Based on the available data, from 2013 to 2023, the import value of Vitamin B2 to India shows an overall increasing trend despite occasional fluctuations. Starting from $8.42 million in 2013, the value has grown to $14.80 million by 2023. This 2023 value stands as an indication of a consistent demand pattern with notable year-on-year variations. For instance, after a steep rise in 2016 and subsequent fluctuating years, the import value has stabilized with a 3.16% increase from 2022 to 2023. The CAGR over the last 5 years is approximately 3.63%, reflecting a steady but moderate growth trajectory.
Going forward, forecasted data up to 2028 suggests that the import value will continue to climb reaching $17.01 million. The forecasted 5-year CAGR is 2.07%, indicating a slightly slower growth rate compared to the previous five years but reflecting sustained demand. This 10.78% growth rate over five years suggests steady market expansion.
Future trends to watch for:
- Global supply chain dynamics
- Local production capacities and policies
- Changes in dietary habits and rising health awareness
- Impact of trade agreements and international pricing
