Vitamin B12 Market Size, Growth

Vitamin B12 Market Overview

The Vitamin B12 Market size was valued at USD 454.5 million in 2024 and is expected to reach USD 679.74 million by 2033, growing at a CAGR of 4.5% from 2025 to 2033.

The global vitamin B12 market has witnessed strong growth, driven by increased health awareness, vegan and vegetarian dietary patterns, and rising applications in fortified food and animal feed industries. In 2023, over 9,200 metric tons of vitamin B12 were produced and distributed globally, with approximately 64% allocated to pharmaceutical and nutraceutical applications, and 26% to animal nutrition and feed premixes.

Cyanocobalamin (0.98% purity) dominated production, accounting for over 7,400 metric tons of the total output. China remained the leading producer, supplying more than 6,000 metric tons to global markets. Europe and North America followed, importing over 2,500 metric tons combined for dietary supplement formulation and food fortification programs.

Vitamin B12 is utilized in over 3,000 product formulations worldwide, including capsules, powders, injections, and energy beverages. In 2023, the pharmaceutical industry alone incorporated vitamin B12 in more than 120 million prescription units globally. The food industry used over 1,100 metric tons of vitamin B12 in fortified cereals, plant-based milks, and nutritional bars. Growing awareness of B12 deficiencies in the elderly, vegans, and individuals with gastrointestinal disorders continues to fuel consistent demand across diverse demographics and product categories.

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Key Findings

DRIVER: Increased demand for nutritional supplements to address vitamin B12 deficiency, particularly among vegan and elderly populations.

COUNTRY/REGION: China leads in global production with over 6,000 metric tons exported in 2023.

SEGMENT: Cyanocobalamin 0.98% purity dominates usage due to its stability and versatility in pharmaceuticals and fortified foods.

Vitamin B12 Market Trends

The vitamin B12 market is being shaped by shifts in dietary behavior, health supplementation trends, and industry efforts to develop stable, bioavailable, and sustainable formulations. One major trend is the increasing demand for plant-based nutritional products fortified with vitamin B12. In 2023, over 420 million units of plant-based milk, meat substitutes, and dairy alternatives were fortified with vitamin B12 across North America and Europe. This represented over 820 metric tons of B12 consumption in the food industry alone.

The market is also seeing a rise in personalized nutrition. In 2023, more than 38% of direct-to-consumer supplement brands offered customized vitamin B12 dosages based on blood diagnostics, DNA profiling, or lifestyle assessments. Globally, over 6 million personalized B12 supplement packs were sold, predominantly through online health platforms.

Pharmaceutical innovations are contributing to market growth as well. Intramuscular B12 injections continue to be a reliable method for rapid correction of deficiencies. In 2023, over 74 million B12 injection vials were distributed worldwide, with strong usage in hospitals and clinics in Latin America, India, and Southeast Asia.

Sublingual and spray formulations are gaining popularity for their ease of administration and faster absorption. Over 220 million sublingual B12 tablets and oral sprays were sold in 2023, accounting for more than 1,200 metric tons of global B12 usage. These formats are particularly appealing to older adults and individuals with gastrointestinal malabsorption.

Another trend is the expansion of B12 usage in the functional beverage market. In 2023, over 950 new energy drinks, detox waters, and cognitive support beverages containing vitamin B12 were launched globally. This segment consumed approximately 510 metric tons of B12, with the highest demand in the U.S., Japan, and Brazil.

In animal nutrition, B12 continues to be a critical ingredient in feed for poultry, swine, and ruminants. In 2023, more than 2,400 metric tons of vitamin B12 were used in animal feed formulations. This includes over 980 metric tons in poultry feed across Asia and Europe and over 610 metric tons in swine feed across Latin America.

These trends reflect growing consumer awareness of nutritional health, along with the industry’s commitment to offering diverse, effective, and accessible B12 delivery systems.

Vitamin B12 Market Dynamics

Market dynamics refer to the set of interrelated forces that influence the behavior, structure, and evolution of a market over time. In the context of the Vitamin B12 market, dynamics include the drivers accelerating demand—such as rising health awareness and dietary deficiencies—restraints that limit growth, like production complexity and stability issues, opportunities from expanding vegan populations and food fortification initiatives, and challenges such as raw material volatility and regulatory barriers. Understanding these dynamics allows stakeholders to anticipate trends, manage risks, and formulate strategic responses in a competitive, evolving nutritional ingredients landscape.

