The global ascorbic acid market is expected to witness a CAGR of 6.2% over the estimated time frame (2022 to 2032). The value of the market is predicted to surge from USD 176.8 Million in 2022 to USD 321.5 Million in 2032. The market was worth USD 167.8 Million by the end of 2021.
Ascorbic acid, also known as vitamin C, is a water-soluble vitamin found in many foods and supplements. It is considered to be essential for normal growth and development, as well as the maintenance of healthy tissues throughout the body. Ascorbic acid is most commonly known for its role in supporting one’s immune health, but it has many other benefits.
Ascorbic acid helps the body absorb iron from food sources, plays a crucial role in collagen formation, and acts as an antioxidant to protect cells from damage caused by free radicals. It is found in fruits and vegetables like oranges, lemons, strawberries, red peppers, and broccoli. Vitamin C can also be taken as a supplement or applied topically to help reduce wrinkles or age spots on the skin.
In November 2021, TCP Group, a Thailand-based beverage production and distribution services provider, joined hands with DHC, a renowned food supplement manufacturer based in Japan. Both companies are planning to enter Thailand’s vitamin C market, which is worth 7 billion baht. With this collaboration, both companies co-developed Hi! x DHC, which is a 200% vitamin C shot drink.
Similarly, in December 2022, Perfetti Van Melle, a multinational company of confectionery and gum headquartered in the Netherlands, introduced functional benefit variants of its Smint and Mentos Gum. The new Mentos Citrus Vitamin Gum contains 25% of recommended daily vitamins B12, C, and B6. Smint Defensive, on the other hand, is a sugar-free mint containing zinc, as well as vitamins B6 and C.
Apart from that, Protekt, a Sheridan-based supplements manufacturer, unveiled a unique liquid supplement beverage enhancer. It provides high-impact antioxidants such as Echinacea, zinc, vitamin C, and D to support optimal immunity and health. The liquid product is available in two flavors, namely, orange and berry. Thus, the introduction of innovative food and beverages infused with ascorbic acid or vitamin C is one of the key factors pushing sales in the market.
| Attributes | Key Insights |
|---|---|
| Ascorbic Acid Market Estimated Size (2022E) | USD 176.8 Million |
| Projected Market Valuation (2032F) | USD 321.5 Million |
| Value-based CAGR (2022 to 2032) | 6.2% |
| Share of the USA in North America | 90.2% |
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The global ascorbic acid market grew from USD 137.5 Million in 2017 to USD 167.8 Million in 2021 and exhibited a CAGR of 5.8% during the historical period. The market for ascorbic acid is a highly dynamic and evolving sector.
Historical outlooks of the market have estimated a steady growth rate. However, future projections for the ascorbic acid market are far more optimistic. With increasing demand from food and beverage producers and pharmaceutical companies, sales of the product are likely to surge at a rapid pace.
Besides, rising demand in the ascorbic acid market is expected to be mainly driven by growing consumer awareness of multiple health benefits associated with consuming products fortified with ascorbic acid or vitamin C. This includes its ability to improve immune system functioning, reduce fatigue, and promote wound healing.
In addition, technological advancements such as new extraction methods have made it easier to produce higher concentrations of purer forms of this key ingredient, thereby making it more attractive to potential buyers. Owing to the aforementioned factors, the market for ascorbic acid is projected to grow at a rapid pace in the next ten years.
USA-based Ascorbic Acid Products Companies to Launch New Products at Relatively Low Cost
The USA is projected to account for 90.2% of the North American market share and create an absolute dollar opportunity of USD 72.9 Million in 2022. The USA market is rapidly growing, driven by a wide variety of factors. Ascorbic acid, or vitamin C, is an essential nutrient used to support healthy immune systems and general bodily health. Consequently, demand for this product has been on the rise in recent years.
In response to the increased demand, USA-based businesses are expected to quickly adjust their operations in order to meet consumer needs. Companies are nowadays investing heavily in research & development of new products that contain higher doses of vitamin C than previously available. Additionally, more manufacturers are entering the market as part of efforts to increase competition and bring down prices for customers.
Sales of Ethyl Ascorbic Acid to Skyrocket in the UK Amid Numerous Applications in Medicines
The UK ascorbic acid industry is estimated to showcase around 5.9% CAGR between 2022 and 2032, says FMI. The country is considered to be one of the world’s biggest producers and consumers of ascorbic acid. This vitamin C derivative has numerous applications in medicine, and understanding the nation’s role in its production and consumption can help to transform global business strategies.
India is Set to Witness High Investments from International Pure Ascorbic Acid Powder Manufacturers
The India ascorbic acid industry is predicted to grow at 7.1% CAGR between 2022 and 2032, reports FMI. India has emerged as a major player in the global ascorbic acid sector. The nation is increasingly gaining a high market share and witnessing strong growth due to rising demand for pharmaceuticals and food products containing ascorbic acid.
Over the past few years, various factors have contributed to the country’s emergence in this sector such as increasing health consciousness among consumers and expanding middle-class population. Besides, growing awareness about the beneficial effects of consuming vitamin C-enriched products and rising investments from domestic and foreign players in this sector would drive sales in India.
Government of China to Offer Incentives to Companies for Producing Vitamin C Pure Ascorbic Acid
The China ascorbic acid industry is likely to witness a 6.2% CAGR between 2022 and 2032. Ever-increasing population in the country is set to provide it with a ready source of labor for manufacturing and shipping products. Additionally, government policies have made China more attractive for businesses by providing incentives for production such as low taxes and easy access to financing.
