The Riboflavin Pigment Market is expected to reach a market valuation of nearly USD 382.2 million by 2023, accelerating at a CAGR of 6.1% between 2023 to 2033. Riboflavin pigment sales accounted for ~3.42% of the global natural food colors market, valued at USD 670.6 million in 2023.
| Attributes | Key Insights |
|---|---|
| Riboflavin Pigment Market Size (2023E) | USD 382.2 million |
| Market Projected Size (2033F) | USD 670.6 million |
| Value CAGR (2023 to 2033) | 6.1% |
Vitamin B2, often known as riboflavin, is a nutritional supplement. It is necessary for the body's synthesis of two coenzymes important in cellular respiration, energy metabolism, antibody formation, and proper growth and development.
Riboflavin is a pigment that is utilized as a food coloring ingredient in addition to being a vitamin. Biosynthesis occurs in fungi, bacteria, and plants, not animals. The first industrial production of riboflavin pigment was obtained using a chemical procedure, but Fermentation techniques involving fungi and genetically engineered bacteria are used in commercial manufacturing today. As a result, riboflavin pigment is a naturally occurring food colorant.
Riboflavin pigment is a water-soluble yellow-orange crystalline powder with a strong taste and a slight odor in its pure, solid state. It brings health benefits such as reducing migraine headaches and treating corneal thinning, fueling the demand for Riboflavin pigment food colors.
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Growing Clean-label Trend to Fuel the Demand in Riboflavin Pigment Market
Increasing health consciousness and augmenting demand for clean-label products across the globe are the key factors propelling the sales of natural Riboflavin food colors. Rising awareness of the use of organic products has pushed consumer-oriented brands into utilizing Riboflavin pigment for yellow to orange color profiles in food and beverages, escalating the growth in the market.
Further, large-scale food manufacturing corporations are shifting their focus toward adding powdered Riboflavin pigment to their packaged product to promote the health profile of food products. This has been observed in the production of pasta, cookies, bread, and flavored drinks.
Preference for Natural Food Colors to Push the Sales in Riboflavin Pigment Market
The attractiveness and aesthetic appeal of the food and delicacies are generally due to food colors, which is mainly driving the coloring agent markets. However, with the advent of natural food colors, the revenue in the Riboflavin pigment food colors market is predicted to increase.
The Riboflavin pigment food color market is driven by rising demand in the food and beverage industry. This is owing to its functional properties like being rich in Vitamin B, improving eye health, and presence of essential metabolism-boosting coenzymes. Riboflavin has high collagen, which nourishes the skin and hair. Hence, it is also promoted in cosmetic products.
Additionally, manufacturers are using numerous riboflavin color variants for processed food and beverage products to produce food colors that are visually appealing and healthy. The application of Riboflavin pigment in food colors in the beverage, meat and poultry, and bread and cereals segments is another factor fueling the growth.
As per FMI, riboflavin pigment food colors are naturally derived from meat, fish and fowl, eggs, dairy products, green vegetables, mushrooms, and almonds. As it is a naturally derived food colorant and there is no evidence for riboflavin toxicity, the lack of stringent regulations is aiding the market.
Riboflavin pigment is a natural food colorant that has exorbitant costs. Even though it has been clinically proven as a safe food additive, a few clinical trials reported abdominal pains and diarrhea as side effects. These factors might have a negative impact on consumption and invite reluctance for the riboflavin pigment food colorants, affecting the overall market.
Inclination towards Natural Food Colors to Boost the United States Riboflavin Pigment Market
As per Future Market Insights (FMI), the North America riboflavin pigment market is expected to register a 6.3% CAGR between 2023 and 2033. In 2021, the North America riboflavin pigment food colors market was valued at USD 225 million.
The United States is the largest market for natural food colorants and has a strong inclination for natural food colorants. Here, the market totaled sales of 274 metric tons in 2021 valued at more than USD 121.7 million. As per the study, North America will contribute 43.6% of sales in the global riboflavin pigment market.
Use of Natural Food Colors in French Cuisine to Stimulate the Sales in Europe
Future Market Insights study finds the EU riboflavin pigment market had revenue of over USD 215 million in 2021 which is approximately 26.7% of the global riboflavin pigment market. The market is expected to exhibit growth at a CAGR of 7.3% during the forecast period. Germany accounted for a revenue of USD 24.2 million in 2021, followed by France with USD 22.6 million.
Due to the increasing consumption of natural food color in bakery and confectionary, the demand in the Europe market is predicted to surge. With flourishing food & beverage industry in France, the use of natural food colors in the preparation of patisserie and confectionaries is propelling the growth in Europe.
Significant Revenue in Riboflavin Pigment to Come from Beverages and Dairy Industries
According to the study, the beverage segment is expected to be the leading application in the market. It consumed over 207 metric tons of this natural colorant in 2021 and was valued at USD 115.2 million, approximately 28% of the riboflavin pigment sales.
