fortified foods containing Vitamin B12.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

The market size of vitamin B12 ingredient surpassed USD 269 thousand in 2022 and is set to reach USD 479 thousand by 2032, supported by the growing awareness of the importance of maintaining overall health and well-being.

Animal-based vitamin B12 ingredient industry segment held around 85% in 2022, as it is naturally found in animal products, making it readily available to fortify meat and dairy products.

U.S. market was worth over USD 80.3 thousand in 2022, owing to the focus among consumers on health and wellness, leading to a higher demand for dietary supplements and fortified foods containing Vitamin B12.

BASF SE, Gnosis by Lesaffre, Jubilant Life Sciences, NOW Foods, NutraGenesis LLC (part of Ascenta Health), Nutrilo GmbH, Pharmavit GmbH, Rousselot, Spectrum Chemical Manufacturing Corp., Thermo Fisher Scientific, Zhejiang Shengda Bio-Pharm Co., Ltd.