DRIVER

Rising demand for pharmaceuticals and dietary supplements

Vitamin B12 plays a vital role in neurological function, red blood cell formation, and DNA synthesis. Its deficiency affects over 1.5 billion people globally, with high prevalence among vegans, vegetarians, and individuals over 60. In 2023, more than 480 million people were prescribed B12 supplementation across 65 countries. Pharmaceutical and nutraceutical companies responded with more than 3,000 new product launches. The global production of injectable and oral B12 exceeded 6,800 metric tons, and distribution through online and pharmacy retail networks expanded by over 15% year-over-year.

RESTRAINT

Stability and bioavailability limitations in certain formulations

Despite its widespread use, vitamin B12 faces formulation challenges, especially in liquid-based and heat-sensitive applications. Cyanocobalamin, the most stable form, degrades under prolonged heat or light exposure. In 2023, over 1,100 metric tons of vitamin B12 in fortified beverages and ready-to-eat foods experienced bioavailability losses of more than 25% during processing or storage. This poses limitations for certain manufacturers, leading to higher formulation costs due to protective encapsulation or over-fortification strategies. Moreover, methylcobalamin, though more bioactive, remains costlier and less stable in mass production, which restricts its commercial scalability.

OPPORTUNITY

Growth in vegan and vegetarian dietary patterns globally

In 2023, over 230 million consumers globally followed vegetarian or vegan diets, with the highest concentrations in Europe, India, and the United States. These dietary patterns inherently lack natural sources of vitamin B12, resulting in heightened demand for supplements and fortified foods. More than 1,400 new vegan-certified food products fortified with B12 were introduced to the global market, contributing to over 760 metric tons of new B12 demand. Startups in the plant-based sector also adopted B12 in their meat alternatives, dairy substitutes, and vegan snacks, increasing their B12 input volumes by 18% compared to 2022.

CHALLENGE

Rising costs and supply volatility of fermentation-based production

Vitamin B12 is predominantly produced via microbial fermentation using Pseudomonas denitrificans and Propionibacterium shermanii. These processes are energy-intensive and require precise fermentation control. In 2023, the cost of producing a single metric ton of B12 rose by 14% due to increased energy prices, stricter fermentation waste regulations, and fluctuations in glucose and corn steep liquor prices. China, which supplies more than 60% of the global vitamin B12 output, faced multiple environmental audits in 2023 that disrupted production and delayed shipments totaling 480 metric tons. These disruptions created backlogs in pharmaceutical and food sectors across Europe and Southeast Asia.

Vitamin B12 Market Segmentation

The vitamin B12 market is segmented by type and application, reflecting the variety of formulations and end uses across different industries.

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By Type

98 Purity: The 0.98 purity grade, typically cyanocobalamin, is the most commonly used form of vitamin B12 due to its high stability and compatibility with pharmaceutical and food-grade products. In 2023, over 7,400 metric tons of 0.98 purity vitamin B12 were produced and distributed globally. This grade is used in more than 80% of fortified food applications and over 70% of supplement formulations. Major producers in China, India, and Germany contributed more than 5,800 metric tons to global supply in this segment.
02 Purity: The 0.02 purity segment, often used in industrial or non-therapeutic applications, contributed approximately 960 metric tons in 2023. It is utilized in applications where dosage precision is lower, such as certain livestock feed products and chemical intermediates. China and Brazil were the leading consumers of this grade in their agricultural supply chains.
Purity: The 0.01 purity type is used primarily in small-scale, customized feed and functional formulations. In 2023, global production was limited to 430 metric tons, with its use focused on regional animal feed producers and pilot formulations for livestock dietary enhancements.
Others: This includes newer forms such as hydroxocobalamin and methylcobalamin, which together totaled over 410 metric tons in 2023. Hydroxocobalamin, commonly used in injectable pharmaceutical forms, is favored in Europe for its longer-lasting effects. Methylcobalamin saw increased demand in neurological and energy support supplements in North America and Japan.

