Market Size of Riboflavin Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 451.57 Million |
| Market Size (2029) | USD 623.06 Million |
| CAGR (2024 - 2029) | 6.65 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Riboflavin Market Analysis
The Riboflavin Market size is estimated at USD 451.57 million in 2024, and is expected to reach USD 623.06 million by 2029, growing at a CAGR of 6.65% during the forecast period (2024-2029).
It is expected that the riboflavin market will continue to grow due to an increase in the global consumption of fortified foods and beverages. According to the Food Fortification Initiative, it is estimated that close to 31% of the industrially milled wheat flour in the world is fortified. There are primarily iron, zinc, folic acid, riboflavin, niacin, thiamin, vitamin B12, and vitamin B6 added to foods and beverages. Furthermore, riboflavin is expected to grow in popularity because of its broad application and multi-functionality. Riboflavin/vitamin B2 has diverse applications in many fields, including food processing, pharmaceuticals, and animal feeding, which is further fostering the demand in the market.
The riboflavin market is driven by the increased demand for riboflavin-infused supplements, owing to its multi-utility, which makes it extremely useful in all sectors of the market across the world. The growing use of natural colorants in the packed food industry and the dietary supplements industry is 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 and are likely to fuel the overall need.
