Market Size of Folic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.11 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Folic Acid Market Analysis
The folic acid market is expected to register a CAGR of 5.11% during the forecast period, 2022-2027.
The COVID-19 outbreak positively impacted the market due to the increased awareness of preventative health. This factor has created an inclination toward the regular intake of supplements and other fortified food products, thus propelling the overall demand for the market.
Increasing demand for folic acid and folate supplements among pregnant women, increasing awareness regarding micronutrients, and rising prevalence of anemia are some of the key factors stimulating the growth of the market studied.
Furthermore, the growing awareness about the health impacts caused by the deficiency of this vitamin, such as anemia and mouth ulcers, is supporting the market's growth. Folate supplement helps form DNA and RNA and improves protein metabolism.
Folic Acid Industry Segmentation
Folic acid, also known as vitamin B folacin, is one of the B vitamins. It gets converted into folate by the body. It is used as a dietary supplement and in food fortification as it is more stable during storage and processing.
The market is segmented by type and application. For each segment, the market sizing and forecast have been done based on value (USD billion).
| By Application | |
| Dietary Supplements | |
| Cosmetics | |
| Pharmaceuticals | |
| Other Applications |
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Folic Acid Market Size Summary
The folate market is experiencing significant growth, driven by increased awareness of preventative health measures and the importance of micronutrients. The COVID-19 pandemic has further accelerated this trend, as more individuals are inclined towards regular intake of supplements and fortified foods. Key factors contributing to the market's expansion include the rising demand for folic acid and folate supplements among pregnant women, heightened awareness of the health impacts of vitamin deficiencies, and the growing prevalence of anemia. Folic acid plays a crucial role in DNA and RNA formation and protein metabolism, making it essential for prenatal nutrition. The market is bolstered by the recommendation of prenatal vitamins by obstetricians in the United States to support healthy fetal development and reduce birth defects.
Regionally, North America is anticipated to dominate the folate market, supported by substantial investments in product innovation and research and development. The region's advanced manufacturing base and technological expertise are expected to drive growth. Europe also shows significant demand for folic acid, influenced by stringent regulations and favorable amendments by the European Union. The market is highly competitive, with major players like DSM NV, BASF SE, and Parchem Fine & Specialty Chemicals leading the charge. Recent product launches, such as Merck's Arcofolin‚Ñ¢ L-Methylfolate, highlight ongoing innovation in the sector, catering to both nutritional and pharmaceutical applications.
Folic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Application
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2.1.1 Dietary Supplements
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2.1.2 Cosmetics
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2.1.3 Pharmaceuticals
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2.1.4 Other Applications
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2.2 By Geography
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2.2.1 North America
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2.2.1.1 United States
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2.2.1.2 Canada
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2.2.1.3 Mexico
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2.2.1.4 Rest of North America
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2.2.2 Europe
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2.2.2.1 United Kingdom
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2.2.2.2 Germany
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2.2.2.3 France
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2.2.2.4 Russia
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2.2.2.5 Italy
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2.2.2.6 Spain
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2.2.2.7 Rest of Europe
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2.2.3 Asia-Pacific
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2.2.3.1 India
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2.2.3.2 China
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2.2.3.3 Japan
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2.2.3.4 Australia
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2.2.3.5 Rest of Asia-Pacific
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 South Africa
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2.2.5.2 Saudi Arabia
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2.2.5.3 Rest of Middle-East and Africa
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Folic Acid Market Size FAQs
What is the current Folic Acid Market size?
The Folic Acid Market is projected to register a CAGR of 5.11% during the forecast period (2024-2029)
Who are the key players in Folic Acid Market?
BASF SE, Parchem Fine & Specialty Chemicals, Medicamen Biotech Ltd, DSM NV and Jiangxi Tianxin Pharmaceutical Co. Ltd are the major companies operating in the Folic Acid Market.
