Folate Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Folic acid has a wide range of applications in the food and pharmaceutical industries. The market is expected to reach $ 3.46 billion by 2032, growing at a CAGR of 4.81% from 2024 to 2032. Folic acid is in great demand, driven by a growing awareness of its benefits, especially in antenatal care and the prevention of neural tube defects. The trend of enriching food products with vitamins and minerals, including folic acid, is also expected to drive the market. The growing demand for dietary supplements is also expected to support the growth of the folic acid market. Rising chronic diseases and an aging population have led to a shift towards preventive health care, which is expected to increase the demand for folic acid-rich products. The main players, such as BASF SE, DSM and Ginkgo Bioworks, are involved in strategic initiatives, such as mergers and acquisitions and product innovations, to strengthen their market position. Recent agreements aimed at developing biofortified crops and innovative dietary supplement formulations are expected to support market growth and meet the evolving needs of consumers.

Regional Market Size

Regional Deep Dive

Folic acid is in great demand and the market is growing strongly. The increase in awareness of the health benefits of folic acid is especially important for the prevention of neural tube defects in the foetus. The demand for fortified foods and dietary supplements is rising in North America, Europe, Asia-Pacific, the Middle East and Africa and Latin America, driven by changing eating habits and the growing focus on preventive medicine. Each region has its own unique characteristics such as regulations, cultural attitudes towards health and economic conditions that shape the folic acid market.

Europe

• The European Food Safety Authority (EFSA) has set new recommended daily allowances for folate, prompting food manufacturers to reformulate products to meet these standards, which is likely to increase folate consumption across the region.
• Countries like Germany and France are leading initiatives to promote folate-rich diets, supported by government programs aimed at reducing birth defects, which is expected to drive demand for folate supplements.

Asia Pacific

• In countries like India and China, the rising prevalence of lifestyle diseases has led to a surge in health awareness, resulting in increased consumption of folate supplements and fortified foods.
• Local companies such as Herbalife and Amway are launching region-specific folate products, catering to the growing middle-class population that is increasingly health-conscious.

Latin America

• Brazil has implemented mandatory folate fortification in wheat flour, significantly increasing folate intake among the population and setting a precedent for other countries in the region.
• Local health organizations are collaborating with food manufacturers to promote folate-rich diets, which is expected to enhance public health outcomes and drive market growth.

North America

• The U.S. Food and Drug Administration (FDA) has recently updated its guidelines on folate fortification, encouraging manufacturers to enhance the folate content in food products, which is expected to boost market growth.
• Key players like GSK and Nestlé are investing in innovative folate formulations, targeting specific demographics such as pregnant women and the elderly, thereby expanding their product lines and market reach.

Middle East And Africa

• The World Health Organization (WHO) has initiated programs to combat folate deficiency in several African nations, leading to increased government support for folate fortification in staple foods.
• Emerging markets in the Middle East are witnessing a rise in dietary supplement consumption, with companies like DSM investing in local production facilities to meet the growing demand for folate.

Did You Know?

“Folate is not only crucial for pregnant women but also plays a significant role in reducing the risk of heart disease and certain cancers, making it an essential nutrient for all age groups.” — National Institutes of Health (NIH)

Segmental Market Size

The market for folic acid is a vital component of the wider nutritional supplement market, which is currently experiencing steady growth, thanks to growing consumer interest in health and well-being. The key drivers are the rising prevalence of folate deficiency, especially among pregnant women, and the introduction of legislation promoting the fortification of foodstuffs. Meanwhile, technological developments in the formulation and delivery of folic acid are improving the quality and appeal of products on the market. In the US, folic acid supplements have a long history, and are widely used. The leaders are companies such as GNC and Nature Made, which have a wide distribution network and a wide range of products. The main applications are pre-natal vitamins, fortified cereals and energy bars. Preventive medicine and sustainable development are also boosting demand. Meanwhile, the application of encapsulation and microencapsulation is influencing the evolution of the market, by improving the absorption and stability of folic acid in various products.

Future Outlook

The Folate Market is projected to experience significant growth from 2023 to 2032, with a CAGR of 4.81% from 2023 to 2032. Folic acid has become popular in recent years as a dietary supplement, particularly for pregnant women. Folic acid has been found to prevent neural tube defects. Folate is also used in the treatment of anaemia and to prevent birth defects in newborns. As consumers place increasing emphasis on the use of dietary supplements, the demand for folic acid is projected to penetrate into newer and more diverse consumer groups. Folic acid supplementation is projected to reach approximately 26% among women of childbearing age by 2032, up from the current 16%. The market is also driven by technological developments in the production and formulation of folic acid. In addition, technological developments in the production of fortified food products and improved bioavailability of folic acid are expected to increase the acceptance and access to folic acid. The growth of the market is also supported by supportive government policies in developing regions that encourage the use of dietary supplements. In addition, the growing popularity of vegetarian diets and the rising interest in preventive medicine will also increase the demand for folic acid. The market will continue to evolve, and the industry will have to be agile to meet these changing needs.