Global Riboflavin Market

Riboflavin Market Growth and Forecast (2022-2027):

Global Riboflavin Market size was estimated at USD xx.xx million in 2021 and is expected to reach over USD xx.xx million by the end of the projection period. The market is also estimated to experience moderate growth to record a CAGR of xx.x% throughout the outlook period (2022 - 2027).

Market Overview:

Riboflavin is also known as vitamin B2, and is an essential vitamin, commonly found in various food sources and necessary for the body's nutrition. Riboflavin is used as a dietary supplement and is found in food products such as eggs, green leafy vegetables, milk and dairy products, legumes, lean meats, mushrooms, almonds, and others. It is a water soluble vitamin and necessary for the growth, development and function of cells. The daily requirement for riboflavin is based on age and gender as stated by the National Academy of Medicine in Recommended Food Intakes. A shortage of riboflavin in the diet can lead to a riboflavin deficiency known as ariboflavinosis, which results in a sore throat, cheilosis, and inflammation of the mouth, skin rashes, anemia, and liver and liver degeneration nervous system. Riboflavin is extracted from food sources or chemically synthesized for commercial production used for animal feed and food fortification.

Recent Developments in the Riboflavin Industry:

1. In September 2017, Eisai Co., Ltd. announced that it has launched the vitamin B2 tablet “Chocola BB® Plus” (general food product, Chinese name :), a major product of the Chocola BB series, in Taiwan. This is the first launch of this product in an Asian region outside of Japan. From this launch, Eisai intends to expand this product to the Asian market. Products such as Chocola BB® Royal Drink have also been marketed in Taiwan and many Taiwanese consumers are familiar with the Chocola BB brand.
2. The company called "Vitabiotics" which is a vitamin and health supplement, has plans to launch three of its main OTC brands which are Perfectil, Wellwomen, and Wellman, in India in 2020. The company positions these brands as lifestyle products for young health-conscious Indians.
3. Perfectil, a renowned beauty vitamin company based in the UK, started its sales in Walgreens stores in the US. Perfectil, by Vitabiotics is a complete multivitamin and beauty supplement with specific formulations designed to support the skin, hair or hair nail. Each formulation contains between 22 and 28 bioactive micronutrients that help deliver radiant beauty from within.

REPORT COVERAGE:

Drivers and Restraints:

The global riboflavin market is driven by increased demand for riboflavin infused supplements due to its multiple utility, making it widely used in all market sectors around the world.

Riboflavin is consumed through medications due to increased vitamin deficiencies in most adults and infants. Additionally, riboflavin is used in various processed foods as a coloring and fortifying agent, as well as in foods. Riboflavin also plays an important role in the feed industry as a growth stimulator. As riboflavin is high in collagen, it is used to nourish skin and hair, which is why it is promoted in cosmetics. Increased health awareness, need for a healthy diet, increased riboflavin deficiency disorders, increased malnutrition, advanced innovation and technology, industrial synthesis of riboflavin, intensive use of riboflavin for fortification, widespread diseases, development of new products, investment in R&D, recommended dietary intake, lack of natural food sources, the rapid increase in dietary supplements, widespread use for medicinal purposes, fortification of personal care products by riboflavin, use in animal feed, availability of liquid riboflavin extracts, vitamin B2 capsules, excellent urbanization and increased disposable income are the main drivers of the growth of the global riboflavin market. However, high-priced fortified foods, traditional beliefs, loss of vitamins during processing, government restrictions, and availability of alternative food products are hampering this business growth.

Riboflavin Market Segmentation Analysis:

The global Riboflavin market can be divided based on the Form, Source, and Application. Depending on the Form, the market can be bifurcated as Liquid and Powder. Depending on the Source, it can be divided into Animal Sources and Plant. Depending on the Application, the market is separated as Personal Care, Pharmaceuticals, Animal Feed, Dietary Supplements, and Food and Beverages.

Impact of COVID-19 on Riboflavin Market:

Although the demand for feed has been relatively stable, the coronavirus crisis has severely affected supply. Given its draconian measures to stop the pandemic, China, a major supplier of food products, has created problems for global producers. In addition, the availability of containers and ships has also been affected by logistics problems in China, as well as the transport of other micro-ingredients. Governments have ordered partial closures of their international ports, further disrupting the feed supply chain. Restaurant closures in the regions have severely affected the F&B industry. Faced with the COVID-19 pandemic, the radical change in the consumption model of consumers has forced producers to rethink their policies and strategies. Agriculture and the food and beverage industry are among the sectors most affected in particular. This would affect the growth of the riboflavin market for some time. However, the rising awareness related to its health benefits will augment the business demand in the coming years.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

Regional Analysis:

North America continues the leading position in the riboflavin market, due to technological innovations, product development, industrialization, and rapid urbanization. In addition, increased awareness among consumers related to health, surge in per capita spending, and various applications are supporting the growth of the riboflavin business in the US marketplace. The increasing concerns about vitamin deficiency in western diets, especially among the elderly are providing impetus to the local market. Milk and dairy products enriched with vitamin B2 are essential in the enriched food market in North America, which will likely fuel the general need.

In Europe and Asia-Pacific, riboflavin is mainly consumed in supplement form, as many people suffer from vitamin deficiencies and increased liver abnormalities. In Japan, riboflavin is also used in pharmaceuticals and cosmetics due to increased exports. In the Middle East and Africa, riboflavin is used for chemical synthesis and for pharmaceutical purposes. Due to increasing demand and distribution, the growth of the global riboflavin market is expected to remain positive during the forecast period.

Leading Company

DSM had the largest share of the Riboflavin Market in terms of sales and revenue in 2019.

Key Players in the Market:

Major Key Players in the Global Riboflavin Market are

• Hegno
• DSM
• Xinfa Pharmaceutical
• Ningxia Qiyuan Pharmaceutical
• NB Group
• Shanxi Jixiang Biological Engineering
• Acebright Pharmaceuticals Group
• Hubei Guangji Pharmaceutical
• BASF