Global Riboflavin Market

Global Riboflavin Market Size (2024 to 2029)

Global Riboflavin Market size was estimated at USD 443.4 million in 2024 and is expected to reach over USD 601.81 million by 2029. The market is also estimated to experience moderate growth to record a CAGR of 6.3% throughout the outlook period (2024 to 2029).

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.

MARKET 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.

REPORT COVERAGE

DETAILED SEGMENTATION OF THE GLOBAL RIBOFLAVIN MARKET INCLUDED IN THIS REPORT

This research report on the global riboflavin market has been segmented and sub-segmented based on form, application, source, and region.

Global Riboflavin Market By Form

• Liquid        
• Powder    

Global Riboflavin Market By Application                     

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

Global Riboflavin Market By Source                              

• Animal      
• Plant          

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 Plants. Depending on the Application, the market is separated as Personal Care, Pharmaceuticals, Animal Feed, Dietary Supplements, and Food and Beverages.

REGIONAL ANALYSIS

• North America
• Europe
• Asia Pacific
• Latin America 
• The Middle East and Africa

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.

KEY PLAYERS IN THE GLOBAL RIBOFLAVIN 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, and others. 

RECENT HAPPENINGS IN THE MARKET

• 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.
• 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.
• 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.