Market Outlook

Increasing consumer awareness regarding the health benefits of a variety of health supplements have fuelled the demand for vitamin and mineral supplements, as they build up our body and provide adequate nourishment. Riboflavin is a group of vitamin B complex, commonly known as vitamin B2, which is chemically water soluble. Since riboflavin is water soluble, it needs to be taken daily in the form of meat, fish, eggs, etc. Due to modernizing lifestyles, consumers prefer dietary supplements of riboflavin which can be easily absorbed by the body. In developed countries, riboflavin has become a part of various processed food as a coloring and fortifying agent, along with nourishment. Riboflavin is also called riboflavine, lactoflavin, and ovoflavin in medical and pharmaceutical terms. North America has predominant consumption of riboflavin due to the huge penetration of food processing industries and huge supply chains of dietary supplements. In Europe and Asia, riboflavin is mostly consumed through medicines due to increased vitamin deficiency found in most adults and infants. Riboflavin has also developed inflating demand in the Middle East & Africa and Latin American regions due to increasing pharmaceutical and chemical industries all over the world.

Reasons for Covering this Topic:

Riboflavin has wide application in dietary supplements, as it provides adequate energy, and helps in metabolism. Riboflavin plays an important role in the animal feed industry as a growth promoter. In pharmaceuticals, it is used for treating migraine, anemia, ulcers, hypertension, high blood pressure, and preventing cataracts, hepatic disease, and even cancer due to the presence of antioxidants. As riboflavin has high collagen, it is used to nourish the skin and hair, hence, it is promoted in cosmetic products. Many leading manufacturers of riboflavin have continued to represent their products in the global market over the years, which increased the products in terms of quality and quantity. Due to its multi-utility, riboflavin has extensive distribution and supply chains across the world. There is emerging demand for riboflavin among consumers, as it has become an integral part of the daily diet, directly or indirectly, which is anticipated to drive the global riboflavin market positively.    

On the basis of source, the global riboflavin market has been segmented as-

  • Dairy
  • Meat
  • Eggs
  • Nuts & Seeds
  • Algae & Fungus

On the basis of application, the global riboflavin market has been segmented as-

  • Food Industry
  • Feed Industry
  • Pharmaceuticals
  • Dietary Supplements
  • Cosmetics & Personal Care

On the basis of distribution channel, the global riboflavin market has been segmented as-

  • Direct
    • Food Processors
    • Feed Processors
    • Chemical Industries
    • Others
  • Indirect
    • Store-based
      • Specialty Stores
      • Pharmaceuticals
      • Others
    • Online Retail

On the basis of form, the global riboflavin market has been segmented as-

  • Powder
  • Liquid 

Global Riboflavin Market: Key Players

Some of the major key players include DSM, BASF, Hubei Guangji Pharmaceutical, Acebright Pharmaceuticals Group, Shanxi jixiang biological engineering, NB Group, Ningxia Qiyuan Pharmaceutical, Xinfa Pharmaceutical, and Hegno. More industrialists are showing a keen interest in developing riboflavin products.

Opportunities for Market Participants:

As vitamins and minerals form active ingredients in food processing, dietary supplements, and chemical and cosmetic industries, there is a great demand for riboflavin across the world. Key developers and manufacturers are showing keen interest in riboflavin, as the global vitamin market is escalating. Hence, it can be deduced that, there would be greater market opportunities and higher returns for investors in the riboflavin market.

Global Riboflavin market: A Regional Outlook

Riboflavin is predominantly extracted and processed in North America, due to the presence of a large number of dietary supplement brands and food processing companies. In Europe and Asia Pacific, riboflavin is predominantly consumed as a supplement, as many people suffer from vitamin deficiency and increased liver abnormalities. In Japan, riboflavin is equally used in pharmaceuticals and cosmetic care due to higher exports. In the Middle East & Africa, riboflavin is used for chemical synthesis and pharmaceutical purposes. Due to broadening demand and distribution, the growth of the global riboflavin market is expected to remain positive over the forecast period.

Brief Approach to Research

The report follows a modeling-based approach and triangulation methodology to estimate data covered. A detailed market understanding and assessment of the applications, types, forms, and end uses of the product segments covered in the study is offered by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. Statistics and data are collected on a regional level, consolidated, and synthesized on a global level, to estimate overall market sizes.

Key Data Points Covered in the Report

Some of the key data points covered in our report include:

  • An overview of the market, including background and evolution
  • Macroeconomic factors affecting the market and its potential
  • Market dynamics, such as drivers, challenges, and trends
  • Detailed value chain analysis of the market
  • The cost structure of the products and segments covered in the study
  • In-depth pricing analysis, by key product segments, regions and by major market participants
  • Analysis of supply and demand, such as top producing and consuming geographies, imports/exports, and overall trade scenario
  • Analysis of the market structure, including a tier-wise categorization of key market participants
  • Competitive landscape of the market, including detailed profiles of the top players in this market

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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