Folic acid is an important vitamin which is highly essential for growth of infants. It is needed to produce DNA, genetic material and synthesis of red blood cells. Folic acid is necessary for healthy skin, hair, and nails which removes removing toxins from the body.
Major factors driving growth of the global folic acid market include increasing demand for folic in pharmaceuticals industry and nutraceuticals products, owing to various health benefits of folic acid. Folic acid also helps to treat the age-related vision loss and its supplements can reduce high levels of homocysteine – which is associated with increased risk of heart attack or stroke, which are other major factors expected to contribute growth of this market. However, increasing prices of folic acid and several side effects such as vomiting, allergies, breathing problems if consumed in excessive amount are factors expected to hamper growth of this market over the forecast period.
The global folic acid market has been segmented on the basis of application, and region. On the basis of application, the global folic acid market is segmented into food & beverages, pharmaceuticals, nutraceuticals, and others. Pharmaceuticals accounted for highest revenue share contribution among all application. This can be attributed to high demand for folic acid to treat pregnancy related issues, nervous system, urinary and cardiovascular system, etc.
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On the basis of region, the global folic acid market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to dominate the global folic acid market in terms of revenue, owing to presence of several international players, and high demand from emerging economics such as China, and India. The market in North America is expected to account for second-highest revenue share, owing to rising health awareness and well-developed healthcare system in countries in the region. The market in North America is followed by markets in Europe, Latin America, and Middle East & Africa.
Key players in this market include BASF SE, Zydus Pharmaceuticals Ltd., Medicamen Biotech Ltd., Jiangxi Tianxin Pharmaceutical Co. Ltd., DSM N.V., Emcure Pharmaceuticals Ltd., Xinjiang Wujiaqu Xingnong Cycle Chemical Co. Ltd., and Gemini Pharmaceuticals Ltd.