Folate Market

Global Folate Market Size (2024 to 2029)

As per our analysis report, the global Folate Market is expected to reach USD 1259.62 million by 2029 from USD 943.04 million in 2024, growing at a compound annual growth rate (CAGR) of 5.96 % during the forecast timeline. The North American region is expected to have a dominant market share owing to the increase in investments in research and development in the USA. The capsule and tablets segment holds a large market share due to their easy availability and convenience of usage.

Global Folate Market Drivers:

Folate plays a crucial role in the growth of the fetus, particularly during the starting trimester of pregnancy. Improper levels of folate during pregnancy can result in neural tube defects like spina bifida in infants. So, it is advised to take an adequate level of folate during pregnancy, which drives the growth of the folate market. Folate is useful for women who are planning to conceive or in the early stages of pregnancy, which will further increase the demand for folate. Many healthcare professionals, such as gynecologists and obstetricians, suggest the use of folic acid supplements for optimal folate levels in expectant mothers. Several nations started public campaigns and educational programs to raise awareness about the benefits of folic acid supplements. This results in the growing demand for folic acid supplements in the market and propels the growth of the folate market.

The growing prevalence of chronic diseases is expected to fuel the size of the global folate market. The growing adoption of a healthy lifestyle also helps in expanding the market. Across the globe, notable health challenges are posed by chronic diseases such as cardiovascular diseases, cancer, and neurological disorders. Folate emerges as a preventive factor against the onset of these conditions, and it plays a pivotal role in overall health management. Proper levels of folate are linked to a decreased risk of heart diseases, especially cancers, including colorectal and breast cancer, and age-related cognitive decline.

Global Folate Market Restraints:

The side effects related to drugs and supplements act as a restraint to the folate market value. When taking folate supplements, some individuals may face side effects or find it challenging to tolerate elevated levels of folate supplements. General side effects include digestive discomforts, such as bloating, nausea, and diarrhea. These side effects can be troublesome to people who have sensitive digestive systems or underlying gastrointestinal conditions. In addition, these specific medical conditions or genetic variations may impact the individuals’ ability to process and utilize folate efficiently. Personalized dosing regimens or alternate forms of folate supplementation are required for people with impaired metabolism or particular genetic mutations.

The lack of awareness and education about the importance of folate and its sources act as a restraint to the growth of the folate market. Despite the importance of folate in maintaining the overall health and well-being of individuals, the lack of widespread awareness and understanding of its importance creates a gap in the adoption of folate supplements. In certain geographical regions, people are unaware of the need for adequate folate intake or the consequences of its deficiencies.

Impact of COVID-19 on the Folate Market:

The pandemic has had a significant impact on the folate market due to the non-availability of the product due to travel restrictions. COVID-19 has created a situation where the entire nation has imposed a lockdown by almost completely restricting travel and allowing only a few necessary operations. The pandemic has impacted the operational activity of the industry and the entire supply chain, resulting in an imbalance between the demand and supply of products in the market. The financials of the industry have been affected. People have started to consume a healthy diet and nutrient supplements to reduce the effects of COVID-19. This led to the drive in the demand for the nutritional supplements. The travel restrictions have created the limited availability of the workforce for the supply chain and manufacturing operations, and the sale of the product has declined with the limited working hours of the stores.

REPORT COVERAGE:

This research report on the global folate market has been segmented and sub-segmented based on product type, form, end user, application, and region.

Global Folate Market – By Product Type:

• Folic acid
• Natural folate

The folic acid segment is anticipated to capture a large market share in the folate market during the forecast timeline. In many countries, folic acid fortification programs have been implemented as a concern over public health and to prevent neural tube defects in newborns. It is a serious birth defect, and adequate folic acid intake before and during pregnancy can prevent the risk. Folic acid fortification involves the addition of vitamins to staple food.

Global Folate Market – By Form:

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

The capsules and tablets are expected to have a dominant market share in the folate market during the forecast period. The easy availability, convenience, and longer shelf life are driving the demand for segmental growth in the market. This is the most used form of the supplement by most individuals of all age groups.

Global Folate Market – By End User:

• Fortified foods
• Baby foods
• Supplements

The largest revenue share is expected to be held by the supplements segment in the folate market during the forecast period. Dietary supplements encompass a wide range of products, including vitamins, minerals, herbal supplements, and other additives. These are consumed in addition to the regular diet to fulfill the nutritional needs and to support the overall health of the individuals. These can be found in various forms, such as capsules, powders, tablets, and liquids. The rise in health consciousness and desire for preventive healthcare fuels the significant growth of supplements in the market.

Global Folate Market – By Application:

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

The nutraceuticals segment is expected to have a significant share of the folate market. These products have a combination of food and pharmaceuticals, which offer health benefits beyond normal basic nutrition. The bioactive compounds, vitamins, and minerals are enriched in dietary supplements, functional foods, and beverages. The increase in consumers' awareness of preventive healthcare, wellness trends, and the desire for natural alternatives will slowly increase the market share of nutraceuticals. The rise in the application of folic acid in neutraceuticals may not surpass the overall market share of the pharmaceuticals or food industry.

Global Folate Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region is expected to have a dominant folate market share during the forecast timeline. This is followed by the Europe and Asia-Pacific region. In this region, the USA holds the largest share of the market. Significant investments are seen in research and development, and the new product development in this region is propelling the development of the market. The use of advanced technology and expansion of the region’s manufacturing base will drive the growth of the market in this region.

There is a notable demand for folic acid materials in Europe, driving the folate market. The rising demand is due to the strict guidelines on taking additional nutraceuticals and a healthy diet. In addition to these favorable rules and changes, it is anticipated to propel regional growth in the market.

In recent times, the United Kingdom’s market for folate has grown significantly due to the rise in people's awareness of the importance of nutrients for their health. Folate deficiency can lead to anemia, birth defects, and cognitive impairment. So, supplementing the folate with the proper intake of the folate can prevent such conditions. The increase in the demand for folate supplements in the U.K. is a favorable trend as it indicates that more individuals are concentrating on protecting their health.

KEY MARKET PLAYERS:

Major Players in the Folate Market are Superior Supplement Manufacturing; Medicamen Biotech Ltd; Gnosis SPA; Koninklijke DSM N.V; Shandong Xinfa Pharmaceutical Co.; Changzhou; Merck; Gemini Pharmaceuticals, Inc; Emcure Pharmaceuticals Ltd; Nantong Changhai Food Additive; Jiangi Tianxin Pharmaceutical Co. Ltd; AIE Pharmaceuticals, Inc; Seidler Chemical Co, Inc.

RECENT HAPPENINGS IN THE MARKET:

• In 2023, an Abbreviated New Drug Application in the electronic Common technical document (eCTD) format was submitted by Medicamen Biotech Ltd to the U.S. Food and Drug Administration (FDA). It is its first abbreviated new drug application for the BORTEZOMIB for injection 3.5 MG/VIAL.
• In 2023, Namita Thapar, the Executive Direction at Emcure Pharmaceuticals, announced that the company had invested Rs. 60 lakhs during the first season of Shark Tank, India, which now has grown to Rs. 11 crores, highlighting the significant progress.