NEW YORK, United States, June 14, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Folate Market 2023 – 2030” in its research database. According to the latest research study, the demand of global folate market size was worth at approximately USD 789.3 million in 2022. The market is expected to grow above a CAGR of 14.30% and is anticipated to reach over USD 1113.4 million by 2030.
The report analyzes the global folate market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the folate industry.
Folate Market Overview:
Folate, also known as vitamin B9 or folic acid, is an essential nutrient that belongs to the B-vitamin family. It is a water-soluble vitamin, which means it dissolves in water and is not stored in the body to a significant extent. Therefore, it needs to be consumed regularly through the diet to maintain adequate levels. Folate plays an important role in different bodily functions, including the production of DNA & RNA, the formation of red & white blood cells, and the metabolism of amino acids. It is most important during periods of rapid cell division and growth, such as infancy, pregnancy, and puberty.
One of the critical functions of folate is its involvement in the synthesis and repair of DNA, the genetic material of cells. It helps in the production of new cells, especially red blood cells, which carry oxygen throughout the body. Folate is also necessary for proper brain function and the production of neurotransmitters.
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Key Insights from Primary Research
- As per the analysis, the folate market share is likely to grow above a CAGR of around 14.30% between 2023 and 2030.
- The Folate market size was worth around US$ 789.3 million in 2022 and is estimated to hit approximately US$ 1113.4 million by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- Increasing awareness about the importance of folic acid supplementation is likely to drive the folate market growth during the forecast period.
- Based on the product type, the folic acid segment is expected to capture the largest market share during the forecast period.
- Based on the application, the nutraceuticals segment is projected to grow at a significant rate during the forecast period.
- Based on the end users, the supplements segment is expected to capture the largest revenue share over the forecast period.
- Based on region, North America is expected to dominate the market during the forecast period.
Competitive Players:
The report contains qualitative and quantitative research on the global Folate market, as well as detailed insights and development strategies employed by the leading competitors. Some of the main players in the global Folate market include;
- DSM Nutritional Products
- BASF SE
- Gnosis by Lesaffre
- Merck KGaA
- Zhejiang Shengda Bio-Pharm Co. Ltd.
- Jubilant Life Sciences Ltd.
- NattoPharma
- NBTY Inc. (Nature's Bounty Co.)
- Pharmavite LLC
- NOW Health Group Inc.
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Industry Dynamics:
Growth Factors:
- Increasing demand for folate in the food and beverage industry will likely spur the growth of the global folate market during the forecast period. Folate is naturally found in various food sources such as leafy greens, legumes, citrus fruits, and fortified cereals. It is an essential nutrient required for proper growth, development, and overall health.
- As consumers become more health-conscious and seek nutritious food options, the demand for folate-enriched or fortified products is rising. Food manufacturers are incorporating folate into their product formulations to meet consumer demand for healthier choices.
Restraints:
- Increasing competition from alternatives will hamper the growth of the folate industry during the coming period. Folate is naturally present in various food sources, and alternative sources of nutrition or supplementation, such as other vitamins or minerals, can compete with folate products.
- Consumers' preferences and choices can vary, leading to competition from other nutrients or products targeting similar health benefits.
Opportunities:
- Rising demand for dietary supplements is on the rise offering numerous growth avenues for the global folate market. This expansion is mainly driven by factors such as increasing health consciousness, busy lifestyles, and the desire for convenience.
- Folate supplements are sought after for their potential health benefits, including supporting prenatal health, cardiovascular health, and cognitive function. The market has an opportunity to cater to the growing demand for folate supplements.
Challenges:
- Challenges faced in regulatory and labeling requirements are likely to impact the folate industry growth negatively to a certain extent. Different regions have varying regulations and guidelines regarding folate fortification, labeling, and health claims.
- Adhering to these requirements can be complex, requiring manufacturers to navigate through different regulatory frameworks and ensure compliance with labeling standards.
