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  • Published On : Aug 2022
  • Code : CMI5140
  • Industry : Food and Beverages
  • Pages : 162
  • Formats :

Riboflavin is a nutrient important for the body's metabolism. Deficiency in this vitamin can impair the metabolism of other nutrients. People with this deficiency will have diminished levels of flavin coenzymes. They may also develop cataracts or anemia. People with anorexia have reduced calories to the point where they are not getting enough nutrition. In addition to the nutritional benefits of riboflavin, this vitamin can also cause a range of negative side effects.

Market Statistics:

The global riboflavin market was valued at US$ 397 Mn in 2021 and is forecast to reach a value of US$ 670.23 Mn by 2030 at a CAGR of 6.65% between 2022 and 2030.

Asia Pacific held dominant position in the global riboflavin market in 202q, accounting for 31% share in terms of volume, followed by North America and Europe, respectively.

Figure 1. Global Riboflavin Market Value Share (%), By Region, 2021

Riboflavin  | Coherent Market Insights

Recent Developments:

  1. In September 2018, DSM announced plans to expand vitamin B2 production capacity by 15% to 20% at Grenzach, Germany, intended to meet rising demand across food and dietary supplement markets.
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Riboflavin Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 397 Mn
Historical Data for: 2017 to 2020 Forecast Period: 2022 to 2030
Forecast Period 2022 to 2030 CAGR: 6.65% 2030 Value Projection: US$ 670.23 Mn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Source: Chemical Synthesis, Fermentation
  • By Form: Powder, Liquid
  • By Application: Food and Beverages, Dietary Supplements, Pharmaceutical, Animal Feed, Personal Care, Other Applications
Companies covered:

BASF SE, Koninklijke DSM NV, Shanghai Acebright Pharmaceuticals Group Co. Ltd, Xinfa Pharmaceutical Co. Ltd, Hubei Guangji Pharmaceutical Co. Ltd, NB Group Co. Ltd, Hegno, Legend Industries, and Hebei Shengxue dacheng Pharmaceutical Co. Ltd

Growth Drivers:
  • Growing demand from fortified food &beverages
  • Multi-functionality and wide application of riboflavin
Restraints & Challenges:
  • High price
  • low stability on exposure to humidity

Market Drivers:

Growing demand from fortified food &beverages is driving growth of the riboflavin market. According to the Food Fortification Initiative, nearly 31% of the world’s industrially milled wheat flour is fortified. The nutrients that are mainly added include iron, zinc, and the following B vitamins: folic acid, riboflavin, niacin, thiamin, vitamin B12, and vitamin B6.

Moreover, wide application and multi-functionality of riboflavin is again anticipated to foster the market growth. The diverse applications of riboflavin/vitamin B2, ranging from the food processing industry to cosmetic, pharmaceutical, and animal feed. Moreover, the food and beverages sector has wide use of riboflavin as a food colorant and for the fortification of foods such as bread, cereals, wheat flour, beverages, and others which increase the bioavailability of riboflavin. Furthermore, it is also a important vitamins often added to flour and bakery products and beverages. It is also used to enrich dairy milk products, breakfast cereals, energy, and fruit drinks.

Figure 2. Global Riboflavin Market Value Share (%), By Form, 2021

Riboflavin  | Coherent Market Insights

Market Restraints:

Riboflavin is sensitive to humidity which makes it less stable. This property of riboflavin is expected to restrict the market growth.

High price of the product restrict consumers from buying. This is another key factor hampering growth of the market.

Market Opportunities:

Growing demand for plant-based food and beverages is expected to provide lucrative growth opportunities for the market players in the near future. The addition of vitamin B2/riboflavin ingredients in plant-based food and beverages makes them equally nutritious and healthy, compared to conventional food and beverage products in the market.

Increasing usage of riboflavin in beauty supplements is again anticipated to offer significant growth opportunities over the forecast period. Riboflavin/vitamin B2 ingredient enhance the appearance of fine lines and wrinkles. This ingredient also helps in improving skin tone, makes skin more radiant, and balances natural oils. This makes it important for dry skin or acne skincare products and supplements.

Market Trends/Key Takeaways:

Increasing scope in pet food supplements is expected to be a key trend in the market. For instance, in July 2021, Bougie Bakes, a healthy snack alternative manufacturer based in Los Angeles, launched Bougie Barks Peanut Butter Carob Dog Cookies, enriched with vitamin B2/riboflavin and other essential bioactive ingredients.

Growing popularity of functional food products across Asia Pacific region owing to the industrialization and changing socio-economic condition is expected to uplift the market growth.

Competitive Landscape:

BASF SE, Koninklijke DSM NV, Shanghai Acebright Pharmaceuticals Group Co. Ltd, Xinfa Pharmaceutical Co. Ltd, Hubei Guangji Pharmaceutical Co. Ltd, NB Group Co. Ltd, Hegno, Legend Industries, and Hebei Shengxue dacheng Pharmaceutical Co. Ltd

Riboflavin is a type of vitamin B. It is synthesized by microorganisms. In the past, it was made by microorganisms that had a high rate of overproduction. The human body can synthesize riboflavin in small amounts in the gut but cannot make enough to fulfill its nutritional requirements. It is one of the components of coenzymes that aid in cell growth and energy production. It also contributes to the breakdown of fats, steroids, and medications. Excess dietary riboflavin is excreted in urine.

Market Dynamics:

Growing demand from fortified food &beverage and wide-application of riboflavin are driving growth of the riboflavin market. Moreover, increasing for plant-based food and beverages is again anticipated to foster market growth. Furthermore, expanding scope in pet food supplements is further anticipated to foster market growth.

On the contrary, high price and low stability on exposure to humidity are key factors expected to restrict the market growth.

Key features of the study:

  • This report provides in-depth analysis of the global riboflavin market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global riboflavin market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include BASF SE, Koninklijke DSM NV, Shanghai Acebright Pharmaceuticals Group Co. Ltd, Xinfa Pharmaceutical Co. Ltd, Hubei Guangji Pharmaceutical Co. Ltd, NB Group Co. Ltd, Hegno, Legend Industries, and Hebei Shengxue dacheng Pharmaceutical Co. Ltd
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global riboflavin market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global riboflavin market

Detailed Segmentation:

  • Global Riboflavin Market, By Source:
    • Chemical Synthesis
    • Fermentation
  • Global Riboflavin Market, By Form:
    • Powder
    • Liquid
  • Global Riboflavin Market, By Application:
    • Food and Beverages
    • Dietary Supplements
    • Pharmaceutical
    • Animal Feed
    • Personal Care
    • Other Applications
  • Global Riboflavin Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • South America
    • Middle East & Africa

Frequently Asked Questions

The global riboflavin market size is estimated to be valued at US$ 397 Million in 2021 and is expected to exhibit a CAGR of 6.65% between 2021 and 2028.
Growing demand from fortified food &beverage and wide-application of riboflavin are fuelling the growth of the market.
The Powder form segment is the leading component segment in the market.
High price and low stability on exposure to humidity are the major factors restraining growth of the market.
Major players operating in the market are BASF SE, Koninklijke DSM NV, Shanghai Acebright Pharmaceuticals Group Co. Ltd, Xinfa Pharmaceutical Co. Ltd, Hubei Guangji Pharmaceutical Co. Ltd, NB Group Co. Ltd, Hegno, Legend Industries, and Hebei Shengxue dacheng Pharmaceutical Co. Ltd

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