Ascorbic Acid Market

Global Ascorbic Acid Market Size (2024 to 2029)

The Global Ascorbic Acid Market is expected to be worth USD 1.3 billion in 2024 and is expected to reach a valuation of USD 1.6 billion by 2029 to grow at a CAGR of 5.2% from 2024 to 2029.

MARKET OVERVIEW

Ascorbic acid is a water-soluble vitamin that can help patients suffering from serious ailments. Due to the increased demand for vitamin C to develop immunity in humans, People were also more likely to use vitamin C supplements to stay active and enhance their immunity in order to avoid becoming infected by the virus. Due to the highest output of vitamin C in the world, China has been leading the market. The country wields significant influence over global ingredient prices, which is a major driving force in the market. The growing use of vitamin C in cosmetics and personal care products has aided the ascorbic acid market's expansion. Many manufacturers are now supplying clean-labeled vitamin C supplements to customers looking for antioxidant support for immune health via supplements, thanks to the paradigm shift from clean-label food and beverage items to dietary supplements. As a result, the pharmaceutical and healthcare industries' need for ascorbic acid has soared.  Ascorbic acid is also used in a variety of other commercial applications. Bakeries, water treatment plants, and drinks all employ ascorbic acid. By strengthening gluten, promoting better softness and finer crumbs, and reducing crust thickness, ascorbic acid helps breads last longer. Ascorbic acid also prevents oxidation in the manufacture of meat and organic fruit juice. Many shops will not buy anything that has turned brown, thus this is a must-have for meat and fruit suppliers. Ascorbic acid is becoming more popular due to its ability to remove chlorine from water supplies. When mixed with sodium ascorbate, ascorbic acid can purify chlorine-polluted water and make it safe to return to streams. The Ascorbic Acid Market is being driven by a desire to improve and boost immune health during the ongoing pandemic, also ascorbic acid finds applications in several other industries. These factors are anticipated to contribute to the Ascorbic acid Market growth.

MARKET DRIVERS

As the number of health-conscious people grows, so does the need for fortified foods and beverages. Consumers in industrialized and emerging countries such as the United States, India, China, and Germany are increasingly turning to nutrient-based and other goods containing functional ingredients to help them avoid sickness or manage current health problems.

Companies have begun to include ascorbic acid in their products in response to consumer demand for fortified foods and beverages. In addition, many government initiatives are underway, particularly in developing nations like China and India, to encourage the consumption of fortified foods and beverages. For example, due to growing health concerns about aging, myopia, and other ailments, China's Ministry of Health pushes the consumption of fortified foods, driving demand for ascorbic acid. These factors are anticipated to propel the Ascorbic Acid Market growth.

MARKET RESTRAINTS

The growth of the ascorbic acid market would be hampered by price volatility in raw materials. The ascorbic acid market will be further hampered by an uncertain supply rate. The market's growth rate will be slowed by rising concerns about negative effects. These are holding back the Ascorbic Acid Market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Ascorbic Acid Market By Type

The Ascorbic Acid Market has been divided by type into calcium ascorbate, sodium ascorbate, magnesium ascorbate, potassium ascorbate, and D-isoascorbic ascorbate. The one which took the bigger Ascorbic Acid Market size was the Sodium ascorbate type. This dominance was observed Because of the growing use of sodium ascorbate as an antioxidant in food products, increasing approval for its use from major regulatory authorities, use as a stabilizer and conditioner in bakery items, and an increasing number of research studies to explore its cytotoxic activity in cancer therapy, the sodium ascorbate segment is expected to account for the largest revenue share between 2024 and 2029. It is because of these reasons that we see the sodium ascorbate type of ascorbic acid taking the bigger ascorbic acid market share.

Global Ascorbic Acid Market By Grade

The Ascorbic Acid Market has been divided by grade into food grade, pharmaceutical grade, and others. The one that took the bigger Ascorbic Acid Market size was the food grade. This dominance was observed because of the increased usage of food-grade ascorbic acid in fruit juices and frozen fruit to fortify and enhance citrus flavor, as a chemical preservative in food and in dietary supplements is likely to drive considerable revenue growth in the food-grade segment throughout the forecast period. It is because of these reasons that we see food-grade ascorbic acid taking the bigger ascorbic acid market share.

