Folic Acid Market Expected to Expand at a Steady CAGR through 2027
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Market Dynamics of Folic Acid:
Folic acid is expected to be driven by its growing application in the nutraceuticals and pharmaceutical industries. Owing to the high medicinal value of folic acid, its consumption is expected to witness rapid rise over the forecast period. Factors such as increasing health consciousness coupled with growing awareness level regarding the significance of folic acid for maintaining good health supports the growth of folic acid market. Various health agencies also promote the use of folic acid in food grains and pulses. For instance, the U.S. Public Health Service and CDC recommended that all women of childbearing age must consume 0.4 mg (400 micrograms) of folic acid on daily basis for prevention of serious birth defects in child. Rising purchasing power of consumers along with their increasing preference for nutraceuticals and mineral-rich instant food products are likely to escalate the demand for folic acid in the near future. However, growth of folic acid market is expected to be affected by the tightening supply and price hike in the coming years.
Market Segmentation of Folic Acid:
Folic acid market is segmented on the basis of application and geography. Based upon application, folic Acid market is segmented into pharmaceuticals, nutraceuticals, food & beverages, and others. High demand for pharmaceutical application of folic acid is expected to be driven by its wide usage in the nutrition therapy. Folic acid, being an essential nutrient, is commonly found in green and leafy vegetables, peas, broccoli, oranges, corn, grains meats, and cereal. It helps in the treatment of nervous system, urinary and cardiovascular system disorders, and many more. Folic acid, also known as vitamin B9, plays a major role in supporting fetal development by preventing the risk of birth defects. It also help in improving cardiovascular system, thereby minimize the risk of heart attack, encourages normal cholesterol levels, provides neurological support, and helps perinatal mood management. Deficiency of folic acid may also cause macrocytic anemia.
Regional Outlook of Folic Acid:
Based on geography, Folic Acid market is segmented into seven different regions namely Asia-Pacific, Middle East and Africa, Latin America, Western Europe, Eastern Europe, North America, and Japan. Asia Pacific is expected to acquire major share in the folic acid market during the reviewed period. The high market share of Asia Pacific region is attributable to the strong demand from China, India, and Japan. North America is expected to hold second largest market share in global Folic Acid market over the forecast period owing to the increasing consumption of folic acid as a result of high health benefits.Leading manufacturers in the folic acid market are keen to bring new product developments in order to diversify their product portfolio and strengthen their geographical presence.
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Key Market Players in Folic Acid:
Some of the key players in the folic acid market include BASF SE, DSM N.V., Emcure Pharmaceuticals Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., Zydus Pharmaceuticals Ltd., and Medicamen Biotech Ltd., among others.
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