The pigment is naturally derived from sources like meat, fish, fowl, eggs, and dairy products, so it is widely used in these industries. Collectively, these segments contribute over 24% to the total riboflavin pigment market.
Riboflavin pigments are also used in dips & spreads and coloring biscuits and cones. It is also widely used in sugar confectioneries such as sugar coatings, sugar strands, and fruit or cream fillings.
| Category | By Application |
|---|---|
| Leading Segment | Beverages |
| Market Share (2023) | 28% |
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The global riboflavin pigment market is fragmented in nature owing to the presence of several regional and domestic players.
Emphasis is given on the merger, expansion, acquisition, and partnership with regional companies along with new product development are a few strategic approaches adopted by the leading companies to boost their brand presence among consumers.
BASF & Jamieson Wellness Tapping into Consumer Desire for Healthy Riboflavin Pigments through Product Launches
Growing awareness about the health benefits of various vitamins has led manufacturers to launch products rich in vitamins. Many manufacturers are actively touting the health benefits of their products. Further, many leading brands are entering into mergers and acquisitions to boost their production.
For instance, Danstar Ferment, a Lallemand subsidiary, announced in July 2022 that it would acquire the Nutrilife baking enzymes portfolio and business from BASF. The acquisition aims to boost BASF's various features by improving dough stability, maintaining freshness throughout the shelf life, and ensuring reliable baking outcomes. BASF is actively looking for strategic partners to ensure its end-users continue getting high-quality products.
To ensure its profits and revenues are in place, BASF recently announced it would be increasing its prices. The company announced it would be hiking the price of its vitamin E products by 20% worldwide.
The cost of electricity, raw materials, and logistics have all increased dramatically, which has led to the price increase. Additional cost increases in energy, raw materials, and logistics are impacting all players in the riboflavin pigments space, due to which several players are employing a price correction.
The company also focuses on increasing its production through expansion and opening new business units. The company announced it would increase its global formulation capabilities at its Verbund plant in Ludwigshafen. The company is aggressively focusing on enhancing its market position in the vitamin A sector.
The cutting-edge facility, fully integrated into vitamin production at the location, will support and increase the manufacture of high-quality vitamin A, powder products, for the animal nutrition sector.
The new unit is scheduled to open in mid-2023 and will gradually improve BASF's capacity to formulate vitamin A powder in accordance with the increased capacity to produce vitamin A acetate.
Jamieson Wellness, another leading name in the riboflavin space, is constantly looking for strategic partners who can help the company fuel its growth. For instance, it acquired Nutrawise Health & Beauty Corporation, based in California, for nearly USD 210 million.
Nutrawise produces and markets supplements under the Youtheory name in the US and other markets abroad. Through the acquisition, Jamieson Wellness will look to further consolidate its position in the riboflavin pigment space.
| Attributes | Details |
|---|---|
| Estimated Market Size (2023E) | USD 382.2 million |
| Market Projected Size (2033F) | USD 670.6 |
| Value CAGR (2022 to 2032) | 6.1% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million for Value and MT for Volume |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; and the Middle East & Africa |
| Key Countries Covered | USA, Brazil, Mexico, Germany, United Kingdom, China, India, Japan, Australia, and GCC Countries |
| Key Segments Covered | Product Type, Application, Solubility, Form, and Region |
| Key Companies Profiled | Advanced Technology and Industrial Co. Ltd.; Parchem fine and Speciality Chemicals; Chr. Hansen Holding A/S; DSM; Kalsec Inc; Sensient Technology Corporation; Symrise A.G.; Hunan Nutramax Inc.; Nanjing Zelang Medical Technology Co. Ltd.; BASF SE; DESANO; NB Group; Hubei Guangji Pharmaceutical; Ningxia Qiyuan Pharma; Hebei Shengxue Dacheng; Xinfa Pharmaceutical; Hebei Shun Wei Biological Technology Co. Ltd.; Others |
| Report Coverage | Market Forecast, Market Dynamics and Challenges, and Strategic Growth Initiatives, Company Share Analysis, Competition Intelligence, DROT Analysis |
The projected CAGR of the riboflavin pigment market by 2033 is 6.1%.
The projected market value for 2033 is USD 670.6 million.
The market is estimated to secure a valuation of USD 382.2 million in 2023.
The food and beverage industry is the key consumer of the riboflavin pigment market.
The North America market is growing remarkably fast due to the growing awareness of the benefits of natural food colors.
| Market Value (2022) | USD 2.17 Billion |
|---|---|
| Market Anticipated Value (2032) | USD 4.08 Billion |
| Projected CAGR (2022 to 2032) | 6.88% |
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