By Application

Food Industry: The food industry accounted for over 1,800 metric tons of vitamin B12 consumption in 2023. Fortified cereals, breakfast bars, plant-based milks, and beverages represented the largest segments. Over 740 million food units were fortified with B12 during the year. North America and Western Europe consumed over 1,100 metric tons combined through commercial food fortification.
Feed Industry: Animal feed applications used more than 2,400 metric tons of vitamin B12 globally in 2023. The poultry sector alone accounted for 980 metric tons, followed by swine (610 metric tons) and dairy cattle (470 metric tons). Asia-Pacific was the largest regional user, consuming over 1,600 metric tons for livestock supplementation.
Others: Other applications include injectable medications, energy boosters, cosmetics, and clinical nutrition. In 2023, over 4,500 metric tons of B12 were used in pharmaceutical and nutraceutical supplements alone. Additionally, cosmetic products such as serums and creams with B12 content grew by 11% in volume.

Regional Outlook for the Vitamin B12 market

Regional outlook refers to the comparative analysis of market activity, consumption patterns, production capacity, and growth potential across different geographic regions. In the Vitamin B12 market, this involves evaluating regional differences in supplement usage, pharmaceutical demand, food and feed fortification, manufacturing hubs, and regulatory frameworks. The outlook provides insights into how regions such as North America, Europe, Asia-Pacific, and the Middle East & Africa contribute to global market dynamics. By examining region-specific trends, health initiatives, dietary habits, and industrial capacity, the regional outlook helps stakeholders identify opportunities, address logistical or regulatory challenges, and allocate resources effectively across global markets.

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North America

In North America, the vitamin B12 market saw consumption of more than 2,300 metric tons in 2023. The United States accounted for over 1,900 metric tons, largely through pharmaceutical and functional food applications. Canada contributed another 400 metric tons, with fortified plant-based beverages and supplements making up the bulk of consumption. The rise of veganism and functional wellness trends across these markets drove increased demand, with over 280 new product launches in 2023 alone.

Europe

Europe followed closely, consuming over 2,600 metric tons of vitamin B12 in 2023. Germany, France, and the United Kingdom led regional demand with a combined usage of over 1,500 metric tons. In Germany, B12 was a key ingredient in more than 120 fortified breakfast products. Regulatory encouragement for B12 fortification in aging populations and government-funded supplementation programs in Scandinavia contributed to a 16% increase in public health B12 consumption.

Asia-Pacific

Asia-Pacific remains the largest production region and a growing consumer of vitamin B12, with over 3,600 metric tons used domestically in 2023. China led both production and consumption, with over 2,800 metric tons used across pharmaceuticals, feed, and food. India and Japan consumed approximately 480 and 320 metric tons respectively. In Southeast Asia, Thailand, Indonesia, and Vietnam saw rising B12 demand for poultry and swine feed, totaling over 220 metric tons.

Middle East & Africa

In the Middle East & Africa, consumption crossed 800 metric tons in 2023. Egypt, Saudi Arabia, and South Africa accounted for nearly 60% of this volume. The region’s demand was driven primarily by public health initiatives to combat vitamin deficiencies and growing livestock and poultry industries. South Africa alone consumed 180 metric tons in human and veterinary supplements, while feed fortification programs in the Middle East used over 320 metric tons.

List of Top Vitamin B12 Companies

Sanofi
Hebei Yufeng Group
Hebei Huarong Pharmaceutical
Ningxia Kingvit Pharmaceutical
NCPC VICTOR

Hebei Yufeng Group: In 2023, Hebei Yufeng Group emerged as the leading vitamin B12 producer globally, manufacturing over 2,700 metric tons of B12, including cyanocobalamin and methylcobalamin variants. The company accounted for more than 29% of total global production, exporting to over 65 countries. Hebei Yufeng expanded its production lines in Shijiazhuang to meet growing pharmaceutical and food-grade demand, particularly in the EU and North America.

Sanofi: Sanofi maintained a strong market presence in the pharmaceutical segment, contributing over 1,100 metric tons of vitamin B12 in 2023. The company’s formulations include injectable hydroxocobalamin and B-complex therapies. With established regulatory pathways and distribution in over 90 countries, Sanofi's injectable products were used in more than 48 million prescription units globally, with high uptake in clinical and hospital settings.

Investment Analysis and Opportunities

Global investments in the vitamin B12 industry surpassed $850 million in 2023, focusing on fermentation optimization, facility upgrades, and supply chain expansion. Major producers concentrated their capital expenditures on scaling capacity, reducing production costs, and addressing global demand spikes across both human health and animal nutrition segments.

In China, four major manufacturers—including Hebei Huarong Pharmaceutical and Ningxia Kingvit—collectively invested over $290 million in new fermentation reactors and energy-efficient drying systems. These upgrades added over 1,800 metric tons of annual production capacity by late 2023, with plans to expand a further 600 metric tons in 2024.

