North America Riboflavin Market

North America Riboflavin Market Analysis:

North America Riboflavin Market is estimated to develop with a considerable CAGR throughout the outlook period (2022 - 2027).

Increasing consumer awareness of the health benefits of a variety of health supplements has fueled the demand for vitamin and mineral supplements as they strengthen our bodies and provide adequate nutrition. Riboflavin is a group of the vitamin B complex, commonly known as vitamin B2, which is chemically soluble in water. Since riboflavin is soluble in water, it must be taken daily in the place of meat, fish, eggs, etc. Due to modernized lifestyles, consumers prefer riboflavin dietary supplements that the body can easily absorb. In developed countries, riboflavin has become part of various processed foods as a colorant and fortifier, along with foods. Riboflavin is also known as vitamin B2, lactoflavin, and ovoflavin in medical and pharmaceutical terms. North America has a predominant consumption of riboflavin due to the strong penetration of the food processing industries and the huge supply chains of dietary supplements.

REPORT COVERAGE:

Recent Developments

1. In September 2017, Eisai Co. Ltd. launched the Chocola BB plus Vitamin B2 Tablet, a major product in the Chocola BB series, in Taiwan. Due to strong demand from health and beauty conscious consumers in Asia.
2. Vitabiotics, a prominent vitamin and health supplement provider plans to introduce three new over-the-counter drugs, namely Wellman, Wellwoman and Perfectil in India. The company positions these brands as lifestyle products for health-conscious young Indians.
3. Perfectil, the UK's leading beauty vitamin, is launched in Walgreens stores across the United States. They offer comprehensive multivitamin and beauty supplements that are ideal for growth in skin, hair, and nail.

Market Drivers and Restraints:

Riboflavin is widely available as multivitamin/multimineral supplements, in complex B dietary supplements. Decreased riboflavin consumption in Western countries, especially among young people, is increasing the demand for riboflavin supplements. It acts as a metabolic stimulator and helps promote good health. It plays a key role in energy metabolism and in the metabolism of fats, ketones, carbohydrates, and proteins. Riboflavin plays an essential role in protecting against cardiovascular disease and cancer, and in vision, according to public health research. Bone health and pregnancy concerns are becoming crucial for grain-fortified foods, increasing market demand for riboflavin. A deficiency of riboflavin or vitamin B2 increases the risk of preeclampsia during pregnancy. All the associated health benefits expand the demand for riboflavin in the international marketplace.

Market Segmentation

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

Impact of COVID-19 on North America Riboflavin Market:

The main challenge is obvious: can we afford to cover our costs? While variable costs may decrease, fixed costs cannot. In recognition of this, some governments have adopted stimulus packages to help companies meet these challenges. Companies should also review and adjust their contingency plans to ensure they are working optimally during this emergency. Existing plans for many organizations will focus on unique catastrophic events, but this situation is very different, as the majority of the population remains healthy and therefore able to work. However, it must be recognized that employees are susceptible to exposure to the virus. When this happens, they must be quarantined to prevent the virus from spreading throughout the organization. If an employee's job allows them to work from home, that's an option if they feel good enough. When the infection has affected so many workers that normal operations can no longer continue, officials will need to execute a contingency plan to refer clients or reduce service delivery. The decision to stay open or closed can be life and death, and the effects on the long-term viability of the business can be enormous. Businesses may also face shortages of supplies. Contingency plans should be reviewed to determine if other sources or substitutes could be used when main supplies are no longer available.

Regional Analysis:

The North America Riboflavin Market has been categorized on the basis of the United States, Canada, Mexico, and rest of North America. North America holds a dominant position in the worldwide riboflavin market because of the increasing urbanization and industrialization, product creation, and technological progressions. In addition, increased awareness of people's health increased per capita income, and a wide range of applications are key factors in the growth of the riboflavin industry in the US market. The prevalence of vitamin deficiency in typical western diets is higher, especially in the elderly. 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.

Leading Company

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

Key Players

The North America Riboflavin Market is concentrated with well-established players. Key players in the North America Riboflavin Market include Hegno, DSM, Xinfa Pharmaceutical, Ningxia Qiyuan Pharmaceutical, NB Group, Shanxi Ji Xiang biological engineering, Acebright Pharmaceuticals Group, Hubei Guangji Pharmaceutical, and BASF