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Report
Folic Acid Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 90 Pages I Mordor Intelligence
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 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 are essential in pregnancy to help them deliver healthy babies. This factor boosts the folic acid market due to the major usage of folic acid in prenatal supplements. 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 claimed that women who reported 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 of women who consumed the supplements.
North America Holds the Largest Market Share
North America is estimated to hold the largest share in the market, followed by Europe and Asia-Pacific. Huge investments in product innovation and R&D facilities are frequently witnessed in North America. Moreover, the increased manufacturing base in the area and the implementation of advanced technologies and expertise are expected to trigger regional growth during the forecast period. Europe witnessed significant demand for folic acid materials. Stringent regulations about consuming additional nutraceuticals and proper diet are 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.
Folic Acid Market Competitor Analysis
The folic acid market is highly competitive with a strong presence of regional and global players, mostly driven by increased demand from end-user industries, majorly dietary supplements and pharmaceuticals. Some of the major key players in the market 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.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Application
5.1.1 Dietary Supplements
5.1.2 Cosmetics
5.1.3 Pharmaceuticals
5.1.4 Other Applications
5.2 By Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.1.4 Rest of North America
5.2.2 Europe
5.2.2.1 United Kingdom
5.2.2.2 Germany
5.2.2.3 France
5.2.2.4 Russia
5.2.2.5 Italy
5.2.2.6 Spain
5.2.2.7 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 India
5.2.3.2 China
5.2.3.3 Japan
5.2.3.4 Australia
5.2.3.5 Rest of Asia-Pacific
5.2.4 South America
5.2.4.1 Brazil
5.2.4.2 Argentina
5.2.4.3 Rest of South America
5.2.5 Middle-East
5.2.5.1 South Africa
5.2.5.2 Saudi Arabia
5.2.5.3 Rest of Middle-East
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 DSM NV
6.4.2 BASF SE
6.4.3 Parchem Fine & Specialty Chemicals
6.4.4 Jiangxi Tianxin Pharmaceutical Co. Ltd
6.4.5 Medicamen Biotech Ltd
6.4.6 Zydus Pharmaceuticals Ltd
6.4.7 Nantong Changhai Food Additive Co. Ltd
6.4.8 Xinfa Pharmaceutical Co. Ltd
6.4.9 Xinjiang Wujiaqu Xingnong Cycle Chemical Co. Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
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