Riboflavin is an essential vitamin that can boost energy levels. It is found in fruits and vegetables, but is not present in sufficient amounts in our bodies. The most common source of Riboflavin is vegetables. However, it can also be found in red meat and milk. Animals and humans should consume the recommended daily allowance of riboflavin, which is 0.4-0.6 mg per day for adults. Animals need 17.5 mg per kilogram. Riboflavin is also found in red blood cells. Riboflavin is important for growth and production of red blood cells, but it should also be consumed in moderation.
Market Statistics:
The global riboflavin market is estimated to account for US$ 397 Mn in terms of value by the end of 2021.
Global Riboflavin Market: Drivers
Growing health and wellness awareness among consumers coupled with the increasing purchasing power are the key factors augmenting growth of the riboflavin market. Additionally, changing lifestyle of consumer due busy schedule is again propelling demand for healthy food products.
Global Riboflavin Market: Opportunities
Increasing focus of key players to expand the production capacity of riboflavin is projected to bring bright market opportunities. For instance, in September 2018, DSM expands German vitamin-B2 production in response to demand. Royal DSM has announced plans to expand vitamin B2 production capacity at its facility in Grenzach, Germany, in a move intended to meet rising demand across the food and dietary supplement markets.
Global Riboflavin Market: Restraints
Negative impact of Covid-19 on food and cosmetic industry is expected to restrict the market growth.
Global Riboflavin Market - Impact of Coronavirus (Covid-19) Pandemic
The global impacts of COVID-19 has drastically affected the riboflavin industry. Despite the increasing demand for supplements, such as riboflavin, supply was gravely hit by the COVID-19 crisis. For instance, countries, such as Romania, banned export to non-European Union countries, thus creating severe demand-supply problems in the industry. On the contrary, China, a major marketplace that produces riboflavin, caused disruptions for global producers with its draconian measures to curb the COVID-19 pandemic.
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Key Takeaways:
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.
Powder segment held dominant position in the global riboflavin market in 2021, accounting for 91.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Riboflavin Market: Trends
Growing research &development activities for exploring new application of riboflavin will favour the market growth in the near future. For instance, in December 2021, a group of Kobe University researchers have revealed that adding Vitamin B2 to cells that have been exposed to aging stress increases the mitochondria’s ability to produce energy and prevents cell aging. Therefore, there is the potential to prevent and ameliorate age-related disorders and extend people’s healthy lifespans using supplements and medicines containing Vitamin B2 to suppress cell senescence.
Expanding personal care industry due to increasing consumer spending and growing hygiene awareness is expected to positively shape the market growth over the forecast period.
Global Riboflavin Market: 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
