Folate Market Size To Rise USD 1598.33 Million By 2032

Published Date : 02 Jan 2024

The global folate market size reached USD 880 million in 2022 and is projected to rise USD 1598.33 million by 2032, growing at a CAGR of 6.20% from 2023 to 2032.

Folate Market Size and Growth Rate From 2023 To 2032

Market Overview

Folate, the naturally occurring form of vitamin B9, is a water-soluble compound found in various natural food sources. It is crucial for various bodily functions with significance extending to the production of DNA and RNA, the formation of red and white blood cells, and the metabolism of amino acids.  Folate is often externally supplemented in the form of folic acid as the synthetic version, folic acid, exhibits enhanced absorption compared to the folate derived from food sources, with 85% and 50% absorption rates, respectively.

It's not just the health benefits of folate that are growing; the folate market is also on the rise. In the coming years, we can expect to see significant growth in this market. This growth is driven by factors such as the increasing recognition of the health benefits of folate, a growing prevalence of folate-deficient illnesses, and the adoption of regulations mandating folate enrichment in many countries. The rising public awareness of the health advantages associated with this vitamin is primarily fueling the positive trajectory of the market.

During periods of heightened cell division and growth, such as infancy, pregnancy, and puberty, folate holds a crucial role in synthesizing and repairing DNA, the fundamental genetic material of cells. Vitamins, notably B12, B9, and D, stand as critical nutrients for women, particularly during pregnancy, fostering the development of the baby's nervous system (B12) and skeletal structure (D). Ensuring balanced nutrition is crucial for women's and their children's health. Given its substantial use in prenatal vitamins, this emphasis on comprehensive nutrition during pregnancy increases demand for folic acid.

Nutraceuticals, recognised for their health-promoting properties, are increasingly sought after as individuals seek non-pharmaceutical ways to enhance well-being. Folate is prevalent in foods like leafy greens and nuts, and its significance in red blood cell synthesis, DNA production, and nervous system development underscores its role in preventing anaemia, congenital disabilities, and dementia. The rise in awareness of the importance of folate has led to a notable increase in demand in recent years.

Another factor propelling the folate market is the rising incidence of folate-deficiency illnesses. According to studies, folate can lower cancer risk, birth abnormalities, and other health issues. As a result, foods and pills enriched with folate are becoming more popular among customers concerned about their health. It's important to note that while natural folate is found in foods, synthetic folate, also known as folic acid, is used in supplements and fortified foods. Folate deficiency can cause anemia, birth abnormalities, and some forms of cancer. Therefore, doctors advise folate pills and foods fortified with vitamins for patients with folate deficiency illnesses.

  • According to the Indian Journal of Medical Research (IJMR), approximately 33% of the population in the United States and several prominent European nations, including Denmark, the United Kingdom, and Sweden, regularly use dietary supplements and vitamin supplements. This widespread consumption contributes to the market's growth.
  • According to the National Institute of Health, U.S. dietary supplement sales, including multivitamins, totaled approximately $55.7 billion. Multivitamin/mineral products accounted for $8.0 billion.

Regional Snapshot

The Asia Pacific region is anticipated to experience rapid growth, primarily due to significant investments by key market players and the rising adoption of folate in the medical sector. Additionally, the increased utilization of folate in various end-user applications within commercial industries contributes to the industry's growth in the rest of the world.

The region is witnessing the fastest-growing market for folate, attributed to the escalating prevalence of chronic diseases and a heightened awareness of the importance of a nutritious diet. The water-soluble vitamin found in leafy greens, legumes, nuts, and seeds plays a crucial role in metabolizing homocysteine, as well as in the synthesis of DNA and RNA.

Folate deficiency can lead to conditions such as neural tube problems, anemia, and birth abnormalities. According to a study conducted by the UC Davis MIND Institute, women who did not take daily prenatal supplements in the period immediately before and during the first month of pregnancy were found to have a doubled likelihood of having a child with an autism spectrum disorder compared to women who consumed the supplements.

