For the Quarter Ending June 2023
North America:
The Vitamin B12 (Cyanocobalamin) market in North America exhibited a rising price trend during the second quarter of 2023. Price negotiations for CFR Los Angeles surged from $1,830,500 per metric ton to $1,870,900 per metric ton between April '23 and June '23, marking a significant increase of 2.2% over the quarter. This uptick in prices was propelled by a notable surge in demand for Vitamin B12 across the nation, particularly at the beginning of May, following a somewhat eased inflation rate at the end of Q1 2023. Although energy prices saw a decline, underlying inflation remained notably higher, exceeding the Federal Reserve's target, according to industry experts. Despite mixed sentiments in vitamin prices, the nutraceuticals market in the country displayed distinct patterns. The USDX, as of May 12, 2023, lost 2.5% for the year, compared to a 1.9% loss over the previous 12 months. Consequently, the US dollar gained strength and garnered demand, providing buyers and wholesalers with opportunities to capitalize on the potential and volatility of the nation's nutraceuticals market. In the latter part of Q2 2023, labor strikes impacted the Port of Los Angeles as contract negotiations between employers and workers stalled, potentially posing further challenges to trade in the near future.
Asia Pacific:
The Vitamin B12 market in the Asia Pacific region displayed optimistic sentiments during the second quarter of 2023. Price negotiations for FOB Shanghai witnessed an upward trajectory, increasing from $1,446,350 per metric ton to $1,502,340 per metric ton between April and June 2023. This price escalation commenced in the middle of the second quarter of 2023, driven by heightened demand for vitamin B12 from end-users in the pharmaceutical and nutraceutical sectors, both domestically and internationally. The increased demand prompted Chinese vitamin B12 producers to sell the product at higher profit margins. In the latter part of the quarter, China's nutraceutical market experienced a resurgence, driven not only by domestic expansion but also international growth. A surge in demand and inquiries in the final weeks resulted in a local supply shortage, further contributing to price increases. China's manufacturing activity, though contracting for the third consecutive month in June, did so at a slower pace, indicating the need for additional stimulus to support the nation's economy. Analysts have begun revising down their economic forecasts for China for the remainder of the year following disappointing May industrial production and retail sales data, signaling a waning post-pandemic recovery seen in the first quarter.
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Europe:
The second quarter of 2023 proved less optimistic than initially anticipated for the Vitamin B12 market in Germany. Price discussions for CFR Hamburg inched downward from $1,715,500 per tonne to $1,705,500 per tonne. Europe witnessed a drop in gas prices to their lowest levels in April, fostering optimism for a robust economic recovery and increased trade from Asia. However, in the latter half of Q2 2023, price negotiations eased somewhat due to an abundance of Vitamin B12 stocks at domestic processors coupled with reduced demand. The European Union (EU), driven by a slight improvement in economic conditions, has opted to reduce its reliance on Chinese imports by bolstering its domestic manufacturing industry. Warehousing practices, aimed at averting potential future shortages, prompted inventory buildup, subsequently leading to price margin reductions to alleviate inventories. While inflation in Germany rose by over 6% in June, its impact on the country's nutraceuticals industry remains uncertain. Industry experts attribute weakening economic performance in China since the relaxation of strict COVID-19 restrictions, looming concerns of a US recession, and ongoing monetary tightening as factors influencing German business sentiment.
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Vegan Vitamin B12 – Very low B12 intakes can cause anemia and nervous system damage.
The only reliable vegan sources of B12 are foods fortified with B12 (including some plant milks, some soy products and some breakfast cereals) and B12 supplements.
Vitamin B12, whether in supplements, fortified foods, or animal products, comes from micro-organisms.
Most vegans consume enough B12 to avoid anemia and nervous system damage, but many do not get enough to minimize the potential risk of heart disease or pregnancy complications.
