Vitamin B2 Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Sales Channel (Direct, Indirect), By End Use (Animal feed, Pharmaceuticals & Supplements, Food & Beverage Fortification, Colorant, Others), By Region and Competition, 2020-2030F
Market Overview
The Global Vitamin B2 Market was valued at USD 497.70 million in 2024 and is projected treach USD 721.99 million by 2030, growing at a CAGR of 4.20%. As a vital water-soluble nutrient, Vitamin B2 (riboflavin) supports energy production and cellular functions, driving its demand across health-conscious consumer segments. Increasing awareness around preventive healthcare and nutrition has encouraged the uptake of vitamin-enriched supplements and fortified foods. Riboflavin is widely recognized for promoting metabolism, skin health, and neurological function. Additionally, its use in the animal feed sector plays a crucial role in improving livestock growth, immunity, and reproductive health. The rising consumption of high-quality meat and dairy in emerging markets is further propelling demand for vitamin-enhanced feed solutions.
Key Market Drivers
Growth in Pharmaceutical Industry
The rapid expansion of the pharmaceutical industry has become a key driver for the global Vitamin B2 (riboflavin) market. With the pharmaceutical sector surpassing USD 1.6 trillion in revenue by 2023, riboflavin has gained prominence due tits critical functions in energy metabolism, antioxidant activity, and enzymatic reactions. Its inclusion in therapeutic products for addressing nutritional deficiencies and chronic fatigue highlights its medicinal significance. Notably, Eisai Co., Ltd.'s introduction of “Chocola BB Royal T” underscores this trend, utilizing activated vitamin B2 alongside royal jelly and taurine tboost energy metabolism. The growing prevalence of non-communicable diseases and malnutrition globally continues tbolster demand for riboflavin-based formulations.
Key Market Challenges
Volatility in Raw Material Supply
The Vitamin B2 market faces significant constraints due tunstable raw material supplies, which elevate production costs and disrupt availability. Key inputs such as fermentation substrates and chemical precursors often originate from geographically concentrated sources, making them susceptible tgeopolitical instability, trade limitations, and environmental disruptions. Events like natural disasters, workforce shortages, and regulatory shifts in major supplier regions further aggravate supply chain uncertainties. These factors collectively strain manufacturers, threatening consistent product delivery and market stability.
Key Market Trends
Rising Preference for Natural Sources
A growing global shift toward natural, clean-label, and organic products is significantly influencing the Vitamin B2 market. Consumers are increasingly favoring riboflavin derived from microbial fermentation processes, which are viewed as safer and more environmentally sustainable compared tsynthetic alternatives. The surge in organic food sales—from USD 18 billion in 2000 tover USD 136 billion by 2023—highlights this consumer transition. This trend is driven by heightened health awareness and scrutiny over artificial additives, prompting manufacturers tprioritize natural, non-GMO, and sustainably sourced ingredients.
Key Market Players
In this report, the Global Vitamin B2 Market has been segmented intthe following categories, in addition tthe industry trends which have alsbeen detailed below:
Company Profiles: Detailed analysis of the major companies present in the Global Vitamin B2 Market.
Available Customizations:
Global Vitamin B2 Market report with the given market data, TechSci Research offers customizations according ta company's specific needs. The following customization options are available for the report:
Company Information
The Global Vitamin B2 Market was valued at USD 497.70 million in 2024 and is projected treach USD 721.99 million by 2030, growing at a CAGR of 4.20%. As a vital water-soluble nutrient, Vitamin B2 (riboflavin) supports energy production and cellular functions, driving its demand across health-conscious consumer segments. Increasing awareness around preventive healthcare and nutrition has encouraged the uptake of vitamin-enriched supplements and fortified foods. Riboflavin is widely recognized for promoting metabolism, skin health, and neurological function. Additionally, its use in the animal feed sector plays a crucial role in improving livestock growth, immunity, and reproductive health. The rising consumption of high-quality meat and dairy in emerging markets is further propelling demand for vitamin-enhanced feed solutions.
