The global Vitamin B2 market stood at approximately 109 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 5.4% during the forecast period until 2034.
Vitamin B2, commonly known as riboflavin, plays a multifaceted role across a spectrum of industries, encompassing Food, Beverage, Pharmaceutical, Health & Personal Care products, and Animal Feed. Its significance lies in enriching an extensive array of food items including baby foods, breakfast cereals, pastas, sauces, processed cheese, fruit drinks, vitamin-enriched milk products, and energy drinks. Its characteristic yellow or orange crystalline powder form facilitates easy absorption, making it a key nutrient for maintaining human health. In the Beverage sector, Vitamin B2 serves as a colourant, enhancing the nutritional profile of various beverages. Meanwhile, in Pharmaceuticals, it is utilized for nutritional therapy to address deficiencies and support overall health. Furthermore, in Animal Feed, it acts as a nutritional supplement, bolstering the dietary intake of animals to ensure optimal growth and health. With its diverse applications and essential role in nutrition, Vitamin B2 remains an indispensable component in various industries globally.
The riboflavin market is poised for continuous expansion, propelled by the rising global consumption of fortified foods and beverages. Moreover, riboflavin is anticipated to gain traction due to its versatility and widespread application across various sectors, including food processing, pharmaceuticals, and animal nutrition, further bolstering market demand. The surge in demand for riboflavin-infused supplements is a key driver, driven by its multifunctionality and utility across diverse market segments worldwide. Additionally, the preference for natural colorants in the packaged food and dietary supplement industries is fuelling the demand for riboflavin on a global scale. Notably, vitamin deficiency is prevalent in typical Western diets, particularly among older adults, underscoring the importance of riboflavin supplementation. Overall, the riboflavin market is set to witness sustained growth owing to its wide-ranging applications and increasing demand across various industries worldwide. The global Vitamin B2 market is likely to reach approximately 200 thousand tonnes in 2034.
Regionally, North America emerges as the dominant force, commanding the largest market share throughout the forecast period. This region dominates the consumption of riboflavin due to several factors. Firstly, North America has a large population with a high level of health consciousness and awareness regarding the importance of vitamins and nutrients in their diets. Additionally, the food and beverage industry in North America is highly developed and innovative, leading to the incorporation of riboflavin into a wide range of food products. Moreover, the pharmaceutical industry in North America utilizes riboflavin in various formulations, further contributing to its consumption. Overall, the combination of a health-conscious population, a thriving food and beverage industry, and a well-established pharmaceutical sector makes North America the major consuming region for Vitamin B2.
Based on the end-use industry, the global Vitamin B2 market is divided into Food & Beverages, Nutraceuticals, Animal Feed, and Others. Among these industries, Nutraceuticals is the dominating segment and held about 65% of the global Vitamin B2 market in 2023.
Major players in the Global Vitamin B2 market are BASF SE, Koninklijke DSM NV, Shanghai Acebright Pharmaceuticals Group Co. Ltd, Xinfa Pharmaceutical Co. Ltd, Hubei Guangji Pharmaceutical Co. Ltd, N.B Group Co. Ltd, Shanghai Hegno Pharmaceutical Holding Co., Ltd, Legend Industries, Parchem Fine & Specialty Chemicals, and Hebei Shengxue dacheng Pharmaceutical Co. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Vitamin B2 which covers production, demand and supply of Vitamin B2 market in the globe.
• To analyse and forecast the market size of Vitamin B2
• To classify and forecast Global Vitamin B2 market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Vitamin B2 market in the globe.
To extract data for Global Vitamin B2 market, primary research surveys were conducted with Vitamin B2 manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Vitamin B2 market over the coming years.
ChemAnalyst calculated Vitamin B2 demand across the globe by analyzing the volume of Vitamin B2 consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Vitamin B2 manufacturers and other stakeholders
• Organizations, forums and alliances related to Vitamin B2 distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Vitamin B2 manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Vitamin B2 market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
109 thousand tonnes
Market size Volume in 2034
200 thousand tonnes
Growth Rate
CAGR of 5.4% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Food & Beverages, Nutraceuticals, Animal Feed, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Vitamin B2 in terms of volume in 2023?
Ans:
The global market size of Vitamin B2 has reached approximately 109 thousand tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Vitamin B2?
Ans:
Nutraceuticals industry is the leading end-user industry of Vitamin B2 globally.
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