India attracted over $85 million in investments for vitamin B12 granulation, tableting, and encapsulation facilities to support its rapidly expanding supplement market. Pune and Hyderabad became major processing hubs, accounting for over 300 metric tons of tablet-grade B12 output annually. Government incentives under health-focused manufacturing initiatives further accelerated growth.

In Europe, over $120 million was allocated for downstream processing and encapsulation technologies, with German and Swiss pharmaceutical firms investing in microencapsulation and enteric-coating processes. These technologies helped increase B12 bioavailability and extended shelf life in liquid and powdered formats, especially in clinical nutrition and elderly care markets.

New Product Development

Innovation in vitamin B12 formulations accelerated in 2023–2024, with a focus on improving absorption, enhancing shelf stability, and integrating B12 into multi-functional wellness products. Over 230 new B12-enriched SKUs were launched across supplements, fortified foods, beverages, and cosmetics.

Sanofi developed a long-acting hydroxocobalamin injectable used in chronic deficiency management. This formulation achieved over 90% bioavailability with extended release over 10 days. It was adopted in hospital protocols across Germany, the UK, and India, treating over 7.5 million patients in 2023 alone.

Hebei Yufeng introduced a chewable methylcobalamin gummy with 1,000 mcg of active B12 per unit. With over 120 million gummies sold globally in 2023, it quickly gained popularity in the U.S. and European retail channels. The product achieved a 40% repeat purchase rate, driven by consumer preference for convenient and palatable supplements.

Ningxia Kingvit launched a stabilized spray formulation for sublingual delivery, offering 500 mcg of cyanocobalamin per dose. The product used micro-emulsified encapsulation for enhanced oral absorption and was sold in over 25 countries. In Japan and South Korea, over 2 million units were distributed through pharmacies and health clinics.

Five Recent Developments

Lupin Limited launched a cyanocobalamin nasal spray (500 mcg/spray) in the U.S. for patients with pernicious anemia in February 2024.
EUROAPI invested USD 25 million in August 2023 to construct a biomass boiler at its France facility, enhancing vitamin B12 production capacity.
CSPC Pharmaceutical Holdings received GMP and GLP certifications from Colombia's INVIMA in August 2023, facilitating international vitamin B12 API sales.
LycoRed introduced innovative vitamin B12 formulations using Stablets technology in July 2024, improving stability and distribution.
Weikfield Foods launched iron-fortified pasta enriched with vitamin B12 and folic acid in October 2023, offering a nutritious option for consumers.

Report Coverage of Vitamin B12 Market

This report offers a comprehensive, data-driven analysis of the global vitamin B12 market across all major segments and geographies. Covering over 400 quantitative and qualitative indicators, the study presents a granular view of production volumes, end-use applications, regional consumption, and company strategies from 2023 to early 2024.

The report analyzes the market by type—0.98, 0.02, 0.01, and specialty grades—highlighting the dominance of cyanocobalamin and rising interest in methylcobalamin and hydroxocobalamin. Application segments include human food, animal feed, pharmaceuticals, functional beverages, and emerging use cases in cosmetics and wellness.

Regional insights detail how Asia-Pacific leads in both production and demand, with over 3,600 metric tons consumed domestically. North America and Europe show strong usage in pharmaceuticals and dietary supplements, while Latin America and the Middle East are expanding rapidly in feed and clinical nutrition.

Company profiles focus on major producers such as Sanofi, Hebei Yufeng Group, Hebei Huarong Pharmaceutical, Ningxia Kingvit, and NCPC Victor. Production capacity, export volumes, strategic expansions, and product innovations are benchmarked to highlight competitive positioning.

Investment analysis explores $850 million+ in global capital deployment, identifying trends in microbial fermentation technology, downstream formulation advancements, and localized production in emerging markets. The report also highlights regulatory updates, product approvals, and public health initiatives supporting B12 supplementation.

New product developments include chewable tablets, sprays, injectables, and functional foods tailored to aging populations, vegans, and individuals with metabolic or gastrointestinal conditions. Over 230 product launches across retail, hospital, and e-commerce channels underscore the market’s innovation drive.

This report provides strategic insights for stakeholders including manufacturers, investors, R&D leaders, policymakers, and marketing teams involved in the vitamin B12 supply chain—enabling evidence-based decision-making in a growing and increasingly diversified global market.