Key Market Drivers
Growth in Pharmaceutical Industry
The rapid expansion of the pharmaceutical industry has become a key driver for the global Vitamin B2 (riboflavin) market. With the pharmaceutical sector surpassing USD 1.6 trillion in revenue by 2023, riboflavin has gained prominence due tits critical functions in energy metabolism, antioxidant activity, and enzymatic reactions. Its inclusion in therapeutic products for addressing nutritional deficiencies and chronic fatigue highlights its medicinal significance. Notably, Eisai Co., Ltd.'s introduction of “Chocola BB Royal T” underscores this trend, utilizing activated vitamin B2 alongside royal jelly and taurine tboost energy metabolism. The growing prevalence of non-communicable diseases and malnutrition globally continues tbolster demand for riboflavin-based formulations.
Key Market Challenges
Volatility in Raw Material Supply
The Vitamin B2 market faces significant constraints due tunstable raw material supplies, which elevate production costs and disrupt availability. Key inputs such as fermentation substrates and chemical precursors often originate from geographically concentrated sources, making them susceptible tgeopolitical instability, trade limitations, and environmental disruptions. Events like natural disasters, workforce shortages, and regulatory shifts in major supplier regions further aggravate supply chain uncertainties. These factors collectively strain manufacturers, threatening consistent product delivery and market stability.
Key Market Trends
Rising Preference for Natural Sources
A growing global shift toward natural, clean-label, and organic products is significantly influencing the Vitamin B2 market. Consumers are increasingly favoring riboflavin derived from microbial fermentation processes, which are viewed as safer and more environmentally sustainable compared tsynthetic alternatives. The surge in organic food sales—from USD 18 billion in 2000 tover USD 136 billion by 2023—highlights this consumer transition. This trend is driven by heightened health awareness and scrutiny over artificial additives, prompting manufacturers tprioritize natural, non-GMO, and sustainably sourced ingredients.
Key Market Players
- Hubei Guangji Pharmaceutical Co., Ltd
- dsm-firmenich
- BASF SE
- HaijianuPharmaceutical Co., Ltd.
- Zhejiang Shengda Bio-Pharm CLtd.
- Shandong Hongda Biological Technology Co., Ltd.
- Xinfa Pharmaceutical Co. Ltd
- N.B Group Co. Ltd
In this report, the Global Vitamin B2 Market has been segmented intthe following categories, in addition tthe industry trends which have alsbeen detailed below:
- Vitamin B2 Market, By Sales Channel:
- Direct
- Indirect
- Vitamin B2 Market, By End Use:
- Animal feed
- Pharmaceuticals & Supplements
- Food & Beverage Fortification
- Colorant
- Others
- Vitamin B2 Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Company Profiles: Detailed analysis of the major companies present in the Global Vitamin B2 Market.
Available Customizations:
Global Vitamin B2 Market report with the given market data, TechSci Research offers customizations according ta company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up tfive).
1. PRODUCT OVERVIEW
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. RESEARCH METHODOLOGY
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. EXECUTIVE SUMMARY
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends
4. IMPACT OF COVID-19 ON GLOBAL VITAMIN B2 MARKET
5. GLOBAL VITAMIN B2 MARKET OUTLOOK
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Sales Channel (Direct, Indirect)
5.2.2. By End Use (Animal feed, Pharmaceuticals & Supplements, Food & Beverage Fortification, Colorant, Others)
5.2.3. By Region
5.2.4. By Company (2024)
5.3. Market Map
6. NORTH AMERICA VITAMIN B2 MARKET OUTLOOK
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Sales Channel
6.2.2. By End Use
6.2.3. By Country
6.3. North America: Country Analysis
6.3.1. United States Vitamin B2 Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Sales Channel
6.3.1.2.2. By End Use
6.3.2. Mexico Vitamin B2 Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Sales Channel
6.3.2.2.2. By End Use
