The global Vitamin B9 market stood at approximately 18.6 thousand tonnes in 2023 and is anticipated to swell at a healthy CAGR of 5% during the forecast period until 2034. Vitamin B9, also known as folate or folic acid, is among the eight B vitamins essential for bodily functions. These B vitamins play a crucial role in converting carbohydrates from food into glucose, the body's primary energy source. Additionally, they aid in the utilization of fats and proteins. Often grouped as B-complex vitamins, they are vital for maintaining a healthy liver, as well as promoting the health of skin, hair, and eyes. The widespread industrial applications of vitamin B9 highlight its importance across diverse sectors, from fortifying foods and supporting pharmaceutical formulations to potential contributions in skincare, underscoring its multifunctional nature and relevance in various industries.
Vitamin B9, also known as folic acid or folate, finds versatile applications across multiple industrial sectors. Firstly, in food fortification, it serves as a crucial ingredient added to various staple foods like cereals, bread, and pasta to address nutritional deficiencies and enhance public health. Secondly, in pharmaceuticals, folic acid plays a pivotal role in numerous formulations, notably prenatal supplements aimed at supporting fetal development and preventing neural tube defects during pregnancy. This pharmaceutical application underscores the significance of vitamin B9 in promoting maternal and child health. Furthermore, within the cosmetic industry, vitamin B9 is gaining attention for its potential skin health benefits. While scientific evidence is still evolving, it is believed to contribute to maintaining healthy skin texture and appearance, driving its incorporation into skincare products. Lastly, in agriculture, folic acid may be utilized as a foliar spray or soil amendment to enhance plant growth and increase crop yields by improving nutrient uptake.
The folic acid market is characterized by several prominent trends shaping its trajectory. Firstly, there's a notable surge in demand for fortified foods, driven by heightened awareness of the essential role folate plays in maintaining health. This demand is particularly pronounced in regions grappling with folate deficiency, compelling manufacturers to integrate folic acid into a diverse array of food products. Additionally, the market is witnessing an uptick in the adoption of folic acid in nutritional supplements, especially among pregnant women and individuals seeking preventive healthcare solutions. Moreover, folic acid's extensive application in pharmaceutical formulations, notably in prenatal vitamins aimed at preventing neural tube defects, underscores its significance in maternal and child health initiatives. The global Vitamin B9 market is likely to reach approximately 32 thousand tonnes in 2034.
Regionally, North America holds the largest market share and is likely to maintain this position throughout the forecast period as well. Europe is the second largest consumer followed by the Asia Pacific region. North America's leading position in the folic acid market is underpinned by its robust food and pharmaceutical industries, boasting advanced manufacturing capabilities and an efficient distribution network for fortified foods, supplements, and pharmaceuticals enriched with folic acid. This dominance is reinforced by a pervasive consumer awareness of health supplements and fortified foods, and high customer interest in preventive healthcare. Regulatory support from agencies like the FDA, further fortifies the market by mandating fortification of staple foods with folic acid to tackle nutritional deficiencies effectively. Moreover, North America's sizable population segment, including pregnant women and those with specific health needs, drives substantial demand for folic acid supplementation, solidifying the region's status as a key market player in the folic acid industry.
Based on the end-use industry, the global Vitamin B9 market is divided into Pharmaceuticals & Nutraceuticals, Food & Beverages, Animal Feed, and Others. Among these industries, Pharmaceuticals & Nutraceuticals is the dominating segment and held about 57% of the global Vitamin B9 market in 2023. Food & Beverages is yet another prominent sector. Many foods, including wheat, salt, breakfast cereals, beverages, energy drinks, and baby food products, can have folic acid added to them.
Major players in the Global Vitamin B9 market are DSM NV, BASF SE, Jiangxi Tianxin Pharmaceutical Co. Ltd, Medicamen Biotech Ltd, Zydus Pharmaceuticals Ltd, Nantong Changhai Food Additive Co. Ltd, Xinfa Pharmaceutical Co. Ltd, Xinjiang Wujiaqu Xingnong Cycle Chemical Co. Ltd., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Vitamin B9 which covers production, demand and supply of Vitamin B9 market in the globe.
• To analyse and forecast the market size of Vitamin B9
• To classify and forecast Global Vitamin B9 market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Vitamin B9 market in the globe.
To extract data for Global Vitamin B9 market, primary research surveys were conducted with Vitamin B9 manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Vitamin B9 market over the coming years.
ChemAnalyst calculated Vitamin B9 demand across the globe by analyzing the volume of Vitamin B9 consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Vitamin B9 manufacturers and other stakeholders
• Organizations, forums and alliances related to Vitamin B9 distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Vitamin B9 manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Vitamin B9 market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
18.6 thousand tonnes
Market size Volume in 2034
32 thousand tonnes
Growth Rate
CAGR of 5% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Pharmaceuticals & Nutraceuticals, Food & Beverages, Animal Feed, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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What was the net market size of Vitamin B9 in terms of volume in 2023?
Ans:
The global market size of Vitamin B9 has reached approximately 18.6 thousand tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Vitamin B9?
Ans:
Pharmaceuticals & Nutraceuticals industry is the leading end-user industry of Vitamin B9 globally.
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