What is Global Folic Acid Market?
The Global Folic Acid Market is a vast and dynamic sector that encompasses a wide range of products and applications. Folic acid, also known as Vitamin B9, is a crucial nutrient that aids in the production of red blood cells and DNA, and is essential for proper brain function and mental and emotional health. The global market for this vital nutrient is substantial and continues to grow, driven by increasing awareness of its health benefits and its widespread use in various industries. The market was valued at a significant US$ 158.5 million in 2022 and is projected to reach an impressive US$ 220.9 million by 2029. This represents a compound annual growth rate (CAGR) of 4.8% during the forecast period from 2023 to 2029.
Feed Grade, Food Grade, Pharmaceutical Grade in the Global Folic Acid Market:
The Global Folic Acid Market is segmented based on grade into Feed Grade, Food Grade, and Pharmaceutical Grade. Feed Grade folic acid is primarily used in the animal feed industry to enhance the nutritional value of animal feed. Food Grade folic acid is used in the food and beverage industry as a dietary supplement to fortify foods and prevent folic acid deficiency in the population. Pharmaceutical Grade folic acid is used in the pharmaceutical industry to manufacture medicines for treating folic acid deficiency and certain types of anemia. Each of these grades has its unique specifications and applications, and their demand varies across different regions and industries.
Animal Feeding, Food and Beverage, Cosmetic, Health Supplements and Medicine in the Global Folic Acid Market:
The Global Folic Acid Market finds extensive usage in several areas including Animal Feeding, Food and Beverage, Cosmetic, Health Supplements, and Medicine. In Animal Feeding, folic acid is used as a nutritional supplement in animal feed to enhance the health and productivity of livestock. In the Food and Beverage industry, it is used to fortify foods and prevent folic acid deficiency among consumers. In the Cosmetic industry, folic acid is used in various skincare and haircare products due to its antioxidant properties. In Health Supplements, it is used as a dietary supplement to boost overall health and wellness. In Medicine, it is used to manufacture drugs for treating folic acid deficiency and certain types of anemia. Each of these applications contributes to the overall growth of the Global Folic Acid Market.
Global Folic Acid Market Outlook:
The future outlook for the Global Folic Acid Market is promising. The market, which was valued at US$ 158.5 million in 2022, is expected to grow at a steady CAGR of 4.8% to reach US$ 220.9 million by 2029. This growth is driven by increasing awareness about the health benefits of folic acid and its widespread use in various industries. The market is dominated by the top four manufacturers, who collectively hold a market share of over 20%. Europe is the largest market for folic acid, accounting for nearly 35% of the global market share. This dominance can be attributed to the high awareness levels about the importance of folic acid in the region, coupled with the presence of a well-established food and beverage industry.
| Report Metric | Details |
| Report Name | Folic Acid Market |
| Accounted market size in 2023 | US$ 166.8 million |
| Forecasted market size in 2029 | US$ 220.9 million |
| CAGR | 4.8 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | DSM, BASF, Xinfa Pharmaceutical, Niutang, Zhejiang Shengda, Changzhou Xinhong, Jiheng Pharmaceutical, Changzhou Kangrui, Jiangxi Tianxin |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
