Global Folic Acid Market Size To Exceed USD 1.62 Billion By 2033 | CAGR of 6.1%
Category: Food & BeveragesGlobal Folic Acid Market Size To Exceed USD 1.62 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Folic Acid Market Size is Expected to Grow from USD 0.89 Billion in 2023 to USD 1.62 Billion by 2033, at a CAGR of 6.1% during the forecast period 2023-2033.
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Browse key industry insights spread across 200 pages with 103 Market data tables and figures & charts from the report on the " Global Folic Acid Market Size, Share, and COVID-19 Impact Analysis, By Product (Food & Beverages, Pharmaceuticals, Nutraceuticals, and Others), By Distribution Channel (Online and Offline), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/folic-acid-market
Synthetic form of folate, Folic acid, helps with many body functions including synthesis and repair of DNA, red blood cell production, and formation of the fetal neural tube. The need is generally for pregnant women to avoid congenital defects; hence it's applied widely in supplement products and fortified foods. The market for folic acid shall grow further with the development of health awareness, the increase in population birth rates, and the expansion of the healthcare industry. Opportunities can be developed by expanding further applications into personalized nutrition as well as function foods-considering the growing trends of tailored health solutions. Rapid growth rates of folic acid market are driven by several components including folic acid in the dietary supplement industries globally. The modern consumer requires healthy lifestyles, and therefore there is greater demand for folic acid-containing tablets as prenatal supplements amongst other cardiovascular fitness and even broadly speaking about a healthy life. However, the market faces setbacks, in particular, possible side effects if taken at too high levels, regulatory approvals, and lack of awareness among other setbacks in underdeveloped countries.
The food & beverages segment is projected to hold the largest share of the market during the forecast period.
On the basis of product, the global folic acid market is categorized into food & beverages, pharmaceuticals, nutraceuticals, and others. Among these, the food & beverages segment is projected to hold the largest share of the market during the forecast period. Food and beverage is the most accessible route to obtain folic acid, followed by the easy and most convenient one. Beef liver and eggs in the diet of non-vegetarians and vegetables like asparagus, and citrus fruits in the diet of vegetarians are good sources for folic acid. Companies engaged in food production now are also fortifying it with folic acid supplements helping the consumers to reach daily requirements.
The online segment is expected to grow at the fastest CAGR during the forecast period.
On the basis of distribution channel, the global folic acid market is categorized into online and offline. Among these, the online segment is expected to grow at the fastest CAGR during the forecast period. Online ordering channels, where small consumers obtain smaller quantities of folic acid at a relatively low price along with easy delivery options, are preferred by the majority of end-users. Increasing government regulations of adding folic acid in food products have led small food producers and local food companies to order more products online, hence the fastest-growing segment of online distribution.
North America is projected to hold the largest share of the global folic acid market over the forecast period.
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North America is projected to hold the largest share of the global folic acid market over the forecast period. An intensely significant level of folate deficiency anemia has been diagnosed in the region, increasing its demands in the form of fortification-based food products containing folic acid. Additionally, a large number of countries operating within this region have had compulsory programs for the fortification of specific foodstuffs. All these trends together increased the demand for folic acid, which fueled the advancement of the region's industry of folic acids.
Asia-Pacific region is expected to grow at fastest CAGR during the forecast period. The primary drivers for growth in this market include increasing disposable incomes, expanding health and wellness awareness, and very high levels of deficiency for nutrients from poor dietary practices. Moreover, government-initiated programs and policies are aimed at eliminating folic acid deficiency among females and children, creating further momentum for the growth of the regional folic acid market.
Major vendors in the global folic acid market are BASF SE, Zydus Pharmaceuticals Ltd., Medicamen Biotech Ltd., Emcure Pharmaceuticals Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., Xinjiang Wujiaqu Xingnong Cycle Chemical Co. Ltd., Changzhou Niutang Chemical Plant Co. Ltd., Shandong Xinfa Pharmaceutical Co., Ltd., Hebei Jiheng Group Pharmacy Co Ltd., Nantong Changhai Food Additive, Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In October 2021, Danone India, a leading food company, launched AptaGrow's line of products tailored to meet the requirements of Indian children. The product launched under AptaGrow contains essential nutrients, including prebiotics and vitamins A, C, D, DHA, Iron, Folic Acid, and Iodine.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global folic acid market based on the below-mentioned segments:
Global Folic Acid Market, By Product
- Food & Beverages
- Pharmaceuticals
- Nutraceuticals
- Others
Global Folic Acid Market, By Distribution Channel
- Online
- Offline
Global Folic Acid Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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