Apart from that, China's geographical location makes it an ideal trading hub between Europe, Asia, and Africa, thereby allowing them to export products quickly to different countries around the world. All these factors are projected to contribute to giving China a strong position in the ascorbic acid industry.
German Manufacturers to Accelerate Patented Calcium Ascorbate with Bioflavonoids Making Technology
As per FMI, Germany is likely to hold a 20.7% share in the Europe ascorbic acid industry by 2022. It is projected to reach a valuation of USD 10.0 Million in the same year. Germany is known for its innovation and technological advancements, and this factor is estimated to push the ascorbic acid sector.
The most notable example of German innovation in the industry is its patented process for producing a highly stable form of ascorbic acid called calcium-L-ascorbate. This form of vitamin C is more bioavailable than other forms available on the market. It can be absorbed more easily into cells throughout the body for optimal utilization.
Principal Consultant
Ascorbic Acid Powder to Generate High Demand with Increasing Addition in Food & Drinks
The powder form of ascorbic acid has become increasingly popular in recent years due to its convenience and ability to be easily added to foods or drinks without altering their taste. It is also considered to be a great option for those who are looking for an easy way to get their daily dose of vitamin C without having to take a pill or swallow a capsule. Additionally, this form of ascorbic acid can be found at much lower prices than other forms due to its larger pack size.
Food & Beverage Manufacturers Extensively Use Pure Ascorbic Acid for Preserving Nutritive Value
The food and beverage industry has been one of the most prominent users of ascorbic acid for many years. Ascorbic acid, more commonly known as vitamin C, is used in a vast array of food and beverage products due to its numerous health benefits and low cost. Its ability to preserve flavor, color, texture, and nutritive value makes it a key ingredient in many products- right from breakfast cereals to canned vegetables.
It is likely that this trend will continue into the foreseeable future as there are no signs that the demand for such ingredients will decrease any time soon. Health benefits associated with consuming foods high in vitamin C have been well documented by various medical organizations around the world, thereby making it a popular choice among consumers looking to improve their diet.
The competitive landscape of the global market is changing rapidly as new players enter the sector and existing players adjust their strategies. The majority of the companies are focusing on broadening the application range of ascorbic acid by engaging in research & development activities.
A few other companies are joining hands with pharmaceuticals, dietary supplements, feed additives, and food manufacturers to co-develop unique products. Meanwhile, some of the renowned skincare brands are reshaping their existing portfolios by introducing novel products infused with ascorbic acid to attract a large consumer base.
For instance,
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| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 176.8 Million |
| Projected Market Valuation (2032) | USD 321.5 Million |
| Value-based CAGR (2022 to 2032) | 6.2% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Million) |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Middle East and Africa (MEA) |
| Key Countries Covered | USA, Canada, Mexico, Germany, UK, France, Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Argentina, South Africa, UAE |
| Key Segments Covered | Form, Application, Region |
| Key Companies Profiled | Northeast Pharmaceutical Group Co., Ltd; Shandong Luwei Pharmaceutical; Foodchem International Corporation; BASF SE; Aland Nutraceuticals Group; Huabei Pharmaceutical Group Co., Ltd.; Koninklijke DSM N.V.; Sigma-Aldrich Corporation (Merck); MUBY CHEMICALS; Shandong Luwei Pharmaceutical; Luwei Pharmaceutical Group Co. Ltd; Bactolac Pharmaceuticals, Inc; Glanbia Nutritionals China (Suzhou) Co., Ltd |
| Report Coverage | Company Share Analysis, Drivers, Restraints, Opportunities and Threats Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives, Market Forecast, Competitive Landscape |
The ascorbic acid industry is projected to reach nearly USD 176.8 Million by 2022.
The ascorbic acid industry is expected to rise at a CAGR of 6.2% during the forecast period.
The USA, the UK., China, and Germany are major countries driving the demand for ascorbic acid.
The demand for ascorbic acid in China is projected to grow at a 6.2% CAGR between 2022 and 2032.
Sales of ascorbic acid in India are expected to grow at 7.1% CAGR between 2022 and 2032.
The demand for ascorbic acid in the UK. is anticipated to grow at 5.9% CAGR between 2022 and 2032.
Northeast Pharmaceutical Group Co., Ltd, Shandong Luwei Pharmaceutical, Foodchem International Corporation, BASF SE, and Aland Nutraceuticals Group are likely to dominate the market for ascorbic acid.
The global demand for ascorbic acid is anticipated to surpass USD 321.5 Million by the end of 2032.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Form 5.1. Powder 5.2. Liquid 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application 6.1. Food and Beverage 6.2. Pharmaceuticals 6.3. Nutraceuticals 6.4. Cosmetics and Personal Care 6.5. Pet Food 6.6. Animal Feed 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. East Asia 7.5. South Asia 7.6. Oceania 7.7. Middle East and Africa (MEA) 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 11. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 12. South Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 13. Oceania Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 14. MEA Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Northeast Pharmaceutical Group Co., Ltd 17.2. Shandong Luwei Pharmaceutical 17.3. Foodchem International Corporation 17.4. BASF SE 17.5. Aland Nutraceuticals Group 17.6. Huabei Pharmaceutical Group Co., Ltd. 17.7. Koninklijke DSM N.V. 17.8. Sigma-Aldrich Corporation (Merck) 17.9. MUBY CHEMICALS 17.10. Shandong Luwei Pharmaceutical 17.11. Luwei Pharmaceutical Group Co. Ltd 17.12. Bactolac Pharmaceuticals, Inc 17.13. Glanbia Nutritionals China (Suzhou) Co., Ltd 18. Assumptions & Acronyms Used 19. Research Methodology
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Ascorbic Acid Market
