Increasing use of ascorbic acid to prevent vitamin C deficiency, rising application of ascorbic acid as preservative and antioxidant in food and beverage industry, and availability of vitamin C enriched cosmetic products are some key factors driving market growth
The global ascorbic acid market size is expected to reach USD 1.61 billion in 2028 at a CAGR of 5.0% during the forecast period, according to the latest report by Reports and Data. Increasing application of ascorbic acid as a preservative in food products, rising prescription of vitamin C supplements to prevent and treat chronic diseases, and growing use in cosmetic products to enhance appearance and slow down aging signs are key factors expected to drive market revenue growth over the forecast period. In addition, ascorbic acid is used in dermatology to treat and prevent changes in skin caused due to photoaging and hyperpigmentation is expected to further contribute to demand for ascorbic and drive market growth going ahead.
Ascorbic acid is one of the most potent reducing agents and scavenger of free radicals that protects the body against damages caused by reactive oxygen species. Ascorbic acid is majorly obtained through dietary foods as humans are unable to synthesize it due to absence of a key enzyme required in the biosynthetic pathway. Blackcurrants, strawberries, citrus fruits, broccoli, tomatoes, and green leafy vegetables are rich sources of ascorbic acid. Ascorbic acid boosts immune function, reduces severity of allergies, and effectively combats infections. It has been widely used as a therapeutic agent in treatment of chronic conditions such as diabetes, cancer, common cold, atherosclerosis, and heart diseases, among others. Over the recent past, increasing research and development activities have been carried out to explore the potential of ascorbic acid in treatment of cancer, sepsis, and other crucial health conditions and this is expected to further contribute to revenue growth over the forecast period.
Leading companies operating in the market and profiled in the report include: CSPC Pharmaceutical Group, Koninklijke DSMV., Northeast PharmaceuticalGroup Co., Ltd., Shandong Luwei Pharmaceutical Co Ltd, Bactolac Pharmaceutical Inc., Shandong Tianli Pharmaceutical Co., Ltd., GlaxoSmithKline Plc., North China Pharmaceutical Company Ltd., Zhengzhou Tuoyang, Anhui Tiger Biotech Co., Ltd , Blagden Speciality Chemicals Ltd., Henan Xinxiang Huaxing Biological Pharmaceuticals Co., Ltd. , and BASF SE.
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Some Key Highlights from the Report:
- Sodium ascorbate segment is expected to account for largest revenue share over the forecast period due to growing use of sodium ascorbate as food antioxidant, in nutritional supplements to treat vitamin C deficiency, and as dough conditioner and stabilizer in bakery products.
- Food grade segment is expected to register significant revenue growth over the forecast period owing to rising use of ascorbic acid as additive and acidity regulator, to fortify food products and beverages, and be used as a preservative.
- Tablet segment is expected to dominate other form segments in terms of revenue growth over the forecast period attributable to increasing use of oral supplements to treat scurvy and mild vitamin C deficiency, availability of cost-effective over-the-counter supplements, and rising prescriptions of vitamin C supplements for treatment of other chronic diseases.
- Food beverage segment is expected to account for a significantly large revenue share between 2021 and 2028 attributable to growing demand for ascorbic acid to preserve color and freshness of products, availability of commercial mixes of ascorbic acid and citric acid to prevent darkening of fruits and meat, and to reduce spoilage in canned food products.
- North America is expected to account for a significantly large revenue share over the forecast period owing rapid growth of food and beverages industry, increasing adoption of dietary supplements, popularity of skincare products with vitamin C, and increasing demand for convenience foods.
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Competitive Landscape:
Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.
Global Ascorbic Acid Market Segmentation:
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Calcium Ascorbate
- Sodium Ascorbate
- Magnesium Ascorbate
- Potassium Ascorbate
- D-Isoascorbic Acid
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Pharmaceutical Grade
- Food Grade
- Others
Form Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Tablet
- Tonic
- Injection
End-Use Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2018-2028)
- Food beverages
- Pharmaceutical
- Personal care
- Others
The global Ascorbic Acid market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East Africa.
Regional Outlook:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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