Folate Market: Challenges to Market Growth, Size, Share, Forecast 2023
Posted by Market Research Future on November 6th, 2018
Folate is a water-soluble B9 vitamin. Folate is the generic term used for both natural folate and folic acid (synthetic folate). Natural sources of folate are liver, dark green leafy vegetables, beans, wheat germ, yeast, egg yolk, milk and dairy products, beets, orange juice, and whole wheat bread. Besides this, folate is also added in the form of folic acid to few staple foods by fortification. It is also widely used as a dietary supplement in case of folic acid/folate deficiency. Folate deficiency is one of the most common vitamin deficiencies and shows symptoms such as tiredness, irritability, and loss of appetite. Severe folate deficiency leads to megaloblastic anemia, where the bone marrow produces oversized and immature red blood cells. Pregnant and breastfeeding women are at a higher risk of vitamin B9 deficiency because of the rapid tissue growth during pregnancy and the risk of neural tube defects in the child. Folate is used as a coenzyme in the metabolism of amino acids, in the synthesis of nucleic acids (DNA and RNA) to form red blood cells in the bone marrow, conversion of homocysteine into methionine.
Folate market is expected to be driven by its growing applications in the food and pharmaceutical industries. Increasing health awareness amongst consumers and high requirement during pregnancy are the factors supporting the growth of the global folate market. Various health agencies are promoting the use of folic acid in food grains, pulses and convenience foods. For instance, the U.S. Public Health Service and CDC recommended that all women of childbearing age must consume 400 mcg of folic acid on daily basis for prevention of serious birth defects in child. Rising purchasing power of consumers along with their increasing preference for nutraceuticals and convenience foods are likely to escalate the demand for folic acid in the near future. However, high doses of folate might cause abdominal cramps, diarrhea, rash, sleep disorders, irritability, confusion, nausea, stomach upset, behavior changes, skin reactions, seizures, gas, excitability, and other side effects. Higher intake of folate increases the risk of twin pregnancy and past few incidents of developing cancer. This has led to government interference in the selling of folate-based medicines in the open market to prevent drug abuse. These health hazards can restrict the growth of the global folate market.
The global folate market is spanned across five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia Pacific is leading the global folate market, followed by North America, the Middle East & Africa, Europe, and Latin America.
Asia Pacific accounted for the largest folate market demand due to the high folate deficiency. Countries in Asia Pacific that having a high prevalence of megaloblastic anemia are India, Pakistan, Bangladesh, Sri Lanka. Furthermore, rising disposable income to supplement increasing health awareness is augmented the folate demand.
North America accounted for the second largest market for folate due to developed health awareness and high disposable income. For instance, fortification of folic acid to wheat flour is now mandatory in the U.S. and Canada.
The Middle East & Africa is anticipated to witness a high demand for folate to curb the increasing cases of anemia. Furthermore, the folate market is relatively mature in Europe and Latin America and is expected to remain same over the forecast period.
The global folate market can be segmented based on sources, type, and end-use industry.
On the basis of the sources, the global folate market is categorized into natural food sources, fortified foods, and dietary supplements.
On the basis of the type, the global folate market is segmented into food folate, folic acid, 5 MTHF calcium salts, and 5 MTHF glucosamine salt.
On the basis of end-use Industry, the global folate market can be segmented into the food industry and pharmaceutical industry.
On the basis of regions, the global folate market is segmented into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa.
Some of the leading market players in the global folate market are Zydus Cadila, Koye Pharmaceuticals Pvt Ltd., Medicamen Biotech Limited., Emcure Pharmaceuticals Limited, Synokem Pharmaceuticals Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., Anhui Shengda Pharmaceutical Ltd., Shanghai Fine Chemicals Co., Ltd Inc, Shangdong Hongzhi Biotechnology Co., Ltd, Lincoln Pharmaceuticals, Bio-Med Pvt. Ltd, Synokem Pharma, and Glyco Labs.
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Joined: March 9th, 2018
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