Vitamin B12 Drops Market Size, Share, Industry Report 2031

Report Description

Vitamin B12 Drops Market Outlook

The Global Vitamin B12 Drops Market was estimated at USD 78.6 Million in 2022 and is anticipated to reach USD 155.1 Million by 2031, expanding at a CAGR of 8.9% during the forecast period.

Vitamin B12 drops are consumed by various individuals, including older adults, vegetarians, vegans, and people who have conditions that affect their ability to absorb vitamin B-12 from foods. These individuals might benefit from the use of oral supplements.

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Liquid vitamin B12 supplements are available in various forms, including cyanocobalamin, methylcobalamin, hydroxocobalamin, and adenosylcobalamin. Cyanocobalamin is the most synthetic form, while the other three are chemically identical to naturally occurring vitamin B12 found in foods. These supplements are typically sold in small bottles with an eyedropper syringe for administration.

B12 is present in supplements and foods that have been fortified, making them potentially easier to absorb. There are numerous vitamin B12 pills on the market. Studies have not revealed a significant difference, despite claims that some forms such as sublingual tablets or liquids inserted beneath the tongue to be absorbed through the tissues of the mouth had better absorption than conventional tablets.

Macro-economic Factors

R&D

Research in the vitamin B12 market aids the development of novel technologies. Companies rely on R&D activities to plan, design, and deliver innovative technologies.

Vitamin B12 research has been focused on understanding how the body absorbs and uses the vitamin, as well as identifying new sources of the vitamin. Researchers have also studied the effects of vitamin B12 deficiency on human health and explored the potential benefits of vitamin B12 supplementation.

Product Launch

Major factors propelling the vitamin b12 drops market are technological advancements and rising demand for vitamin b12 drops. Major market players in almost every industry rely on the development of innovative products. Companies are focusing on investment for technologically advanced products and product development. Increasing expenditure on advancement of technology is leading to development of products.

Healthcare Infrastruture

Rising development of healthcare infrastructure is expected to drive the market. Growing investment in healthcare infrastructure by various countries is positively affecting the market. Advanced machinery, expert physicians, nurses, and other paramedical personnel, as well as a sophisticated pharmaceutical industry, comprise the health infrastructure.

Vitamin B12 Drops Market Dynamics

Market Driver- Increasing prevalence of vitamin B12 deficiency

The causes of vitamin B12 deficiency can be attributed to decreased intake, increased requirements, or poor absorption. Decreased intake can occur in people following a strict vegan diet. Decreased absorption can occur in the elderly, especially due to a lack of intrinsic factor that aids in B-12 absorption (pernicious anemia), or in people who have undergone surgery involving the removal of the section of the bowel responsible for B-12 absorption.

Other risk factors include alcohol consumption, certain medications that block absorption of vitamins, and pregnancy. Thus, increasing prevalence of vitamin B12 deficiency is expected to drive the growth for the market over the forecast period.

Market Driver- Rising vegan population

The rise in the vegan population has led to an increased awareness of vitamin B12 deficiency among vegans. Vitamin B12 is naturally found in meat, fish, dairy products, and eggs, which are not part of a vegan diet.

Vegans people can get vitamin B12 from fortified foods such as plant-based milks, soy products, and breakfast cereals. It is recommended that vegans consume fortified foods two or three times a day to get at least three micrograms (mcg) of B12 daily.

Alternatively, they can take a daily B12 supplement providing at least 10 micrograms or a weekly supplement providing at least 2000 micrograms. These factors are boosting the global Vitamin B12 Drops market.

Market Restraint- Less awareness regarding vitamin b12 deficiency in emerging countries

Micronutrient deficiencies, including vitamin B12 deficiency, are a significant global health issue. According to the World Health Organization (WHO), more than two billion people suffer from micronutrient deficiency globally. Although any individual can experience micronutrient deficiency, pregnant women and children are at the greatest risk of developing deficiencies due to their higher physiological requirements.

Monitoring and addressing micronutrient deficiencies in both pregnant women and early childhood years is therefore essential for optimal development and health within a given population. Thus, less awareness regarding vitamin b12 deficiency in emerging countries can restrain the growth for the market over the forecast period.

Scope of Vitamin B12 Drops Market Report

The report on the global Vitamin B12 Drops market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Vitamin B12 Drops Market Segmental Outlook

Based on patient type, the Vitamin B12 Drops market is segmented into adult & pediatric. The adult segment is expected to register high growth during the forecast period as older adults are among the groups most likely to be at risk for B12 deficiency. Most people in US get the recommended daily amount of 2.4 micrograms of vitamin B12 from the foods they eat.

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On the basis of indication, the global Vitamin B12 Drops market is segmented into Nervous system, Heart Health, Immune Support, Anemia, Others. The immune support segment is projected to expand at a considerable CAGR during the forecast period.

Bakeries use Vitamin B12 Drops as one of the primary ingredients in various food items such as cookies and cupcakes. The consumption of bakery products is increasing, owing to its cost-effectiveness, health benefits, and convenience. These factors are anticipated to fuel the bakery segment share during the forecast period.

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On the basis of distribution channel, the global Vitamin B12 Drops market is classified into wholesalers/distributors, supermarkets & hypermarkets, departmental stores, convenience stores, and online retailing.

The online retailing segment is projected to expand at a considerable during the forecast period. Online retailing has increased consumer reach and has evolved as a key source of revenue for many companies. Supermarkets offer products at relatively low prices by using their buying power to buy goods from manufacturers at lower prices than retail stores

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Regional Outlook

Based on region, the market is separated into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in North America is expected to grow owing to high prevalence of dietary supplements among the consumers is driving the growth of the market.

Additionally, the health-conscious demographics, along with a greater emphasis on preventive healthcare, are fueling the demand for vitamin B12 drops. The United States holds the majority share of this market, largely due to their advanced healthcare infrastructure and widespread awareness about the benefits of vitamin supplements.

The market in Europe is expected to expand at a significant growth owing to rising adoption of a vegan diet. Vitamin B12 being a major supplement in plant-based meals, its demand is escalating in countries like the UK, Germany, and France. Moreover, the trend of fitness and well-being is intensifying the demand for dietary supplements, hence, giving an impetus to the B12 market.

The market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to rapid urbanization coupled with increasing disposable incomes in emerging economies like China and India is propelling market growth.

The rise in health awareness coupled with an increasing older population is anticipated to further drive the market. Japan holds a significant market share due to its ageing population and high healthcare expenditures. The APAC region also offers attractive opportunities for market expansion due to its large consumer base and growing economic conditions.

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Vitamin B12 Drops Market

• Historical, Current and Projected Market Size in terms of Value

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Vitamin B12 Drops Market Performance