Riboflavin Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Riboflavin market is segmented By Form (Powder and Liquid); By Application (Food and Beverage, Dietary Supplement, Animal Feed, Personal Care, Pharmaceutical, and Other Applications); and By Geography. The market sizing and forecasting have been done in value terms of USD million and volume in metric tons for each segment.

Market Snapshot

Riboflavin Market Summary
Study Period: 2016 -2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia-Pacific
CAGR: 6.65 %

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The riboflavin market was valued at USD 397.0 million in 2021, and it is expected to record a CAGR of 6.65% during the forecast period (2022-2027). Further, the market accounted for a volume of 12,716.5 metric tons in 2021.

The global impacts of COVID-19 drastically affected the riboflavin markets. Despite the increasing demand for supplements, including riboflavin, supply was gravely hit by the pandemic crisis. For instance, countries like Romania banned exporting to non-European Union countries, thereby creating severe demand-supply problems in the industry. On the other hand, China, a major marketplace that produces riboflavin, caused disruptions for global producers with its draconian measures to curb the COVID-19 pandemic.

The riboflavin market is driven by the increased demand for riboflavin-infused supplements owing to its multi-utility, which makes it extensively used in all sectors of the market across the world. The growing use of natural colorants in the packed food industry and dietary supplements among health-conscious consumers act as the key factors driving the demand for riboflavin in the global market. The prevalence of vitamin deficiency in typical Western diets is higher, especially in senior adults. Milk and milk products fortified with Vitamin B2 are critical in the North American fortified foods market, likely to fuel the overall need.

Scope of the Report

Riboflavin, also known as vitamin B₂, is a vitamin found in food and sold as a dietary supplement. It is essential to the formation of two major coenzymes, flavin mononucleotide and flavin adenine dinucleotide. The global riboflavin market is segmented by form, application, and geography. By form, the market studied is segmented into powder and liquid. Based on application, the market studied is segmented into food and beverage, dietary supplement, animal feed, personal care, pharmaceutical, and other application. The market sizing and forecasting have been done in value terms of USD million and volume in metric tons for each segment.

By Form (Value in USD million & Volume in metric Tons)
Powder
Liquid
By Application (Value in USD million & Volume in metric Tons)
Food and Beverages
Dietary Suppplements
Pharmaceuticals
Animal Feed
Personal Care
Others
Geography (Value in USD million & Volume in metric Tons)
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
Saudi Arabia
Rest of Middle-East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Increasing Demand for Functional and Fortified Food

In the past, food fortification has been used to prevent micronutrient malnutrition, but today, food fortification is used to improve health and wellness. By increasing a baked food’s better-for-you attributes, fortification provides avenues for manufacturers to add value to their product categories.​ About 31% of the world’s industrially milled wheat flour is fortified, according to the Food Fortification Initiative, a global group that helps country leaders promote, plan, implement and monitor the fortification of industrially milled flour, maize flour, and rice. The nutrients most often included are iron, zinc, and the following B vitamins: folic acid, niacin, riboflavin, thiamin, vitamin B12, and vitamin B6. Thus, with increasing consumer demand for fortified food and beverages with bioactive and essential vitamins followed by increasing consumer awareness regarding vitamin B2/riboflavin deficiency, the manufacturers are actively expanding their product offerings with the fortification of riboflavin to meet the ongoing consumer demand. For instance, in 2021, Clóna Dairy (an Ireland-based company) launched new vitamin-enriched milk, developed to support health and provide a rich source of vitamins and other essential nutrients.

mordor

Asia-Pacific to Drive the Global Market For Riboflavin

Asia-Pacific maintains the leading position in the riboflavin market due to rapid urbanization & industrialization, product development & technological innovations. Moreover, increasing health awareness among people, the rise in per-capita income, and the wide range of applications have been further augmenting its growth. Some of the popular riboflavin sources in the region encompass meat, eggs, salmon, and dairy products. However, with the growing consumer preferences toward veganism/vegetarianism across the region, there has been rising pressure on the food ingredients manufacturers like BASF SE, MTC Industries Inc., and DSM to invest in research and development and introduce plant-based riboflavin ingredients for multiple industrial applications such as food and beverages, personal care products, nutraceuticals, pharmaceuticals, and animal feed. As cereals are inexpensive and consumed in large quantities in the country for producing multiple food products like porridge, breakfast cereals, raised bread, flatbread, biscuits, cereal-based beverages, and seedling juices, attempts are being made to enrich these cereal grains and flour with vitamins B1, B2, B3, and B9 using fortification and biofortification, as recommended by the Food & Drug Administration (FDA).

mordor7

Competitive Landscape

The global riboflavin market is concentrated in nature due to many regional and domestic players. Emphasis is given on partnerships, expansions, product innovations, and mergers and acquisitions as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Consumers in the market are increasingly becoming health conscious and looking for health supplements. This factor strategically makes companies innovate and expand their existing product portfolios, thereby making this market conducive to further development to gain more revenue. Some major players in the market studied include BASF SE, Hubei Guangji Pharmaceutical Co. Ltd​., Xinfa Pharmaceutical Co. Ltd, Koninklijke DSM NV, and Shanghai Acebright Pharmaceuticals Group Co. Ltd., among others.

Recent Developments

  • 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.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness-Porter's Five Forces Analysis

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitutes

      5. 4.3.5 Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Form (Value in USD million & Volume in metric Tons)

      1. 5.1.1 Powder

      2. 5.1.2 Liquid

    2. 5.2 By Application (Value in USD million & Volume in metric Tons)

      1. 5.2.1 Food and Beverages

      2. 5.2.2 Dietary Suppplements

      3. 5.2.3 Pharmaceuticals

      4. 5.2.4 Animal Feed

      5. 5.2.5 Personal Care

      6. 5.2.6 Others

    3. 5.3 Geography (Value in USD million & Volume in metric Tons)

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Mexico

        4. 5.3.1.4 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Spain

        2. 5.3.2.2 United Kingdom

        3. 5.3.2.3 Germany

        4. 5.3.2.4 France

        5. 5.3.2.5 Italy

        6. 5.3.2.6 Russia

        7. 5.3.2.7 Rest of Europe

      3. 5.3.3 Asia Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 Japan

        3. 5.3.3.3 India

        4. 5.3.3.4 Australia

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 South Africa

        2. 5.3.5.2 Saudi Arabia

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Share Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 BASF SE

      2. 6.3.2 KONINKLIJKE DSM NV

      3. 6.3.3 Shanghai Acebright Pharmaceuticals Group Co. Ltd

      4. 6.3.4 Xinfa Pharmaceutical Co. Ltd

      5. 6.3.5 Hubei Guangji Pharmaceutical Co. Ltd

      6. 6.3.6 N.B Group Co. Ltd

      7. 6.3.7 Hegno

      8. 6.3.8 Legend Industries

      9. 6.3.9 Hebei Shengxue dacheng Pharmaceutical Co. Ltd

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. IMPACT OF COVID-19 ON THE MARKET

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Riboflavin Market market is studied from 2016 - 2027.

The Riboflavin Market is growing at a CAGR of 6.65% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia-Pacific holds highest share in 2021.

BASF SE, Hubei Guangji Pharmaceutical Co. Ltd., Koninklijke DSM NV ​, Shanghai Acebright Pharmaceuticals Group Co. Ltd​., Xinfa Pharmaceutical Co. Ltd​. are the major companies operating in Riboflavin Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!