Riboflavin market is estimated to witness high growth, owing to increasing demand from feed industry & growing health awareness
Riboflavin market is estimated to be valued at USD 461.5 Mn in 2024, exhibiting a CAGR of 6.7% over the forecast period (2024-2031). Growing demand for riboflavin from the feed industry can drive the market growth. Riboflavin acts as a coenzyme in enzymatic reactions involved in energy metabolism, and is essential for normal growth and health of poultry and livestock. Furthermore, increasing health awareness among consumers regarding vitamin and mineral deficiency can also boost adoption of riboflavin supplements.
Market Dynamics-
Riboflavin market growth is primarily driven by increasing demand from the feed industry as well as growing human nutrition sector. Within feed industry, riboflavin is increasingly used in compound feed for poultry and livestock due to its vital role in energy metabolism. Moreover, expanding consumer base for dietary supplements due to rising health consciousness has boosted sales of riboflavin supplements. Marketing strategies by riboflavin manufacturers focusing on product promotion and educational campaigns about its benefits can also drive the market growth.
Growing demand for fortified and enriched food products can drive the riboflavin market
There has been huge demand for riboflavin due to rising demand for fortified and enriched food products across the globe. Various health organizations and governments promotes the addition of essential vitamins and minerals to staple food products, in order to overcome micronutrient deficiencies in the population. Riboflavin or vitamin B2 is one such essential micronutrient that is commonly added to food products like wheat flour, corn flour, rice, milk, and other dairy products. This boosts demand for riboflavin from the food and beverage industry. Food producers are readily fortifying their products with riboflavin to gain new customers and increase their sales.
Increasing health awareness leads to higher consumption of supplements
Riboflavin market growth is driven by increasing health awareness and focus on preventive healthcare among the global population. People are now more conscious about maintaining optimum vitamin and mineral levels in their body through a balanced diet or supplementation. Riboflavin plays a crucial role in energy production, and is required for normal cell functioning. Hence, rising awareness about its health benefits boosts its demand from the dietary supplements industry. Various riboflavin tablets, capsules and syrups are introduced in the market to fulfill the rising demand from health-conscious consumers.
Strict regulations on food fortification practices can limit the market growth
While there has been huge demand for riboflavin due to increasing fortification of food products, strict regulations associated with its permissible limits can hamper the market growth. Regulatory bodies like Food and Drug Administration (FDA) and European Food Safety Authority (EFSA) have stipulated guidelines regarding the appropriate levels of vitamin addition in different food items. Exceeding these limits can prove harmful for health. Companies need to follow complex protocols for new product approval and certification. This regulatory hurdle delays product launches and increases compliance cost, thus, negatively impacting the riboflavin market.
Scarcity of raw material sources affects supply
Availability of raw materials for riboflavin extraction can pose challenges. Riboflavin is mainly obtained from meat, eggs and milk and production depends on livestock. Any disruptions in animal feed supply or outbreak of diseases can reduce the output. Fluctuating prices and scarcity issues related to riboflavin sources can hamper the market growth. Technology advancements are needed to develop newer sustainable production methods for overcoming this restraint.
Increasing demand in developing countries presents lucrative opportunities
While developed regions have stable riboflavin consumption through food intake and supplements, developing markets exhibit more growth potential of the riboflavin. Countries like India, China, Brazil, Mexico are focused on eliminating micronutrient malnutrition rampantly reported among their populations. This presents massive opportunity for riboflavin suppliers to increase their clientele in these rapidly developing markets. Global firms can consider establishing local production facilities or tying up with domestic players to tap into this profitable avenue.
Rising awareness about animal nutrition widens the scope
Rising focus on pet and livestock feed enrichment with essential vitamins and minerals can open new vistas for riboflavin market. Owners are more informed about importance of balanced animal diets for their health, growth and productivity. Various riboflavin premixes are gaining popularity for poultry, cattle and pet feed formulations. Leaders are developing specialized riboflavin products for different animal categories, which stimulates competitive activity in this potential segment.
Link - https://www.coherentmarketinsights.com/market-insight/riboflavin-market-5140
Key Developments-
- In May 2023, DSM-Firmenich AG, a global leader in nutrition, health, and beauty innovation, finalized its merger with Firmenich International SA.
- In October 2022, Fonterra expanded its product portfolio with the launch of BioKodeLab, a supplement brand aimed at improving cognitive performance. As per the company, the product consists of vitamin A, riboflavin, lutein, and zeaxanthin to support macular health.
- In May 2022, Royal DSM announced its merger with Firmenich. The newly formed DSM-Firmenich will operate through four business units: perfumery and beauty, food and beverage, health and nutrition, and animal nutrition, resulting in combined sales of around USD 13.58 billion (EUR 11.5 billion).
Key Players-
BASF SE, Koninklijke DSM NV, Shanghai Acebright Pharmaceuticals Group Co. Ltd., Xinfa Pharmaceutical Co. Ltd, Hubei Guangji Pharmaceutical Co. Ltd, NB Group Co. Ltd, Hegno, Legend Industries, Hebei Shengxue dacheng Pharmaceutical Co. Ltd, Duchefa Biochemie, and Harman Finichem Ltd
