Vitamin B12 is required for the formation of red blood cells and DNA. It also plays an important role in the function and development of brain and nerve cells. Anemia (low red blood cell count), stomach/intestinal issues, and irreversible nerve damage can all be symptoms of severe vitamin B12 deficiency.
Global Vitamin B12 Drops Market is estimated to be valued at US$ 124.1 million in 2022, and is expected to exhibit a CAGR 7.5% over the forecast period (2022-2030).
Global Vitamin B12 Drops Market - Impact of the Coronavirus (COVID-19) Pandemic
Coronavirus (COVID-19) outbreak was first reported on December 31, 2019, in Wuhan, China. The World Health Organization declared COVID-19 as pandemic on March 11, 2020. According to the Coronavirus (COVID-19) Weekly Epidemiological Update by the World Health Organization, over 619 million cases and 6.53 million deaths due to coronavirus (COVID-19) were reported till October 3, 2022, across the globe.
Impact of COVID-19 on Demand and Supply of Vitamin B12
The COVID-19 pandemic and lockdown in various countries across the globe has impacted the financial status of businesses across all sectors including private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry mainly due to strict lockdown in several regions. The COVID-19 pandemic has affected the economy of various regions across the globe in three main ways; 1) by directly affecting the production and demand; 2) by creating disruptions in distribution channels; and 3) through its financial impact on companies and financial markets. Several countries such as Thailand, Indonesia, and Singapore are facing problems with regards to transportation and distribution of healthcare products.
However, Coronavirus (COVID-19) pandemic is expected to positively impact growth of the global vitamin B12 market during the forecast period. For instance, according to the article published in Nutrition Reviews, a medical journal publishing review articles in the field of nutrition science, November 2021, the study was conducted in Mexican Institute of Social Security, Michoacán, Mexico, Vitamin B12 insufficiency can be an asset in treating COVID-19 patients or those with persisting symptoms of the COVID-19. Vitamin B12 plays an important role in viral infections. The consumption of a healthy diet containing vitamin B12 sources, and especially supplementation with methylcobalamin and cyanocobalamin, are promising alternatives as adjuvants in the treatment of COVID-19.
Figure 1: Global Vitamin B12 Drops Market Share (%) Analysis, By Patient Type, 2022
Global Vitamin B12 Drops Market – Key Drivers
There are various benefits of using vitamin B12 drops, this is expected to fuel the global vitamin B12 drops market growth over the forecast period. Benefits of using vitamin B12 drops include –
Increasing number of anemia patients is expected to boost the global vitamin b12 drops market growth over the forecast period. For instance, according to the World Health Organization (WHO) 29.9% of women aged between 15-49 years suffered from anemia in 2019 as Vitamin B12 is needed to make red blood cells, which carry oxygen to all parts of your body and therefore it is used in anemia treatment.
|Base Year:||2021`||Market Size in 2022:||US$ 124.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||7.5%||2030 Value Projection:||US$ 221.4 Mn|
Livewise Naturals, East India Pharmaceutical Works Limited, Go Nutrients, PipingRock, Bluebonnet Nutrition Corporation, Klaire Labs, BioCare Ltd., Ultra6 Nutrition, Pure Encapsulations, Triquetra, Carlyle Nutritionals, VITBOOST
|Restraints & Challenges:||
Restraint- Global Vitamin B12 Drops Market
If taken in high doses vitamin B12 can cause side effects which will hamper the growth of global vitamin B12 drops market over forecast period. Side effects associated with vitamin B12 are;
Global Vitamin B12 Drops Market – Regional Analysis
On the basis of region, the global vitamin B12 drops market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to be the most lucrative region in the global vitamin b12 drops market, owing to increasing number of malnutrition in people. For instance, in June 2021, according to the WHO, 1.9 billion adults are overweight or obese, while 462 million are underweight in the U.S. Malnutrition in all of its forms includes under nutrition (wasting, stunting, and being underweight), insufficient vitamins and minerals, being overweight or obese, and developing diet-related non-communicable diseases.
Europe is expected to witness significant growth in the forecast period, owing to increasing prevalence of psoriasis as vitamin B12 is useful in the treatment of skin disorders such as psoriasis. For instance, in October 2019, according to the University of Manchester, Psoriasis affects around 1.1 million people in U.K. per year.
Figure 2: Global Vitamin B12 Drops Market Value (US$ Mn), by Region, 2022
Global Vitamin B12 Drops Market – Competitive Landscape
Major players operating in the global vitamin b12 drops market include Livewise Naturals, NOW Foods, East India Pharmaceutical Works Limited, Go Nutrients, PipingRock, Bluebonnet Nutrition Corporation, Klaire Labs, BioCare Ltd., Ultra6 Nutrition, Pure Encapsulations, Triquetra, Carlyle Nutritionals, and VITBOOST
Vitamin B12, also known as cobalamin, is a water-soluble vitamin involved in metabolism. It is one of eight B vitamins. It is required by animals, which use it as a cofactor in DNA synthesis, in both fatty acid and amino acid metabolism.
Increasing prevalence of vitamin B12 deficiency is expected to witness significant growth in forecast period. For instance, according to an article published in Indian Journal of Endocrinology and Metabolism, in March 2019, the prevalence of vitamin B12 deficiency is 47% in the north Indian population. Diabetes patients have higher vitamin B12 levels than the overall population, but there is still a high rate of deficiency.
Increasing numbers of awareness campaigns by nonprofit organizations are expected to drive growth of the global vitamin B12 drops market over the forecast period. For instance, in February 2022, The United Nations World Food Programme (WFP), launched a new campaign to tackle malnutrition and high anemia (iron deficiency) rates among pregnant and nursing mothers in Gaza and the West Bank by offering nutritional support. The campaign held under the slogan “Your little wins add up to big achievements”, included activities such as cooking sessions, home-garden kits and training for growing vegetables and fruits.
Increasing cases of vitamin B12 deficiency is expected to drive growth of market over the forecast period. For instance, according to centers for Disease Control and Prevention, in August 2021, Infants require vitamin B12 to help with brain development and the production of healthy red blood cells. Infants who do not receive enough vitamin B12 may become deficient. Vitamin B12 deficiency in babies can cause lifelong brain damage if left untreated. Vitamin B12 is usually delivered to the fetus by the placenta during pregnancy and through breast milk after birth. If a mother is deficient in vitamin B12, her infant may also become deficient.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.