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

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.

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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.

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