Vitamin B2 API Market Size, Trends, Share, Growth, And Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Type (Pure Vitamin B2, and Fermentation-derived Vitamin B2), By Application (Pharmaceutical, Food & Beverages, and Animal Feed), By End-Use (Hospitals & Clinics, Pharmaceutical Companies, and Food Processing Industry) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Vitamin B2 API Market was valued at USD 41.0 Million in 2022 and is anticipated to reach a value of USD 57.7 Million by 2030 expanding at a CAGR of 4.5% between 2023 and 2030.

Vitamin B2, or riboflavin, is a vitamin that can be taken as a dietary supplement in addition to being present in food. It is used as a supplement to treat and prevent riboflavin deficiency as well as to avoid migraines. It can be applied as a therapeutic API for vaginal, ocular, and mouth irritation. Applications for riboflavin are widely used in clinical treatment, the food and feed industries, and the cosmetics industry, among other sectors. The term "Vitamin B2 API" refers to the Active Pharmaceutical Ingredient version of Vitamin B2, and the full form of API is "Active Pharmaceutical Ingredient," which is an ingredient utilized in a biologically active pharmaceutical medication. The term "global vitamin B2 API market" denotes the international marketplace for vitamin B2 in the form of an active pharmaceutical ingredient. This sector of the market covers the manufacturing, selling, and delivery of vitamin B2 API to vitamin producers, pharmaceutical firms, and other businesses that manufacture vitamin B2.

Vitamin B2 API Market Major Driving Forces

Popularity of Fortified Foods: The market for riboflavin is anticipated to rise further as a result of rising fortified food and beverage consumption worldwide. According to the Food Fortification Initiative, over one-third of the world's industrially milled wheat flour is fortified. Thereby, pushing the demand for Vitamin B2 API.

Multi-functionality of Riboflavin: Since, riboflavin has several applications and multiple functions, its popularity is predicted to rise. The market demand is being further stimulated by the wide range of uses of riboflavin/vitamin B2, which include food processing, medicines, and animal feeding.

Vitamin Deficient Diet: With conventional Western diets, vitamin deficiencies are more common, particularly in elderly people. In the market for fortified foods in North America, milk and dairy products fortified with vitamin B2 are essential and are expected to continue to drive the demand overall.

Rising Need for Prescription Drugs and Nutraceuticals: The market for medications and supplements containing Vitamin B2 API is expected to be driven by growing knowledge of the advantages of Vitamin B2 for wellness as well as its function in a number of metabolic processes.

Vitamin B2 API Market Key Opportunities

Growing Health Awareness: Consumers' growing awareness of health and well-being is fueling the demand for food items that have been fortified with different vitamins, minerals, and other nutrients. Therefore, propelling the market for vitamin B12 API at a meteoric expansion rate.

R&D in the Healthcare Industry: As more is learned about the advantages of vitamin B2, new medicinal product formulations may be developed, offering prospects to producers of vitamin B2 API.

Customer Education Programs: There are possibilities to inform customers regarding the advantages of vitamin B2, which may result in a rise in the demand for fortified vitamin B2 food products.

Vitamin B2 API Market Key Trends

·         Growing interest among consumers regarding overall health and well-being

·         One noteworthy development in functional foods is the addition of Vitamin B2 API to items such as energy bars and fortified drinks.

·         The pharmaceutical industry still uses vitamin B2 API to manufacture medications for a range of medical ailments.

·         The sector is experiencing innovation due to ongoing research on the health advantages of Vitamin B2 and its potential uses in innovative formulations.

·         Consumer desires for clean label and sustainable goods may impact the manufacture and marketing of Vitamin B2 API.

Region-wise Market Insights

Asia Pacific accounted for the largest market share at 33.4% in 2022 moreover, Asia Pacific is also expected to register the fastest growth, expanding at a CAGR of 5.7% between 2023 and 2030.

Asia-Pacific is among the market leaders for riboflavin owing to a number of variables including increasing industrialization, urbanization, and innovation in goods as well as regional technical breakthroughs. Furthermore, an extensive spectrum of usage, increasing disposable income, and growing health literacy amongst the populace all contributed to the market's expansion. Furthermore, an issue of riboflavin deficiency is found across Asia and the Pacific, particularly in South and Southeast Asia. As a result, fortification initiatives have been started by governments and health groups to add vitamins and minerals such as riboflavin to frequently eaten foods such as rice, wheat, and oil in order to boost their nutritional richness. The need for riboflavin in the area is being driven by fortification activities. The pharmaceutical and nutraceutical markets in North America are characterized by strong demand and an increasing focus on health and wellbeing. An older population and a strong interest in preventative healthcare are driving comparable trends in the European market.

Market Competition Landscape

The global market for vitamin B2 API is distinguished by intense rivalry among several producers. Prominent firms operating within the vitamin B2 API industry employ tactics designed to attain a competitive advantage. Established companies rely on their quality and dependability reputation to hold onto market share, while more recent competitors concentrate on disruptive technologies and USPs. The rivalry in the industry has increased due to e-commerce and online shopping, which has given both existing and new businesses a platform to reach a larger client base. Prominent entities in the worldwide vitamin B2 API industry employ several organic and inorganic tactics to fortify and enhance their market standing. Leading companies in the industry include:

·         DSM Nutritional Products

·         BASF SE

·         Lonza Group

·         Adisseo

·         Zhejiang NHU Company Ltd.

·         Gnosis by Lesaffre

·         Tianxin Pharmaceutical Co., Ltd.

·         Bioriginal Food & Science Corp.

·         Suzhou Pharmaceutical Group Co., Ltd.

·         Shandong Hongjitang Pharmaceutical Group Co., Ltd.

·         MilliporeSigma (Merck Group)

·         Shanghai Acebright Pharmaceuticals Group Co., Ltd.