BASF produces vitamin B2 (also known as riboflavin) products for human and animal nutrition by fermentation at its plant in Gunsan, South Korea.
Crude soy bean volatility
Charlotte Busscher, head of global communications Nutrition & Health for BASF told NutraIngredients.com: “This price increase is necessary to compensate for increases in raw material prices (e.g. crude soy bean oil due to drought) and to be able to continuously supply customers with products and services of highest quality.”
Busscher refused to disclose whether customer demand for vitamin B2 products had risen or declined.
Earlier price hikes
The latest price hike adds to a number of other price rises BASF has introduced for vitamin B2 products in the past few years.
In 2010, the firm also increased the price by 10% due to rising raw material costs and also suspended production of vitamin B2 products at its plant in South Korea.
BASF also upped the price for food grade vitamin B2 in 2006 by around 20 per cent.
No plans to suspend production
Buscher said: “Vitamin B2 is currently produced in Gunsan, South Korea. 2010 had been a routine production overhaul.
“Usually, BASF conducts planned and routine overhauls of the vitamin B2 plant once per year. We do not intend to end vitamin B2 production at the current time.”