Global ascorbic acid or vitamin C 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 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 isoascorbic acid in 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 are 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 pharmaceutical and cosmetic industry. Rising demand for low calorie sweeteners; especially in European Union and the U.S. are expected propel the market growth in the next six years. Ascorbic acid is a potential 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 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.
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