Folate Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 930.16 Million
Projected Forecast Revenue by 2032 USD 1598.33 Million
Growth Rate from 2023 to 2032 CAGR of 6.20%
Largest Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Market Dynamics

Drivers

Benefits during pregnancy

Folate plays a crucial role in the development of the fetus, especially during the initial phases of pregnancy when the neural tube is forming. Inadequate folate intake during pregnancy can result in neural tube defects like spina bifida in infants. Consequently, there is a growing demand on the necessity of folic acid supplementation for women planning to conceive or in the early stages of pregnancy. Healthcare professionals, including obstetricians and gynecologists, advocate using folic acid supplements to ensure optimal folate levels in expectant mothers. Furthermore, various countries have initiated public health campaigns and educational programs to enhance awareness about the benefits of folic acid supplementation.

Growing prevalence of chronic diseases

The global folate market is anticipated to expand due to the rising prevalence of chronic diseases and the growing adoption of healthy lifestyles. Chronic conditions like cardiovascular disease, cancer, and neurological disorders pose significant health challenges globally. Folate, playing a pivotal role in overall health, emerges as a preventive factor against the onset of these conditions. Sufficient folate intake has been linked to a decreased risk of heart disease, specific cancers (including colorectal and breast cancer), and age-related cognitive decline.

Restraint

Side effects related to drugs and supplements

Some individuals may encounter side effects or find tolerating elevated folate supplements challenging. Common side effects include digestive discomforts, such as nausea, bloating, and diarrhea. These effects can be especially troublesome for those with sensitive digestive systems or underlying gastrointestinal conditions. Additionally, specific medical conditions or genetic variations may impact individuals' ability to efficiently process and utilize folate. For instance, those with impaired folate metabolism or particular genetic mutations may necessitate alternative forms of folate supplementation or personalized dosing regimens.

Opportunity

Folate-fortified food products

Consumers are increasingly looking for products beyond essential nutrition and offering health benefits. There is a growing interest in foods enriched with essential vitamins and minerals, including folate. Fortified foods present a convenient option for individuals to include vital nutrients in their diets, particularly for those who may face challenges in meeting their nutritional requirements solely through regular dietary intake.

The demand for functional foods, which boast additional health-promoting properties, also shows an upward trend. Functional foods enriched with folate can address distinct consumer requirements, including products designed for cognitive health, cardiovascular support, or prenatal nutrition. By integrating folate into the formulations of functional foods, manufacturers can access specialized markets and meet consumers' varied preferences and health objectives. These factors are expected to create growth prospects for the folate industry.

Recent Developments

  • A study in 2023 shows that the supplementation of vitamin B12 and folic acid in toddlers has reduced their plasma concentrations of fasting total homocysteine (tHcy). Elevated levels of this amino acid are linked to cardiometabolic diseases.
  • In July 2023, Medicamen Biotech submitted its first Abbreviated New Drug Application, in electronic common technical document (eCTD) format, for 'BORTEZOMIB FOR injection 3.5 MG/VIAL' to the U.S. Food and Drug Administration (FDA).
  • In June 2023, Namita Thapar, a Shark Tank Indian judge and Executive Director at Emcure Pharmaceuticals, shared an update on a company she invested in during the show's first season. The initial investment of Rs 60 lakh has grown to Rs 11 crore, highlighting significant progress.
  • In March 2023, a Swedish functional drinks brand Vitamin Well is set to debut in the U.K. A selection of four uncarbonated, low-calorie beverages enriched with vitamins and minerals will be introduced at WH Smith and Amazon starting on April 19th.

Major Key Players

  • Medicamen Biotech Ltd.
  • Koninklijke DSM N.V
  • Superior Supplement Manufacturing
  • Gnosis SPA
  • Seidler Chemical Co, Inc.
  • Nutritional Supplement Manufacturers, Inc.
  • Shandong Xinfa Pharmaceutical Co.
  • AIE Pharmaceuticals, Inc.
  • Hebei Jiheng Group Pharmacy Co Ltd.
  • Changzhou
  • Niutang Chemical Plant Co. Ltd.
  • Jiangxi Tianxin Pharmaceutical Co. Ltd.
  • BASF SE
  • HEMA PHARMACEUTICALS PVT. LTD.
  • Merck
  • Gemini Pharmaceuticals, Inc.
  • Emcure Pharmaceuticals Ltd.
  • Nantong Changhai Food Additive

Market Segmentation

By Type

  • 5-MTHF Calcium Salt
  • 5-MTHF Glucosamine Salt

By Form

  • Tablets
  • Capsules
  • Powder
  • Lozenges
  • Gummies
  • Others

By End-User

  • Food & Beverages
  • Pharmaceuticals & Nutraceuticals
  • Agriculture & Feed
  • Others

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