6.3.3. Canada Vitamin B2 Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Sales Channel
6.3.3.2.2. By End Use
7. EUROPE VITAMIN B2 MARKET OUTLOOK
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Sales Channel
7.2.2. By End Use
7.2.3. By Country
7.3. Europe: Country Analysis
7.3.1. France Vitamin B2 Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Sales Channel
7.3.1.2.2. By End Use
7.3.2. Germany Vitamin B2 Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Sales Channel
7.3.2.2.2. By End Use
7.3.3. United Kingdom Vitamin B2 Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Sales Channel
7.3.3.2.2. By End Use
7.3.4. Italy Vitamin B2 Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Sales Channel
7.3.4.2.2. By End Use
7.3.5. Spain Vitamin B2 Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Sales Channel
7.3.5.2.2. By End Use
8. ASIA PACIFIC VITAMIN B2 MARKET OUTLOOK
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Sales Channel
8.2.2. By End Use
8.2.3. By Country
8.3. Asia Pacific: Country Analysis
8.3.1. China Vitamin B2 Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Sales Channel
8.3.1.2.2. By End Use
8.3.2. India Vitamin B2 Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Sales Channel
8.3.2.2.2. By End Use
8.3.3. South Korea Vitamin B2 Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Sales Channel
8.3.3.2.2. By End Use
8.3.4. Japan Vitamin B2 Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Sales Channel
8.3.4.2.2. By End Use
8.3.5. Australia Vitamin B2 Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Sales Channel
8.3.5.2.2. By End Use
9. SOUTH AMERICA VITAMIN B2 MARKET OUTLOOK
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Sales Channel
9.2.2. By End Use
9.2.3. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Vitamin B2 Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Sales Channel
9.3.1.2.2. By End Use
9.3.2. Argentina Vitamin B2 Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Sales Channel
9.3.2.2.2. By End Use
9.3.3. Colombia Vitamin B2 Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Sales Channel
9.3.3.2.2. By End Use
10. MIDDLE EAST AND AFRICA VITAMIN B2 MARKET OUTLOOK
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Sales Channel
10.2.2. By End Use
10.2.3. By Country
10.3. MEA: Country Analysis
10.3.1. South Africa Vitamin B2 Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Sales Channel
10.3.1.2.2. By End Use
10.3.2. Saudi Arabia Vitamin B2 Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Sales Channel
10.3.2.2.2. By End Use
10.3.3. UAE Vitamin B2 Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Sales Channel
10.3.3.2.2. By End Use
11. MARKET DYNAMICS
11.1. Drivers
11.2. Challenges
12. MARKET TRENDS & DEVELOPMENTS
12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments
13. GLOBAL VITAMIN B2 MARKET: SWOT ANALYSIS
14. PORTERS FIVE FORCES ANALYSIS
14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products
15. COMPETITIVE LANDSCAPE
15.1. Hubei Guangji Pharmaceutical Co., Ltd
15.1.1. Business Overview
15.1.2. Company Snapshot
15.1.3. Products & Services
15.1.4. Financials (As Reported)
15.1.5. Recent Developments
15.1.6. Key Personnel Details
15.1.7. SWOT Analysis
15.2. dsm-firmenich
15.3. BASF SE
15.4. Haijianuo Pharmaceutical Co., Ltd.
15.5. Zhejiang Shengda Bio-Pharm Co Ltd.
15.6. Shandong Hongda Biological Technology Co., Ltd.
15.7. Xinfa Pharmaceutical Co. Ltd
15.8. N.B Group Co. Ltd
16. STRATEGIC RECOMMENDATIONS
17. ABOUT US & DISCLAIMER
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. RESEARCH METHODOLOGY
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3. EXECUTIVE SUMMARY
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends
4. IMPACT OF COVID-19 ON GLOBAL VITAMIN B2 MARKET
5. GLOBAL VITAMIN B2 MARKET OUTLOOK
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Sales Channel (Direct, Indirect)
5.2.2. By End Use (Animal feed, Pharmaceuticals & Supplements, Food & Beverage Fortification, Colorant, Others)
5.2.3. By Region
5.2.4. By Company (2024)
5.3. Market Map
6. NORTH AMERICA VITAMIN B2 MARKET OUTLOOK
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Sales Channel
6.2.2. By End Use
