Global Folic Acid Market was valued at $430 Million in 2015 and is estimated to grow at a CAGR of over 4.2% from 2016 to 2024.
Increasing vitamin B9 consumption in pharmaceuticals and food & beverages along with growing awareness among consumers is anticipated to bolster folic acid demand over the forecast period.
Folic acid is a synthetic folate compound utilized in vitamin supplements and fortified food owing to its excellent stability. The European Food Safety Authority (EFSA) has listed the benefits regarding dietary consumption of folate such as normal cell division, better amino acid synthesis and proper blood formulation.
Upgraded medical technologies have enabled the production of high-quality folic acid tables that are recommended for intake during pregnancy. Population outburst coupled with improved healthcare facilities in developing region of Asia Pacific and Latin America is a key factor driving market growth.
The possible benefits to be drawn from vitamin B9 ranges from producing nucleic acids, increased cell growth in infants to control blood levels of the amino acid homocysteine. Addition of folic acid in food grains is obligatory in developed countries such as the U.S., UK and Australia. This factor is projected to trigger folic acid demand significantly over the forecast period.
Europe Folic Acid Market, By Application, 2014 – 2024 (USD Million)
The application scope includes food beverages, pharmaceuticals, nutraceuticals and others. It is widely used in pharmaceuticals to cure certain types of anemia (lack of red blood cells) and help prevent DNA changes leading to cancer. The application segment account for over 40% of the volume share in 2015. Rising regulatory intervention regarding usage of folic acid in pharmaceuticals is expected to hamper market growth.
Asia Pacific emerged as the fastest growing regional market, growing at an estimated CAGR of 4.4% from 2016 to 2024. Changing lifestyle coupled with increasing health concern in emerging economies such as India and Japan is expected to drive demand. Increasing number of manufacturers in China along with rising demand for dietary supplements is also anticipated to positively impact demand in the region.
“Optimal Price Point (OPP) for Folic Acid”
Estimated Average product cost – $ xx globally. However, with changing regulatory framework, raw material supply availability, growing solution implementation and increasing SMEs, OPP and range of acceptable Prices (RAP) are going to change. We at Ameri Research continuously track these prices with our proprietary pricing model.
Global increase in vitamin demand coupled with growing consumer awareness is expected to remain a key driver for dietary supplements demand. Dietary supplements provide amino acids and nutrients that are lacking in diet. Ageing population in countries such as the U.S., Japan, and Brazil is further slated to positively influence market growth
“Prominent industry participants include DSM N.V., BASF SE and Medicamen Biotech Ltd.”
Some of the key players operating in global folic acid market arena include BASF SE, DSM N.V., Emcure Pharmaceuticals Ltd., Hebei Jiheng Group Pharmacy, Medicamen Biotech Ltd., and Zydus Pharmaceuticals Ltd. Other market participants include Jiangxi Tianxin Pharmaceutical Co. Ltd., Changzhou Niutang Chemical Plant Co. Ltd., Shangdong Xinfa Pharmaeutical Co. Ltd.
Major companies such as Jiangxi Tianxin Pharmaceutical Co. Ltd. are focusing on expanding their manufacturing facilities in China. In 2014, the company was granted permission to build a 500 tons per year plant in Leping Industrial Park.