NEW YORK, Jan. 17, 2017 /PRNewswire/ -- The global folic acid market is expected to reach USD 666.2 million by 2025, according to a new report by Grand View Research, Inc. Growing consumption of vitamin B9 as a source of an essential supplement during pregnancy by women that minimizes the risk of congenital disabilities in infants is anticipated to augment the market demand in the coming years.
Folic acid is required for the metabolism of specific biochemical reactions and cell division in the body. It plays a significant role in the development of the nervous system in the growing fetus. Moreover, it is involved in the formation of red blood cells, supporting the normal development of the neural tube in the fetus. Market drivers include the increasing demand from pharmaceutical and nutraceuticals industry for manufacturing instant folate-rich food products owing to its health benefits.
Improved medical facilities, increasing disposable income and adoption of social programs by the government to encourage healthcare initiatives have led to growing demand folic acid products. Pharmaceuticals dominated the market in 2015, followed by nutraceuticals. Asia Pacific dominated the folic acid market in 2015 due to the high production of the raw material in emerging economies such as China, which is a primary manufacturer of the vitamins globally.
Companies such as BASF SE, Zydus Pharmaceuticals Ltd., Medicamen Biotech Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., Koninklijke DSM N.V., and Emcure Pharmaceuticals Ltd. have implemented acquisition and expansion business strategies to increase their geographical presence. Few global players have invested in R&D amenities to discover advanced and innovative folic products with higher efficacy rate and ease of use.
Further key findings from the report suggest:
The global folic acid market demand was over 1.68 kilo tons in 2015 and is expected to grow at an estimated CAGR of 3.5% from 2016 to 2025
Pharmaceuticals dominated the folic acid market with a market share of in 2015. It is used to manufacture vitamin B9 medicines which are prescribed mainly to pregnant women resulting in healthy growth & development of infants.
Asia Pacific is projected to grow at the highest CAGR of 3.9% on account of the growing demand for medicines and multivitamin products in China, India, and Japan.
Key companies in the folic acid industry include BASF SE, Zydus Pharmaceuticals Ltd., Medicamen Biotech Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., and Koninklijke DSM N.V. among others. Global players have partnered with the folate suppliers for the easy availability of the high-quality raw materials at economical price range.
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