Vitamin B12 API Market Size is predicted to grow at a 5.7% CAGR during the forecast period for 2024-2031.
Vitamin B12(cobalamin) is a vital vitamin necessary for various important body processes, such as the creation of red blood cells as well as the synthesis of DNA. The API for vitamin B12 refers to the unadulterated form of the vitamin, typically acquired through chemical synthesis or fermentation. The active ingredient is responsible for the medicinal or nutritional benefits of products like dietary supplements, injections, or fortified meals. In the pharmaceutical sector, Vitamin B12 is utilized in nutritional therapy to address deficiencies, pernicious anaemia, liver disease, neuritis, and neuralgia. Moreover, in health and personal care products, it functions as a skin-conditioning agent, contributing to skin health and conditioning in cosmetics. Furthermore, in agriculture, animal feed, and poultry farming, Vitamin B12 supplements cattle, sheep, and other livestock, supporting their nutritional requirements.
However, the COVID-19 pandemic significantly impacted the Vitamin B12 Active Pharmaceutical Ingredient (API) market. Supply chain disruptions and manufacturing halts due to lockdowns caused shortages and delays in production. However, the heightened focus on health and immunity during the pandemic led to rapid demand for Vitamin B12 supplements, boosting the market. The shift towards preventive healthcare and the rising awareness of vitamin deficiencies contributed to this demand surge. Despite initial challenges, the market adapted with enhanced production protocols and supply chain strategies, leading to recovery and even growth in the latter stages of the pandemic.
Competitive Landscape
Some Major Key Players In The Vitamin B12 API Market:
- North China Pharmaceutical Group
- Kingvit
- Basic Nutrition
- EuroAPI
- Rochem International
- Wockhardt
- CSPC Pharmaceutical Group Co., Ltd
- HealthTech BioActives
- Antibiotice
- Pharmavit
- RX pharmachem
- Other Market Players
Market Segmentation:
The Vitamin B12 API Market is segmented on the basis of type, grade, form, and distribution channel. Based on type, the market is segmented into Cyanocobalamin, Hydroxocobalamin, and Others (Methylcobalamin, etc.). Based on form, liquid and powder form. On the basis of grade, the segmentation includes Pharmaceutical Grade, Food Grade, and Industrial Grade. On the basis of the distribution channel, the market is segmented into direct sales, distributors/wholesalers, online retailers, pharmacies, and others.
Based On Type, The Cyanocobalamin Segment Is Accounted As A Major Contributor In The Vitamin B12 API Market.
The Cyanocobalamin segment of the Vitamin B12 API market is witnessing rapid growth, driven by growing demand for healthcare products and growing awareness about the importance of vitamin supplementation. The market research indicates a rapid rise in adopting Cyanocobalamin API across different industries, primarily driven by Contract Manufacturing Organizations (CMOs), Pharmaceutical Companies, and other industries. Hence, the cyanocobalamin segment of the Vitamin B12 API market is growing rapidly, driven by its widespread use in supplements and fortified foods.
Online Retailers' Distribution Channel Segment Witnessed Rapid Growth.
The online retailers' distribution channel for the Vitamin B12 API market is expanding significantly, fueled by the convenience of e-commerce platforms and the increasing consumer preference for online shopping. This channel offers a wide range of product choices, competitive pricing, and easy access to customer reviews, enhancing consumer trust and purchase decisions. The growth of digital health trends and the rise in direct-to-consumer brands further drive this segment, making it a vital component of the market.
In The Region, The North American Vitamin B12 API Market Holds A Significant Revenue Share.
The North American Vitamin B12 API Market is predicted to have the very large market revenue share in the forecast period due to the presence of major pharmaceutical companies and nutrition supplement manufacturers, which has led to the optimization of their supply chains and competitive pricing. Additionally, the region has established itself as a reliable sourcing partner, contributing to the steady growth of the North American Vitamin B12 API market, as well as the increasing health awareness and rising need for dietary supplements in the region. Vitamin B12, important for nerve function as well as red blood cell formation, is witnessing heightened interest due to its benefits in managing deficiencies, especially among vegetarians and older people. The market is bolstered by advancements in pharmaceutical manufacturing and a surge in chronic disease cases requiring B12 supplementation. In addition, Asia Pacific is estimated to grow at a rapid rate in the global Vitamin B12 API Market due to rapid industrialization, government initiatives, and increasing funding in various industries.
Recent Developments:
- In Jan 2023, EUROAPI received approval from its Board of Directors to invest €40 million in implementing a new production technique specifically for vitamin B12 at its facility in Saint-Aubin-lès-Elbeuf (Seine-Maritime, France). This initiative was granted a financial support of €7.9 million by the French Government as part of the Relance plan, Agence de l’Eau Seine-Normandie (Seine-Normandie Water Agency - AESN), and Normandie Region.
Vitamin B12 API Market Report Scope
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 5.7% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Mn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Grade, Form, And Distribution Channel |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
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Competitive Landscape |
Kingvit, Basic Nutrition, EuroAPI, Rochem International, Wockhardt, CSPC Pharmaceutical Group Co., Ltd, HealthTech BioActives, Antibiotice, Pharmavit, RX pharmacy.and Other Market Players |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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