6.2.3. By Country
6.3. North America: Country Analysis
6.3.1. United States Vitamin B2 Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Sales Channel
6.3.1.2.2. By End Use
6.3.2. Mexico Vitamin B2 Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Sales Channel
6.3.2.2.2. By End Use
6.3.3. Canada Vitamin B2 Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Sales Channel
6.3.3.2.2. By End Use
7. EUROPE VITAMIN B2 MARKET OUTLOOK
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Sales Channel
7.2.2. By End Use
7.2.3. By Country
7.3. Europe: Country Analysis
7.3.1. France Vitamin B2 Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Sales Channel
7.3.1.2.2. By End Use
7.3.2. Germany Vitamin B2 Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Sales Channel
7.3.2.2.2. By End Use
7.3.3. United Kingdom Vitamin B2 Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Sales Channel
7.3.3.2.2. By End Use
7.3.4. Italy Vitamin B2 Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Sales Channel
7.3.4.2.2. By End Use
7.3.5. Spain Vitamin B2 Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Sales Channel
7.3.5.2.2. By End Use
8. ASIA PACIFIC VITAMIN B2 MARKET OUTLOOK
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Sales Channel
8.2.2. By End Use
8.2.3. By Country
8.3. Asia Pacific: Country Analysis
8.3.1. China Vitamin B2 Market Outlook
8.3.1.1. Market Size & Forecast
8.3.1.1.1. By Value
8.3.1.2. Market Share & Forecast
8.3.1.2.1. By Sales Channel
8.3.1.2.2. By End Use
8.3.2. India Vitamin B2 Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Sales Channel
8.3.2.2.2. By End Use
8.3.3. South Korea Vitamin B2 Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Sales Channel
8.3.3.2.2. By End Use
8.3.4. Japan Vitamin B2 Market Outlook
8.3.4.1. Market Size & Forecast
8.3.4.1.1. By Value
8.3.4.2. Market Share & Forecast
8.3.4.2.1. By Sales Channel
8.3.4.2.2. By End Use
8.3.5. Australia Vitamin B2 Market Outlook
8.3.5.1. Market Size & Forecast
8.3.5.1.1. By Value
8.3.5.2. Market Share & Forecast
8.3.5.2.1. By Sales Channel
8.3.5.2.2. By End Use
9. SOUTH AMERICA VITAMIN B2 MARKET OUTLOOK
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Sales Channel
9.2.2. By End Use
9.2.3. By Country
9.3. South America: Country Analysis
9.3.1. Brazil Vitamin B2 Market Outlook
9.3.1.1. Market Size & Forecast
9.3.1.1.1. By Value
9.3.1.2. Market Share & Forecast
9.3.1.2.1. By Sales Channel
9.3.1.2.2. By End Use
9.3.2. Argentina Vitamin B2 Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Sales Channel
9.3.2.2.2. By End Use
9.3.3. Colombia Vitamin B2 Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Sales Channel
9.3.3.2.2. By End Use
10. MIDDLE EAST AND AFRICA VITAMIN B2 MARKET OUTLOOK
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Sales Channel
10.2.2. By End Use
10.2.3. By Country
10.3. MEA: Country Analysis
10.3.1. South Africa Vitamin B2 Market Outlook
10.3.1.1. Market Size & Forecast
10.3.1.1.1. By Value
10.3.1.2. Market Share & Forecast
10.3.1.2.1. By Sales Channel
10.3.1.2.2. By End Use
10.3.2. Saudi Arabia Vitamin B2 Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Sales Channel
10.3.2.2.2. By End Use
10.3.3. UAE Vitamin B2 Market Outlook
10.3.3.1. Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2. Market Share & Forecast
10.3.3.2.1. By Sales Channel
10.3.3.2.2. By End Use
11. MARKET DYNAMICS
11.1. Drivers
11.2. Challenges
12. MARKET TRENDS & DEVELOPMENTS
12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments
13. GLOBAL VITAMIN B2 MARKET: SWOT ANALYSIS
14. PORTERS FIVE FORCES ANALYSIS
14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products
15. COMPETITIVE LANDSCAPE
15.1. Hubei Guangji Pharmaceutical Co., Ltd
15.1.1. Business Overview
15.1.2. Company Snapshot
15.1.3. Products & Services
15.1.4. Financials (As Reported)
15.1.5. Recent Developments
15.1.6. Key Personnel Details
15.1.7. SWOT Analysis
15.2. dsm-firmenich
15.3. BASF SE
15.4. Haijianuo Pharmaceutical Co., Ltd.
15.5. Zhejiang Shengda Bio-Pharm Co Ltd.
15.6. Shandong Hongda Biological Technology Co., Ltd.
15.7. Xinfa Pharmaceutical Co. Ltd
15.8. N.B Group Co. Ltd
16. STRATEGIC RECOMMENDATIONS
17. ABOUT US & DISCLAIMER
