Increased awareness of folic acid's health benefits, along with robust regulatory backing for its fortification in food products, has sustained high consumption levels in the United States. The government mandates the addition of folic acid to key staples such as cereals and breads to prevent neural tube defects.
NEWARK, DE / ACCESSWIRE / September 19, 2024 / The Global Folic Acid market is poised to reach a value of USD 771.7 million in 2024, and further expand at a CAGR of 4.8% to reach USD 1,233.2 million by the year 2034.
The world demand for folic acid is growing steadily, because people are becoming more aware of its health benefits and can be used in numerous places. Governments have ordered food fortification with the product to prevent neural tube defects during pregnancy.
This factor together with increasing population awareness concerning health issues accounts for high demand in various segments such as nutraceuticals, pharmaceuticals, and foods among others.
The competition in this industry is led by both local companies and international corporations that stimulate innovation. The industry's future seems bright due to improved bioavailability, drug delivery systems and a shift towards prevention medicine as well as maternal health thus pushing demand higher.
Key Industry Highlights:
Increased Fortification of Food Products: Growing global trend of adding folic acid to staple foods to combat folate deficiency and meet health regulations.
Rising Popularity of Dietary Supplements: Demand for folic acid supplements is rising as consumers prioritize healthy lifestyles and prenatal care.
Advancements in Bioavailability and Delivery Methods: Innovations in folic acid formulations, such as L-methylfolate and chewable tablets, improve absorption and consumer accessibility.
Key Takeaways from the Global Folic Acid Market Study:
The global Folic Acid market is estimated at a value of USD 771.7 million in 2024.
Sales of Folic Acid increased at 3.7% CAGR between 2019 and 2023.
The USA is projected to hold a revenue share of 26.1% over the forecast period.
China holds a 17.3% share of the global market for Folic Acid.
"The global folic acid market is witnessing steady growth, driven by increasing demand in pharmaceuticals and nutraceuticals. Rising awareness about folic acid's health benefits, particularly for prenatal care, further boosts market expansion," says Nandini Roy Choudhury, Client Partner at Future Market Insights.
Folic Acid Market Regional Insights
Countries |
CAGR 2024 to 2034 |
USA |
4.2% |
UK |
2.8% |
China |
5.3% |
India |
5.9% |
Australia |
3.1% |
Prominent Drivers of the Folic Acid Market
1. Rising Prevalence of Nutritional Deficiencies
Folic acid, a key B-vitamin, plays a crucial role in cell production and tissue growth. Its supplementation is widely recommended, especially for pregnant women, to prevent neural tube defects in newborns.
2. Growing Demand in the Pharmaceutical Industry
Folic acid is used extensively in the pharmaceutical industry, where it is incorporated into multivitamins and dietary supplements. With the increasing emphasis on preventive healthcare, the demand for folic acid-enriched medicines and supplements is on the rise.
3. Rising Health Consciousness and Fortified Foods
Growing consumer awareness about the importance of a balanced diet and essential nutrients has led to a surge in demand for fortified foods. Folic acid is commonly added to food products such as flour, cereals, and bread to address nutrient deficiencies in populations.
4. Increased Prevalence of Birth Defects
Health organizations worldwide, including the World Health Organization (WHO), recommend folic acid supplements for women of childbearing age to reduce the risk of birth defects.
5. Technological Advancements in Supplement Manufacturing
Innovations in the production of supplements, including advancements in encapsulation technologies and improved bioavailability of folic acid products, are further supporting market expansion.
6. Government Regulations and Public Health Initiatives
Governments around the world are mandating folic acid fortification in staple foods to address public health concerns.
7. Rising Geriatric Population
The global aging population is another significant driver of the folic acid market. As people age, they are more prone to conditions such as cognitive decline, cardiovascular issues, and anemia, which can be mitigated by folic acid supplementation.
Browse full Report: https://www.futuremarketinsights.com/reports/folic-acid-market
Competition Outlook
The global folic acid market is highly competitive, with leading companies employing a range of strategies to strengthen or expand their market share. Key approaches include mergers and acquisitions, allowing companies to broaden their product offerings and extend their geographical reach.
For instance,
Koninklijke DSM N.V. Expands Product Portfolio with New Folic Acid Formulations and Advanced Delivery Methods to Meet Growing Nutraceutical and Pharmaceutical Demand
BASF SE Launches Enhanced Folic Acid Products in 2022, Focusing on Improved Bioavailability and Stability for Fortified Foods and Dietary Supplements
Leading Folic Acid Brands
BASF SE
DSM N.V.
Jiangxi Tianxin Pharmaceutical Co. Ltd
Emcure Pharmaceuticals Ltd.
Zydus Pharmaceuticals Ltd.
Medicamen Biotech Ltd.
Hebei Jiheng Pharmaceutical Co., Ltd.
Hema Pharmaceuticals Pvt. Ltd.
Pfizer Inc.
Superior Supplement Manufacturing
Others
Key Segments of Market Report
By Application Type:
As per Application Type, the industry is categorized into Pharmaceuticals, Nutraceuticals, Food, and Beverages.
By Source:
As per Source, the industry is categorized into Plants and Animal.
By Form:
As per Form, the industry is categorized into Soft gels, Lozenges, and Tablets.
By Distribution Channel:
As per Distribution Channel, the industry is categorized into Online and Offline.
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor's Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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