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.
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On the basis of source, the global riboflavin market has been segmented as-
- Nuts & Seeds
- Algae & Fungus
On the basis of application, the global riboflavin market has been segmented as-
- Food Industry
- Feed Industry
- Dietary Supplements
- Cosmetics & Personal Care
On the basis of distribution channel, the global riboflavin market has been segmented as-
- Food Processors
- Feed Processors
- Chemical Industries
- Specialty Stores
- Online Retail
On the basis of form, the global riboflavin market has been segmented as-
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.
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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.
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