Global Riboflavin Market Grows Steadily at a CAGR of 6.30%

Introduction

Riboflavin is a nutrient required for the body's metabolism. This vitamin deficiency may hamper the metabolism of other nutrients. Those who have this deficiency will have lower levels of flavin coenzymes. They could develop cataracts or anemia as well. Anorexics severely limit their calorie intake, which causes them to be undernourished. Although riboflavin has nutritional benefits, it can also have several adverse side effects.

Market Dynamics

Increasing Demand for Fortified Food and Beverage Applications Drives the Global Market

Nowadays, food fortification is done to support health and wellness rather than to stop micronutrient malnutrition as it was in the past. By increasing the healthier qualities of baked foods, fortification gives manufacturers a chance to increase the value of their product categories. Numerous government initiatives are being implemented to increase the consumption of fortified foods and beverages, particularly in developing countries. Due to growing consumer demand for fortified foods and beverages with bioactive and essential vitamins and growing consumer awareness regarding vitamin B2/riboflavin deficiency, manufacturers are actively expanding their product offerings with the fortification of riboflavin to meet ongoing consumer demand. As a result, consumers' increased consumption of fortified foods and beverages—fueled by a high demand for the products' bioactive ingredients, like Vitamin B2/riboflavin—is the main factor driving the market's growth.

Rising Need for B2 Vitamin as an Organic Poultry Diet Creates Tremendous Opportunities

In the past several years, organic poultry production has considerably risen to meet the rising customer demand for organic eggs and meat. Most of the riboflavin currently on the market, specifically Vitamin B2 (80% grade), is produced through fermentation using genetically modified strains and used as a feed additive. To grow, pigs and chickens require the nutrient riboflavin. Mortality rises due to shortages' effects on the neurological system, gastrointestinal tract, and sex organs. Vitamin B2 is added to animal feed because it is too low in cereals. This demonstrates the necessity of riboflavin in animal feed for the sector. Since organic livestock and poultry production is expected to increase during the forecast period, riboflavin has potential and will be a promising market.

Regional Analysis

Asia-Pacific is the most significant contributor to the global riboflavin market and is expected to grow at a CAGR of 7.97% during the forecast period. The middle class in China is becoming more affluent, and they are also becoming more health conscious, which has increased demand for fortified foods and beverages that contain vitamins and minerals, among other nutrients. This demand has fueled the expansion of the riboflavin market in China over the last few years. Due to growing consumer awareness of dietary supplements that improve memory, control blood pressure, and boost energy, the demand for vitamin B2, also known as riboflavin supplements, has risen. In addition, manufacturers like L-GA, who work in the confectionery industry, are stepping into the vitamins, minerals, and supplements market by offering candy vitamins called MultiVita C365, which is enriched with vitamins B2, B6, and C for energy production in the body, the formation of connective tissue, and amino acid metabolism.

Recent governmental initiatives significantly impact China's animal feed additives market. The nation's efforts to modernize and find efficiency in its structure and practices, as well as the rising demand for meat and animal products to meet the protein needs of the growing population, are two significant factors driving the growth of animal feed additives like riboflavin in the market.

Europe is expected to grow at a CAGR of 6.10% during the forecast period. Germans are choosing fortified foods, beverages, and supplements due to their increased awareness and demand for the riboflavin ingredients used in these products. According to the German Migraine and Headache Society (DMKG), Headaches are extremely common. More than 10 million people in Germany experience migraines, and at least 3 million deal with chronic headaches daily. As Germany's aging population consumes more nutritive products due to growing health concerns, there is a rising demand for vitamin and mineral components like riboflavin for functional and fortified food, beverages, and supplements. A significant rise in vegan consumers drives the market's growth.

Key Highlights

• The global riboflavin market was valued at USD 13,469.3 million in 2022. It is expected to reach USD 23,342.3 million by 2031, growing at a CAGR of 6.30% during the forecast period (2023–2031).
• Based on the source, the global riboflavin market is bifurcated into chemical synthesis and fermentation.
• Based on the form, the global riboflavin market is bifurcated into powder and liquid. The powder segment is the highest contributor to the market and is expected to grow at a CAGR of 6.70% during the forecast period.
• Based on the application, the global riboflavin market is bifurcated into food and beverages, dietary supplements, pharmaceuticals, animal feed, and personal care. The animal feed segment owns the highest market share and is expected to grow at a CAGR of 5.47% during the forecast period.
• Asia-Pacific is the most significant contributor to the global riboflavin market and is expected to grow at a CAGR of 7.97% during the forecast period.

Competitive Players

Competitive Players

The global riboflavin market’s major key players are

• BASF SE
• KONINKLIJKE DSM NV
• Shanghai Acebright Pharmaceuticals Group Co. Ltd
• Xinfa Pharmaceutical Co. Ltd
• Hubei Guangji Pharmaceutical Co. Ltd
• N.B Group Co. Ltd
• Hegno
• Legend Industries
• Hebei Shengxue Dacheng Pharmaceutical Co. Ltd.

Recent Developments

Market News

• In January 2023, BASF announced an investment in expanding its polymer dispersions production capacity at its manufacturing facility in Merak, Indonesia.
• In November 2022, In Dalry, Scotland, DSM began building a large-scale production facility for Bovaer®, a novel feed additive for ruminants that reduces methane.

Segmentation

Global Riboflavin Market: Segmentation

By Source

• Chemical Synthesis
• Fermentation

By Form

• Powder
• Liquid

By Applications

• Food and Beverages
• Dietary Supplements
• Pharmaceuticals
• Animal Feed
• Personal Care

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa