Global Ascorbic Acid Market
As stated in our extensive report; the Global Ascorbic Acid Market accounted for USD 1.4 Billion in the year 2022 and is forecast to reach USD 23.1 Billion by 2030 at a CAGR of 5.5%.
The two main reasons promoting the growth of the Ascorbic Acid market is rising personal disposable income and increasing awareness of the significance of vitamin C in the body. Another significant factor influencing the development of the Ascorbic Acid market is the rise in environmental concerns about water purification. In addition, growing skin cancer cases and consumer desire for skin care products will give the Ascorbic Acid market more chances to expand profitably. Furthermore, the market value will increase due to the growth and expansion of the e-commerce industry, particularly in emerging countries, and the paradigm shift from clean-label food and beverage products to dietary supplements. Moreover, changes in living and increased use of Ascorbic Acid in pharmaceutical products will also increase demand, further driving up market value.
Key factors influencing Ascorbic Acid Market Growth
The growth of the Ascorbic Acid global market can be attributable to the following:-
- Throughout the forecast period, the global Ascorbic Acid market is anticipated to expand due to rising demand from end-use sectors such as food and beverage, pharmaceuticals, chemicals, personal care, and cosmetics.
- Over the coming years, the market is projected to be influenced by the rising demand for potassium, calcium, and sodium salts of Ascorbic Acid, or vitamin C, as an antioxidant dietary additive.
- Ascorbic Acid is a potent antioxidant frequently used in dermatology to treat and prevent hyperpigmentation and changes in the skin induced by photoaging. Increased use of vitamin C in cosmetic products to give skin a brightening and glowy appearance and the rising demand for these products is anticipated to propel market growth.
- Over the forecast period, there are expected to be more potential markets due to the significant increase in the number of diabetics and dietitians, as well as improved living conditions and growing health awareness.
- The Ascorbic Acid market is poised to experience growth thanks to R&D by significant industry players and technological advancements in the medical sector.
- Ascorbic Acid is increasingly being used as a taste essence due to growing health consciousness. Furthermore, the market is anticipated to experience increased demand due to the increasing demand for stabilizers and antioxidant food ingredients across Europe.
On the other hand, it is anticipated that the fluctuating price of raw materials and the uncertain raw material availability will impede market expansion.
Asia Pacific Region to Capture the Market
Due to the low-cost manufacturing facilities in Asia, particularly in India, China, and Japan, Ascorbic Acid usage is predicted to increase quickly. This element has made it easier for manufacturers to introduce cutting-edge bioactive ingredients like Ascorbic Acid into the functional food and beverage market. For the projection period, the market’s expansion is anticipated to be aided by the region’s rising demand for dietary and health supplements. Asia is a lucrative market for producers and sellers of vitamin C due to the region’s widespread deficiency in essential micronutrients like iodine, vitamins A and C, iron, and zinc. Government policies that are supportive and rising personal discretionary income in the area contribute to the rising demand. In addition, expanding the pharmaceutical sector in the local market also drives the need for Ascorbic Acid.
The mounting demand from end-use sectors like pharmaceuticals, food and beverage, chemicals, personal care, and cosmetics has positively impacted Ascorbic Acid market sales.
Some of the key players in the Global Ascorbic Acid Market include- Luwei Pharmaceutical Group Co. Ltd. (China), Merck KGaA (Germany), Medisca Inc. (Canada), Vega Group Company Limited (China), Chemceed (U.S.), Reckon Organics Private Ltd. (India), Superior Supplement Manufacturing (U.S.) and others.