Vitamin B market is anticipated to grow at a significant CAGR of 6.4% during the forecast period (2024-2031). The rising demand for vitamin B supplements is fueled by increased awareness of the health benefits, such as enhanced energy and cognitive function. Health and wellness trends, high deficiency rates in specific groups, technological advancements, and online retail expansion all contribute to market growth. Regulatory support, an aging population, public awareness campaigns, and economic factors further influence consumer spending on these supplements.

Market Dynamics

Increasing Health Awareness

The expanding awareness of the health advantages of vitamins, particularly vitamin B, has driven the market expansion for vitamin B supplements and foods fortified with the vitamin. According to the  Global Wellness Institute, in November 2023, the healthy eating, nutrition, and weight loss sector demonstrated significant growth, expanding from $911.0 billion in 2019 to $1,079.0 billion in 2022, according to GWI’s Global Wellness Economy Monitor 2023. This sector encompasses spending on foods, beverages, and supplements marketed as healthy, but this does not necessarily reflect healthier eating habits during the pandemic. The sector's largest sub-sector in 2022 was healthy-labeled foods and beverages at $874.0 billion, followed by vitamins and supplements at $156.0 billion, and weight loss products and services at $49.0 billion.

Rising Prevalence of Anemia

The prevalence of anemia drives the demand for vitamin B supplements, especially B12, and folate, which are needed for treatment, prevention, and lowering the burden of anemia globally, driving the expansion of the market. According to the World Health Organization, in May 2023, Anemia is a significant global health issue, primarily influencing young children, pregnant and postpartum women, and menstruating adolescent girls and women. Low- and lower-middle-income countries face the highest burden, especially in rural areas, poorer households, and among those without formal education. As of 2019, anemia affected 40.0% of children aged 6–59 months, 37.0% of pregnant women, and 30.0% of women aged 15–49 years worldwide, causing 50 million years of healthy life lost due to disability, with major causes being dietary iron deficiency, thalassemia, sickle cell trait, and malaria.

Market Segmentation

• Based on the type, the market is segmented into vitamin B12, vitamin B1, vitamin B2, vitamin B3, and others (vitamin B5, vitamin B6).

• Based on the distribution channel, the market is segmented into online, and offline.

• Based on the application, the market is segmented into pharmaceuticals, dietary supplements, food and beverages, and others (personal care and animal feed)

Vitamin B12 Segment is projected to Hold the Largest Market Share

The growing awareness of Vitamin B12's role in preventing deficiencies and promoting overall health is driving demand, influencing market dynamics, prices, and supply strategies, and driving market growth. For instance, in July 2024, Expana launched Expana Benchmark Prices for Choline Chloride and Vitamin B12 in all regions, collecting feedback from market participants and assessing INCO terms, currency, and FOB locations.

In October 2022, DIESSE launched new kits for quantifying Vitamin B12 and Folate on the CHORUS system. These tests are crucial for investigating causes of anemia, evaluating nutritional status, and monitoring treatment effectiveness. The instrument offers over 150 tests in its analytic menu, with kits available as mono-tests to enrich its capabilities.

Food and Beverages Segment to Hold a Considerable Market Share

The functional food sector, including health-promoting supplements, is driving innovation in the Vitamin B market by integrating functional ingredients into everyday products, driving market growth. For instance, in February 2021, Vitafusion launched its Brain Food Gummy Supplement, containing ashwagandha, B vitamins, and phosphatidylserine for cognitive support. The natural blueberry-flavored supplement is free from artificial flavors, high-fructose corn syrup, gluten, dairy, or synthetic dyes. Each serving contains 125 mg of ashwagandha, 100 mg of phosphatidylserine, and 250 mg of vitamin B12.

Regional Outlook

The global vitamin B market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). 

Aging Population In the Asia-Pacific Region

The demand for vitamin B supplements is rising in India owing to India's aging population, which necessitates increased amounts of nutrients to treat age-related disorders. According to Niti.Gov, in January 2024, in India, senior citizens aged 60 and above represented just over 10.0% of the population, amounting to approximately 104 million people. The United Nations Population Fund (UNFPA) forecasts that this number will increase to 158 million by 2025 and reach 319 million (19.5% of the total population) by 2050. Additionally, the total dependency ratio, which was 56.9 in 2020, is expected to decrease until 2025 due to a higher percentage of the working-age population. However, is projected to rise again to 61.2 by 2050.

Global Vitamin B Market Growth by Region 2024-2031

North America Holds Major Market Share

The new treatments in the US such as nasal sprays are increasing the demand for effective supplementation solutions to address the growing health concern of Vitamin B12 deficiency. For instance, in July 2023, Lupin received FDA approval for its cyanocobalamin nasal spray, a vitamin B12-based treatment for vitamin B12 deficiency anemia. The generic nasal spray, a generic version of Nascobal nasal spray, will be produced at Lupin's Somerset facility in the US. 

Market Players Outlook

*Note: Major Players Sorted in No Particular Order.

The major companies serving the vitamin B market include BASF SE, DSM, F. Hoffmann-La Roche Ltd, FMC Corp., and Lonza, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers and acquisitions to stay competitive in the market. 

Recent Developments

• In May 2022, Accord Healthcare Inc. added Cyanocobalamin Injection to its injectable drug portfolio, treating vitamin B12 deficiencies associated with anemia, folic acid deficiency, and GI dysfunction. Cyanocobalamin can cause diarrhea in some patients, but other side effects are uncommon. The drug is a contraindication due to its cobalt content.

The Report Covers

• Market value data analysis of 2023 and forecast to 2031.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global vitamin B market. Based on the availability of data, information related to new products, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.