Folic Acid Market

Folic Acid Market Size, Share, Growth (2023-2028)

Folic acid Market Size was worth US$ 0.68 Billion in 2023 and is anticipated to reach a valuation of US$ 0.75 billion by 2028 with a CAGR of 5.11%.

Folic Acid Market Overview

A folic acid is a water-soluble form of vitamin B that aids in producing red blood cells in the human system. The human body can convert it to folate, which is required to form DNA, RNA, and amino acids. It is primarily used in the dietary and supplement industries to address folate deficiency, as well as in the food fortification industry. Pregnant women usually require it for the protection of their newborn. It is one of the most commonly prescribed medications in the United States. Due to the widespread application of folic acid in the pharmaceutical Industry, the market is expected to grow significantly. It has various medicinal benefits and is expected to proliferate during the forecast period. Consumers are becoming more health conscious and have a thorough understanding of the prevalent drugs. Anemia is becoming more common in many people these days as consumers shift toward vegetarian or plant-based diets. It is naturally found in green leafy vegetables, but most of its requirements are met by eating seafood and meat. Plenty of new products in this category have flooded the market, making it competitive. Because of its various skin benefits, it is also used in the personal care and cosmetics industries. 

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Folic Acid Market Drivers:

Due to the market's high demand in the pharmaceutical business, particularly for prenatal care, significant growth is anticipated throughout the projection period. To maintain reproductive Health and physical functions, women of reproductive age are advised to consume 400 mcg of folic acid daily, which is anticipated to drive the market and boost demand. Given the prevalence of folic acid deficiency and rising consumer awareness of health issues, diseases including abnormal RNA and DNA Molecules, anemia, digestive problems, and mental disorders are prompting the demand of the folic acid market to the extent.

Global Folic Acid Market Restraints:

While folic acid has many advantages, excessive use can cause a number of health concerns, including breathing difficulties, digestive problems, stomach ulcers, allergic reactions, and more, which may limit market expansion during the forecast period. Many governmental entities have been controlling the market and have created strict restrictions on its production and sale, restricting the market's growth. The cost of raw materials is also quite volatile and is constantly changing. This may discourage customers and be a considerable impediment, reducing market growth during the anticipated period.Growing prevalence to provide proper nutrition and diet for pregnant women across the world is creating growth opportunities for the market. In addition, all the obstetricians across the world are recommending prenatal vitamins to minimize birth defects for pregnant women.

COVID-19 Impact on the Folic Acid Market :

The COVID- 19 pandemic had a negative impact on all sectors. It had a significant impact on the folic acid market as well. There were disruptions in supply chains all over the world as a result of transportation restrictions, and raw material prices for all goods rose. There was also a labor shortage, which drove up the prices of all goods. The end-user industries were the most brutal hit, and their growth was severely hampered. However, as consumers became more health conscious, they prioritized their nutrition. As there was a seafood shortage, many people turned to folate supplements, which increased market demand. As the economy recovers from the pandemic's after-effects, many manufacturers are developing new products and offerings in this segment, expected to drive market growth during the forecast period.

Global Folic Acid Market Recent Developments:

• Versum Materials was acquired for an equity value of US$5.8 billion.

• It entered into an arrangement with California-based Intermolecular Inc. for an equity value of USD 62 million.

• It also acquired Natrix separations and biocontrol systems to expand its product portfolio.

• Acroflintm L-Methylfolate, a brand-new product from Merck that is a natural type of folic acid, was also recently introduced.

Folic Acid Market Segmentation:

By Type 

• 5-MTHF Calcium Salt

• 5-MTHF Glucosamine Salt

The 5-MTHF calcium salt folate segment is expected to dominate the folic acid market, which will continue to hold the largest market share. The glucosamine salt segment is also expected to grow significantly.

By Form

• Tablets

• Capsules

• Powder

• Lozenges

• Gummies

Due to rising demand, the tablet segment is anticipated to lead the folic acid market. It is a highly recommended medication in the prenatal care sector. It helps prevent any deformities or deformations throughout a fetus' development. The powder category is also anticipated to expand during the forecast period.

By End-User

• Agriculture & Feed

• Food & Beverages

• Pharmaceuticals & Nutraceuticals

Due to the rising Nutritional inadequacies and adaptation of folate, the pharmaceutical and nutraceutical sector is anticipated to lead the market based on the end-user Industry. It has a wide range of medical applications and is frequently prescribed medication for many illnesses like heart disease, digestive disorders, nervous system disorders, etc. it is also employed in the food and beverage sector as well as in the personal care or cosmetic Industry Because of its skin benefits.

Folic Acid Market Regional Analysis:

• North America

• Europe

• Asia-Pacific

• Middle East & Africa

• Latin America

According to region, the North American region dominates the folic acid market. However, Europe and Asia-Pacific are anticipated to have rapid expansion over the forecast period. Due to extensive investment in R&D activities, the North American area has been leading the Industry. To strengthen the market, they are using cutting-edge technology and skills. The market has shown significant expansion and demand in Europe as well. The government's initiative to facilitate supplemental nutraceuticals and a balanced diet have resulted in strict regulations and laws, increasing demand. The European Union is anticipated to maintain the trend with these favorable policies. Due to investments made by major market participants and expanding uses of folate in the pharmaceutical Industry and other end-user sectors like cosmetics and food and beverage, Asia-Pacific is anticipated to experience the most significant CAGR growth. Additionally, the growing population and increasing need for folate supplements are anticipated to fuel the global folic acid market growth. 

Folic Acid Market Key Players

1. Parchem Fine & Speciality Chemicals

2. BASF SE

3. DSM NV

4. Medicamen Biotech Ltd

5. Jiangxi Tianxin Pharmaceutical Co. Ltd 

6. Emcure Pharmaceuticals Ltd. 

7. Zydus Pharmaceuticals Ltd. 

8. Nantong Changhai Food Additive

9. Xinjiang Wujjaqu Xingnong Cycle Chemical Co. Ltd

10. Maple Leaf Foods

11. Tyson Foods

12. Jiheng Pharmaceutical