The global ascorbic acid market is expected to witness growth over the forecast period owing to increasing demand from end-use industries including food & beverage, pharmaceuticals, chemicals, personal care, and cosmetics. In addition, growing demand for potassium, calcium, and sodium salts of ascorbic acid or vitamin C as an antioxidant food additive is expected to drive the market over the next six years. However, uncertain raw material supply and resulting price fluctuations are anticipated to hamper the market growth. Furthermore, wide acceptance of ascorbic acid in the food and feed industry as a preservative is expected to act as a market restraint over the forecast period. R&D by major industry participants along with technological developments in medical industry is poised to create growth avenues for the ascorbic acid market. Significant growth in dietetic & diabetic population coupled with improving living standards and rising health awareness are anticipated to create additional market opportunities over the forecast period.
Asia Pacific was the market leader in consumption of ascorbic acid in 2013 and is expected to grow at a rapid pace owing to cost-effective manufacturing facilities in China. In addition, growing demand for health and dietary supplements in the region are also expected to fuel the market growth over the forecast period. Europe and North America are anticipated to follow Asia Pacific on account of increasing demand from the pharmaceutical and cosmetic industry. Rising demand for low calorie sweeteners; especially in European Union and the U.S. are expected to propel the market growth in the next six years. Ascorbic acid is a potent antioxidant and finds use in anti-aging creams and a wide variety of medical applications for patients’ sufferings from cancer, heart diseases, and scurvy. Moreover, niche applications of ascorbic acid include a preservative, reductant in photographic developer solutions and diets for channel catfish.
Key players in ascorbic acid market include DSM, Bactolac Pharmaceutical Inc, CSPC Pharmaceutical Group, BASF SE, Northeast Pharmaceutical Group, Hebei Welcome Pharmaceutical Co, North China Pharmaceutical Group, Dishman Group, Aland Nutraceuticals Group, DuPont, Shandong Luwei Pharmaceutical, NBTY Inc and GlaxoSmithKline Plc.
b. .The global vitamin C (Ascorbic Acid) Market size was estimated at USD 1.95 billion in 2023 and is expected to reach USD 2.01 billion in 2024.
b. The global Vitamin C market is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2024 to 2030 to reach USD 2.61 billion by 2030.
b. Asia Pacific dominated the global vitamin C (Ascorbic Acid) Market with a share of 39.65% in 2023. This is presence of large-scale pharmaceutical companies along with major consumptions in other sectors such as animal feed and cosmetics
b. Numerous manufacturing companies are now-a-days adopting number of strategies like new product launch, partnerships, expansion, and merger & acquisitions, to name a few. Some of the key manufacturing companies are DSM Jiangshan Pharmaceutical (Jiangsu) Co., Ltd., Fooding, Foodchem International Corporation, VCos Cosmetics Pvt Ltd., and Fengchen Group Co., Ltd, among others.
b. An increasing number of customers are looking for personal care products with eco-friendly credentials or natural ingredients. This forms a significant driver for vitamin C, which is used as an antioxidant and a shield against suspended pollutants in the air.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
ESOMAR & Great Work to Place Certified
ISO 9001:2015 & 27001:2022 Certified
"The quality of research they have done for us has been excellent."