Folic acid can be described as the artificial form of Vitamin B9 and is stable in nature. The folic acid needs to be converted into 5 – MTFH, a form of active vitamin B9, so that human body can utilize it.
Folic acid is used to prevent the occurrence of a variety of diseases. It is used to treat a wide range of diseases related to pregnancy. Low levels of the essential nutrients can cause defects related to neural tube. This may cause serious complications such as malformation of spinal cord as well as brains. Rising disposable income and the availability of information freely from the internet and other sources has increased the awareness regarding such complications. The rising birthrate combined with easy availability of these vitamin infused products is expected to benefit the folic acid market demand.
Folic acid plays a key role in gene expression, which is essential for the proper cell growth. Thus, it plays a pivotal role in cancer prevention. It is instrumental in prevention of cancer linked to breast, pancreas, lung as well as gut. Rising number of cancer cases across the globe combined with effectiveness of folic acid is expected to boost market demand of the product.
Folic acid application segment can be further bifurcated into nutraceuticals, pharmaceuticals, food & beverages and others. The nutraceuticals fortified with folic acid are used to treat various ailments pertaining to the nervous system, cardio vascular system among others. The food & beverages segment is expected to witness the highest demand over the forecast period. Some of the factors for the same include wide product availability and rising demand for health foods across the globe.
Competitive Landscape and Key Vendors
The rising birth rate in countries such as India China and the rising geriatric population in countries such as Japan is aiding the overall market growth in the Asia Pacific region. Companies are focusing on tapping the neo middle class in the developing economies of the region. Rising disposable income, access to information are some of the factors driving the growth in the region.
Strong presence of industry participants in the regions of North America as well as Europe is benefitting the regional demand. Prevalent awareness of usage, better product guidelines and specifications and vigilant regulatory agencies ensure that the highest quality product enter the market. Such factors are aiding the regional market demands. However, the markets of Asia Pacific is expected to grow at the highest growth rate.
Some of the notable market participants include BASF SE, Koninklijke DSM N.V., Zydus Pharmaceuticals Ltd., Medicamen Biotech Ltd., Emcure Pharmaceuticals Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., Xinjiang Wujiaqu Xingnong Cycle Chemical Co. Ltd., Changzhou Niutang Chemical Plant Co. Ltd., Shandong Xinfa Pharmaceutical Co., Ltd., and Hebei Jiheng Group Pharmacy Co Ltd among others.