Market Size of Riboflavin Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 451.57 Million |
| Market Size (2029) | USD 623.06 Million |
| CAGR (2024 - 2029) | 6.65 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia-Pacific |
Major Players.webp "Riboflavin Market Major Players")
*Disclaimer: Major Players sorted in no particular order |
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Riboflavin Market Analysis
The Riboflavin Market size is estimated at USD 451.57 million in 2024, and is expected to reach USD 623.06 million by 2029, growing at a CAGR of 6.65% during the forecast period (2024-2029).
It is expected that the riboflavin market will continue to grow due to an increase in the global consumption of fortified foods and beverages. According to the Food Fortification Initiative, it is estimated that close to 31% of the industrially milled wheat flour in the world is fortified. There are primarily iron, zinc, folic acid, riboflavin, niacin, thiamin, vitamin B12, and vitamin B6 added to foods and beverages. Furthermore, riboflavin is expected to grow in popularity because of its broad application and multi-functionality. Riboflavin/vitamin B2 has diverse applications in many fields, including food processing, pharmaceuticals, and animal feeding, which is further fostering the demand in the market.
The riboflavin market is driven by the increased demand for riboflavin-infused supplements, owing to its multi-utility, which makes it extremely useful in all sectors of the market across the world. The growing use of natural colorants in the packed food industry and the dietary supplements industry is driving the demand for riboflavin in the global market. The prevalence of vitamin deficiency in typical Western diets is higher, especially in senior adults. Milk and milk products fortified with Vitamin B2 are critical in the North American fortified foods market and are likely to fuel the overall need.
Riboflavin Industry Segmentation
Riboflavin, also known as vitamin B, is a vitamin found in food and sold as a dietary supplement. It is essential to the formation of two significant coenzymes, flavin mononucleotide and flavin adenine dinucleotide.
The global riboflavin market is segmented by form, application, and geography. By form, the market studied is segmented into powder and liquid. Based on application, the market studied is segmented into food and beverage, dietary supplements, animal feed, personal care, pharmaceuticals, and other applications. It provides an analysis of the emerging and established economies across the world, comprising North America, Europe, South America, Asia-Pacific, and Middle East & Africa.
For each segment, the market sizing and forecasts have been done on the basis of value (in USD million).
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| Powder | |
| Liquid |
| Application | |
| Food and Beverages | |
| Dietary Suppplements | |
| Pharmaceuticals | |
| Animal Feed | |
| Personal Care | |
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Riboflavin Market Size Summary
The riboflavin market is poised for significant growth, driven by the increasing global demand for fortified foods and beverages. This demand is fueled by the widespread fortification of staple foods like wheat flour, maize, and rice, as supported by initiatives from organizations such as the Food Fortification Initiative. Riboflavin, also known as vitamin B2, is gaining traction due to its versatile applications across various sectors, including food processing, pharmaceuticals, and animal feed. The rising popularity of natural colorants in the food and dietary supplements industries further propels the market, as does the growing awareness of vitamin deficiencies, particularly in Western diets. The North American market, in particular, sees a strong demand for riboflavin-fortified milk and dairy products, which are crucial in addressing these deficiencies.
Regionally, Asia-Pacific holds a dominant position in the riboflavin market, supported by rapid urbanization, industrialization, and increasing health consciousness. The region's market growth is further bolstered by the rise in per-capita income and the diverse applications of riboflavin. However, the growing trend towards veganism and vegetarianism presents challenges, prompting manufacturers to invest in plant-based riboflavin solutions. Fortification programs in South and Southeast Asia aim to combat riboflavin deficiency by enhancing the nutritional content of commonly consumed foods. The market is characterized by strategic partnerships, product innovations, and mergers, with major players like BASF SE, DSM, and others leading the charge in expanding their product offerings and enhancing their market presence.
Riboflavin Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Demand for Functional and Fortified Food
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1.1.2 Multi-functionality and Wide Application of Riboflavin
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1.2 Restraints
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1.2.1 Low Stability of Riboflavin on Exposure to Light and Heat
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1.3 Industry Attractiveness-Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitutes
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Form
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2.1.1 Powder
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2.1.2 Liquid
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2.2 Application
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2.2.1 Food and Beverages
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2.2.2 Dietary Suppplements
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2.2.3 Pharmaceuticals
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2.2.4 Animal Feed
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2.2.5 Personal Care
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2.2.6 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle East and Africa
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Riboflavin Market Size FAQs
How big is the Riboflavin Market?
The Riboflavin Market size is expected to reach USD 451.57 million in 2024 and grow at a CAGR of 6.65% to reach USD 623.06 million by 2029.
What is the current Riboflavin Market size?
In 2024, the Riboflavin Market size is expected to reach USD 451.57 million.