Folate Market: Segmental Overview
The global folate industry is segmented based on product type, application, end users, and region.
Based on the product type, the global market is bifurcated into folic acid, natural folate. The folic acid segment is expected to capture the largest market share during the forecast period. Folic acid fortification programs have been implemented by many countries as a public health measure to prevent neural tube defects (NTDs) in newborns. NTDs are serious birth defects of the brain and spine, and adequate folic acid intake before and during early pregnancy can reduce the risk. Folic acid fortification typically involves adding the vitamin to staple foods such as cereals, bread, pasta, and flour.
Based on the application, the global folate industry is divided into the food industry, nutraceuticals, and pharmaceuticals. The nutraceuticals segment is expected to dominate the market over the forecast period. Nutraceuticals are products that combine the properties of food and pharmaceuticals, offering health benefits beyond basic nutrition. This segment includes dietary supplements, functional foods, and beverages enriched with bioactive compounds, vitamins, minerals, and herbal extracts. The market share of nutraceuticals has been growing steadily, driven by increasing consumer awareness of preventive healthcare, wellness trends, and the desire for natural alternatives. However, while the nutraceuticals market is expanding, it may not surpass the overall market size of the food industry or pharmaceuticals.
Based on the end user, the market is segmented into fortified foods, baby foods, and supplements. The supplements segment is expected to capture the largest revenue share during the forecast period. Dietary supplements encompass a wide range of products, including vitamins, minerals, herbal supplements, and other nutritional additives. These products are typically consumed in addition to the regular diet to fulfill specific nutritional needs or support overall health and well-being. Supplements can be found in various forms such as capsules, tablets, powders, and liquids. The market share of supplements can also be significant, fueled by factors such as rising health consciousness, an increasingly aging population, and the desire for preventive healthcare.
Regional Overview:
North American region is projected to witness the highest growth in the folate market, mainly the United States and Canada. It is characterized by a developed healthcare infrastructure, a high level of consumer awareness, and a strong focus on preventive healthcare and wellness. Further, the regional market share is also driven by the demand for dietary supplements, fortified foods, and pharmaceuticals.
Europe is another important market for folate products. The region has a well-established food and beverage industry, and there is growing consumer awareness regarding the importance of folate in maintaining overall health. European countries may have different regulations and guidelines for folic acid fortification and the use of natural folate in food products, which can influence market dynamics.
Report Scope:
| Report Attribute | Report Details |
| Market Size in 2022 | USD 789.3 Million |
| Market Forecast in 2030 | USD 1113.4 Million |
| Growth Rate | CAGR of 14.30% |
| Base Year | 2022 |
| Forecast Years | 2023- 2030 |
| Key Companies Covered | DSM Nutritional Products, BASF SE, Gnosis by Lesaffre, Merck KGaA, Zhejiang Shengda Bio-Pharm Co., Ltd., Jubilant Life Sciences Ltd., NattoPharma, NBTY, Inc. (Nature's Bounty Co.), Pharmavite LLC, NOW Health Group, Inc. |
| Segments Covered | By Type, By Type, By End-user, and By Region |
| Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Customization Scope | Avail customized purchase options to meet your exact research needs. |
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Recent Industry Developments:
- In 2020, GlaxoSmithKline (GSK) and Pfizer Merger, GSK, and Pfizer combined their consumer healthcare businesses into a joint venture. The merger created a new entity, GSK Consumer Healthcare, with a strong presence in the global consumer healthcare market, including vitamins and dietary supplements.
The global folate market is segmented as follows:
By Type
- Folic Acid
- Natural Folate
By Application
- Food industry
- Nutraceuticals
- Pharmaceuticals
By End-user
- Fortified Foods
- Baby Foods
- Supplement
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the market size and growth rate forecast for Folate industry?
- What are the main driving factors propelling the Folate Market forward?
- What are the leading companies in the Folate Industry?
- What segments does the Folate Market cover?
- How can I receive a free copy of the Folate Market sample report and company profiles?
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