Riboflavin also is known as vitamin B2 and lactoflavin is an essential vitamin, generally present in various food sources, and is required for the nourishment of the body. Riboflavin is used as a dietary supplement and is found in food products such as eggs, leaf vegetables, milk & milk products, legumes, lean meat, mushroom, almonds, and others. It is a water-soluble vitamin and required for proper growth, development, and functioning of cells. The daily requirement of riboflavin is based on the age and gender given by the National Academy of Medicine under Recommended Dietary Allowances. The shortage of riboflavin in diet can lead to riboflavin deficiency known as ariboflavinosis resulting in sore throat, cheilosis, inflammation of the mouth, skin rashes, anemia, and degeneration of the liver and nervous system. Riboflavin is extracted from food sources or chemically synthesized for commercial production which is used for feed and fortification of food products.
Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||By Source, Industry Vertical, Product Type,Distribution Channel,and Region|
|Regions covered||North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain,and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||BASF SE, DSM, Hubei Guangji Pharmaceutical Co. Ltd., NB Group, Parchem fine & specialty chemicals, Acebright Pharmaceutical Group, Shanxi JixiangBiological Engineering Co. Ltd., Ningxia Qiyuan Pharmaceutical, Advanced Technology & Industrial Co. Ltd., Hegno.|
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COVID-19 Scenario Analysis:
- The COVID-19 pandemic has affected the production of riboflavin fortified food products due to the shortage of raw material procurement and transportation restrictions which in turn has affected the revenue and sales of the global riboflavin market.
- The lockdown scenario initially caused the shutdown of manufacturing plants and the shortage of manpower which reduced the production of commercial riboflavin.
- The post COVID-19 scenario is anticipated to be profitable for the riboflavin market due to the inclination of consumers towards more healthy products and fortified foods.
- Several types of research have been conducted on the use of riboflavin for lowering down the virus count in human plasma and platelet products.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Riboflavin was first extracted from milk in 1879 as a yellow pigment called lactochrome. It is considered to be slightly soluble in water and insoluble in alcohol, chloroform, acetone, and ether. Riboflavin is generally yellow to orange-yellow crystalline powder with partial odor, used for food color and fortification. Increasing health consciousness, the necessity of healthy diet, an increase of riboflavin deficiency disorders, a surge in malnutrition, advanced innovation, and technology, industrial synthesis of riboflavin, extensive use of riboflavin for fortification, widespread diseases, new product development, investment in R&D, recommended dietary allowances, lack of natural food sources, the surge in dietary supplements, wide use for medicinal purpose, enrichment of personal care products by riboflavin, use in animal feed, availability of riboflavin liquid extracts, vitamin B2 capsules, excelling urbanization and increase in disposable income are the key drivers which leads growth of global riboflavin market. However, highly-priced fortified food, traditional beliefs, loss of vitamins during processing, government restrictions, and availability of alternative food products hinders market growth.
The global riboflavin market trends are as follows:
Use of vitamin B2 in extensive products
Riboflavin has been considered an essential component for human health and development for a long time. It is considered beneficial for multiple physiological aspects of the body and used for boosting the immune system, anti-oxidant property, cancer therapy, controlling malaria infection, reduce osteoporosis, decrease the risk of cataract, reperfusion oxidative injury, reducing migraine, decreasing the risk of PMS, anti-inflammatory and anti-nociception properties, anemia, cataract, hypertension, and others. Therefore, the requirement of vitamin B2 has created an opportunity for new product development. The food & beverage sector has wide use of riboflavin as a food colorant and for the fortification of foods such as bread, grains, cereals, wheat flour, beverages, and others which increase the bioavailability of riboflavin. These fortified foods have created an alternative source of vitamin for athletes, vegan people, pregnant women, infant nutrition, lactose intolerance, genetic disorder, and others.
The investment in R&D has led to the use of vitamin B2 in the pharmaceutical industry for the development of multivitamin and multi mineral supplements, B-complex vitamins, vitamin B2 capsules, and tablets in various dose forms. Riboflavin is also extensively used for the enrichment of animal feed and personal care product development.
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Key Segments Covered:
Key Benefits of the Report:
- This study presents the analytical depiction of the global riboflavin industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global riboflavin market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global riboflavin market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed global riboflavin market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions Answered in the Riboflavin Market Research Report:
- What are the leading market players active in the riboflavin market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
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