RIBOFLAVIN MARKET ANALYSIS

Riboflavin MarketSize and Trends

Market Statistics:

The global riboflavin market was valued at US$ 397 Mn in 2021 and is forecast to reach a value of US$ 670.23 Mn by 2030 at a CAGR of 6.65% between 2022 and 2030.

Asia Pacific held dominant position in the global riboflavin market in 2021, accounting for 31% share in terms of volume, followed by North America and Europe, respectively.

Market Drivers:

Growing demand from fortified food &beverages is driving growth of the riboflavin market. According to the Food Fortification Initiative, nearly 31% of the world’s industrially milled wheat flour is fortified. The nutrients that are mainly added include iron, zinc, and the following B vitamins: folic acid, riboflavin, niacin, thiamin, vitamin B12, and vitamin B6.

Moreover, wide application and multi-functionality of riboflavin is again anticipated to foster the market growth. The diverse applications of riboflavin/vitamin B2, ranging from the food processing industry to cosmetic, pharmaceutical, and animal feed. Moreover, the food and beverages sector has wide use of riboflavin as a food colorant and for the fortification of foods such as bread, cereals, wheat flour, beverages, and others which increase the bioavailability of riboflavin. Furthermore, it is also a important vitamins often added to flour and bakery products and beverages. It is also used to enrich dairy milk products, breakfast cereals, energy, and fruit drinks.

Figure 2. Global Riboflavin Market Value Share (%), By Form, 2021

Market Trends/Key Takeaways:

Increasing scope in pet food supplements is expected to be a key trend in the market. For instance, in July 2021, Bougie Bakes, a healthy snack alternative manufacturer based in Los Angeles, launched Bougie Barks Peanut Butter Carob Dog Cookies, enriched with vitamin B2/riboflavin and other essential bioactive ingredients.

Growing popularity of functional food products across Asia Pacific region owing to the industrialization and changing socio-economic condition is expected to uplift the market growth.