Vitamin B12 Drops Market is Estimated to Witness Considerable Growth, Due to Increased Health Consciousness and Growing Geriatric Population
Vitamin B12 drops market is estimated to be valued at USD 141.5 Mn in 2024, exhibiting a CAGR of 7.8% over the forecast period (2024-2031). The market is witnessing significant growth, owing to rising health consciousness among consumers and growing preference for dietary supplements. Increasing geriatric population worldwide prone to Vitamin B12 deficiency can also drive the market growth.
Market Dynamics
Increased health consciousness: Growing awareness about the importance of maintaining proper diet and nutrition prompt consumers to adopt preventive healthcare approach. Consumers are increasingly opting for vitamin supplements to fulfill their daily vitamin requirements.
Growing geriatric population: Ageing decreases the ability of body to absorb Vitamin B12 from foods. The proportion of global population aged over 60 years is expected to double from 12% to 22% between 2015 and 2050. This will increase the risk of Vitamin B12 deficiency and will boost demand for supplements.
Market Drivers for Vitamin B12 Drops Market
Increasing awareness of vitamin B12 deficiency
Vitamin B12 deficiency has become more common in recent years. Many people may be deficient and not realize it because symptoms often develop gradually over time and are non-specific. However, rising awareness about prevalence and health impacts of vitamin B12 deficiency boosts demand for supplements like vitamin B12 drops to address and prevent deficiency. Public health campaigns and advice from healthcare providers to get routine vitamin screening also raises the awareness.
Growing preference for convenient liquid supplements
Taking vitamin pills and tablets can be inconvenient, especially for elderly populations who may struggle to swallow tablets. Vitamin B12 drops provide an easy-to-use and convenient liquid formulation that can be absorbed sublingually under the tongue. This makes them preferable to pills for many consumers. Their portable size also allows for easy travel and on-the-go dosing. As people lead busier lifestyles and the population ages, there has been huge demand for convenient healthcare products, thus, driving the vitamin B12 drops market.
Market Restraints for Vitamin B12 Drops Market
Availability of alternative delivery forms
While drops are convenient, vitamin B12 is also commonly available in other delivery forms like pills, lozenges, and injections. Some consumers may prefer or be used to these traditional forms. The availability of effective generic vitamin B12 supplements as pills or injections provides competition to proprietary drop products in the market. This acts as a restraint for growth potential of B12 drops compared to other delivery forms.
Cost considerations compared to generic supplements
Though convenient, proprietary vitamin B12 drops tend to be more expensive than generic pills due to production and packaging costs. This price differential makes drops less affordable and accessible for some consumers compared to cheaper generic pills. To gain a larger market share, drops need to be cost-competitive with traditional supplement options while delivering the benefits of convenience. Cost is a major factor impacting consumer purchase decisions in the vitamin B12 drops market.
Market Opportunities for Vitamin B12 Drops Market
Targeting the elderly demographic
As population ages globally, vitamin B12 deficiency will rise considerably in elderly people. As people age past 60 years, their ability to absorb B12 from food decreases. These drops provide an easier way for senior citizens to take their supplements compared to tablets or injections. There has been market potential to develop B12 drops tailored for the needs of growing elderly demographic through convenient dosing, formulas, and marketing efforts.
Leveraging the shift to functional foods and drinks
Consumers are increasingly gravitating towards functional foods and beverages with added nutrients rather than traditional supplements. There has been opportunity for vitamin B12 drops products to expand into the broader food and drink areas in the form of edible formats that can be mixed into water, beverages or cereal. Developing attractive, great-tasting and easy-to-use functional food and drink options could help transform the market by attracting more consumers beyond the traditional supplement audience.
Link - https://www.coherentmarketinsights.com/market-insight/vitamin-b12-drops-market-5432
Key Developments
- In May 2023, Neurobion, a part of P&G Health, a global health products company, celebrated Nerve Health Awareness Week in India by launching the Ab Feel Karega India campaign. The campaign aims to raise awareness about nerve health, particularly in rural and semi-urban areas where awareness about this condition is limited. The campaign emphasized the importance of B vitamins (Vitamin B1, B6, and B12) in supporting healthy nerves.
Key Players
AdvaCare Pharma, BioCare Ltd., Vitboost, Triquetra, Carlyle Nutritionals, LLC, Ultra6 Nutrition, Go Nutrients, Klaire Labs, Bluebonnet Nutrition, PipingRock Health Products, LLC.
