RIBOFLAVIN MARKET ANALYSIS

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 2021, 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

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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.

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

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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