The folic acid market is expected to register a CAGR of 5.11% during the forecast period, 2020 - 2025.
- The increasing demand for folic acid in the nutraceutical and pharmaceutical industries, as well as in the fortified beverage industry is expected to drive the demand for folic acid during the forecast period.
- Millennial, baby boomers, and women are the important consumer demographic segments that are driving the demand for folic acid in the global market.
Key Market Trends
Increasing Demand for Prenatal Vitamin Supplements
Vitamins are one of the crucial nutrients for women, especially vitamin B12, vitamin B9, and vitamin D, which are particularly important to support the development of the baby's nervous system (B12) and skeleton (D), since proper nutrition and diet is essential in pregnancy in order to help them deliver healthy babies. This, in turn, boosts the folic acid market, owing to the major usage of folic acid in prenatal supplements. Currently, almost all obstetricians in the United States recommend prenatal vitamins to pregnant women, to support healthy growth and minimize birth defects. A study by the UC Davis MIND Institute has claimed that “women who reported about not taking daily prenatal immediately before and during the first month of pregnancy, were likely to have a child with an autism spectrum disorder, twice the rate as that of women who consumed the supplements.
Asia-Pacific Holds the Largest Market Share
Asia-Pacific region is estimated to hold the largest share in the market studied, followed by North America and Europe. Huge investment in product innovation and R&D facilities are frequently witnessed in the Asia-Pacific region. Moreover, the increased manufacturing base in the area, coupled with the implementation of advanced technologies and expertise, is expected to trigger regional growth during the forecast period. Europe witnessed a significant growth for folic acid materials. The existence of stringent regulation about the consumption of additional nutraceuticals, along with proper diet, has been responsible for the increasing demand. Moreover, favorable regulations and amendments by the European Union are expected to drive the regional growth over the forecast period.
Some of the major key players in the market studied include DSM NV, BASF SE, Parchem Fine & Specialty Chemicals, Jiangxi Tianxin Pharmaceutical Co. Ltd, Medicamen Biotech Ltd, and Xinjiang Wujiaqu Xingnong Cycle Chemical Co. Ltd.
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