Global Ascorbic Acid Market By Form

The Ascorbic Acid Market has been divided by form into tablet, tonic, and injection. The one that took the bigger Ascorbic Acid Market size was the tablet form. This dominance was observed due to increased prescribed medication of oral doses of vitamin C to fight infections and certain chronic diseases, accessibility of extended-release and chewable tablets, and positive for the business for orally administered of vitamin C due to improved safety, the tablet segment is expected to account for a significant revenue share over the forecast period. It is because of these reasons that we see the tablet form of ascorbic acid taking the bigger ascorbic acid market share when segmented by form.

Global Ascorbic Acid Market By End-User

The Ascorbic Acid Market has been divided by end-users into food and beverages, animal feed, pharmaceuticals, healthcare, personal care, and others. The ones that took the bigger Ascorbic Acid Market size were food and beverages. During the projection period, the food and beverage market is likely to outperform other application segments in terms of revenue growth. The growing use of ascorbic acid as a preservative and antioxidant in food products to preserve freshness and color and reduce spoilage, increasing demands for canned and ready-to-eat foods, and abundance of food-grade ascorbic acid in powdered and tablet form at cost-effective prices are all contributing to the segment's revenue growth. It is because of these reasons that we see the food and beverages end-users of ascorbic acid taking the bigger ascorbic acid market share when segmented by end-user.

REGIONAL ANALYSIS

Following the Asia Pacific market, The existence of a significant number of pharmaceutical and cosmetics firms that invest heavily in research and development is expected to propel the ascorbic acid market in North America forward. This is because of significant advancements in chemical research and an increase in the number of geriatrics suffering from ailments that can be averted by taking ascorbic acid supplements, the market for ascorbic acid is expected to mature in this region.

Because of quick advancements in chemical studies and an increase in the number of geriatrics suffering from ailments that can be averted by taking ascorbic acid supplements, the Ascorbic Acid Market in Europe is expected to mature.

Because of their cost-effective manufacturing facilities, Asian countries, particularly India, China, and Japan, are predicted to rapidly increase their use of ascorbic acid. This feature has , such as ascorbic acid. Over the forecast period, rising demand for health and dietary supplements in the region is expected to boost market expansion. In Asia, major micronutrient deficiencies such as iodine, vitamins A and C, iron, folate, and zinc are common, making the region a profitable market for vitamin C manufacturers and suppliers. Personal disposable income is increasing in the region, and supporting government policies are boosting demand. The pharmaceutical industry's expansion is a major driver of ascorbic acid demand in the regional market. The Indian pharmaceutical market, for example, climbed from 13.7 percent in July 2020 to 17.7 percent in August 2021, according to the India Brand Equity Foundation.

KEY PLAYERS IN THE GLOBAL ASCORBIC ACID MARKET

Key market players in the Ascorbic Acid Market are CSPC Pharmaceutical Group, Koninklijke DSM N.V, Northeast Pharmaceutical Group Co.Ltd., Shandong LuweiPharmaceutical Co. Ltd, Bactolac Pharmaceutical Inc., Shandong Tianli Pharmaceutical Co., Ltd, GlaxoSmithKline Plc, North China Pharmaceutical Company Ltd., Zhengzhou Tuoyang, Blagden Speciality Chemicals Ltd.

RECENT HAPPENINGS IN THE MARKET

In October 2021, The Double Dose Superpower Organic Vitamin C serum from First Base Skincare is a unique anti-aging serum that boosts hydration and collagen formation while being suitable for all skin types.  

DETAILED SEGMENTATION OF THE GLOBAL ASCORBIC ACID MARKET INCLUDED IN THIS REPORT

This research report on the global Ascorbic Acid Market has been segmented and sub-segmented based on type, grade, form, end user, and region. 

By Type

• Calcium Ascorbate
• Sodium Ascorbate
• Magnesium Ascorbate
• Potassium Ascorbate
• D-Isoascorbic Ascorbate

By Grade

• Food Grade
• Pharmaceutical Grade
• Others

By Form

• Tablet
• Tonic
• Injection

By End-User

• Food And Beverages
• Animal Feed
• Pharmaceuticals And Healthcare
• Personal Care 
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa