Folic Acid Prices are likely to rise in India on the back of the increased Raw Material prices
- 28-Jan-2022 6:17 PM
- Journalist: S. Jayavikraman
India is a USD 6 billion Nutraceutical market and is likely to grow at approximately USD 25 billion by 2025 and is all set to become the largest exporter of Nutraceutical products around the world in the next few years. After showing signs of slowing down, the dramatic increase in the Omicron variant cases in many states of India, fresh announcements have been made to curb the unprecedented outbreak, even though it is believed to be milder than the second wave of covid that caused havoc in the past year. Due to the recent shutdowns, people are once again forced indoors, and the focus returns to boosting one’s immunity through health supplements. The coronavirus pandemic has been a driving force behind the explosive expansion of India’s Nutraceutical industry, and it has risen by leaps and bounds since 2020. The middle-class people were forced to switch from Pharmaceutical to Nutraceutical and dietary supplements due to the pandemic, which boosted its market across the country.
The government has taken several initiatives into consideration to boost the manufacturing sector of India, and it couldn’t have been a better time for Nutraceutical technologies to bloom. It is highly believed by the consumers that improper diet results in the increased demand for Nutraceuticals. With the rapidly increasing demand for Nutraceutical products, its prices are consistently on the rise in the domestic market. As per ChemAnalyst, the prices of Vitamin B9 are expected to increase in India on the back of the soaring raw material prices and freight costs. Vitamin B9, also known as Folic acid, helps in the production of healthy red blood cells, improving immune function and reducing tiredness. Folic acid is usually found in the form of supplements and is added to fortified food items. It is majorly exported from China, and an extraordinary upsurge of raw material, power, sea freight, and logistics costs, as well as container shortages in the country, has resulted in the increased prices of Folic acid in India. The Ex-Mumbai discussions for USP grade of Vitamin B9 were assessed at USD 37809.52 per tonne in the 3rd week of January. A rise in disposable income, increasing consumer awareness regarding health, and growing urbanization will further drive its market growth across India.