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Ascorbic Acid Market Size, Share, and Industry Report [2031]
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Ascorbic Acid Market Size, Share, and Industry Report [2031]

Segments - Ascorbic Acid Market by Applications [Pharmaceuticals and Healthcare, Beauty and Personal Care, Animal Feed, and Food and Beverage], and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

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Author : Riddhesh Dani
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Fact-checked by : Harneet Meher
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Editor : Shruti Bhat

Upcoming | Report ID :MC-921 | 4.1 Rating | 84 Reviews | 169 Pages | Format : PDF Excel PPT

Report Description


Ascorbic Acid Market Outlook 2031:

The global ascorbic acid market size was valued at USD 1.40 Billion in 2022 and is projected to reach USD 2.27 Billion by 2031, expanding at a CAGR of 5.5% during the forecast period 2023 - 2031. Growth of the market is attributed to increasing population, unhealthy lifestyles, and high consumption of ascorbic acid.

Ascorbic acids also called as vitamin c are an important food supplement for several people. Vitamin c is important for nutrient diet. It plays a vital role in the production of enzymes and natural repairment of tissues. It helps in smooth operation of immune system and different enzymes. Moreover, ascorbic acid also serves as an antioxidant in the human body.

Ascorbic Acid Market Outlook

It is utilized in refreshments, water treatment plants, and bakeries. By aiding fine crumb and higher tenderness, reduction of crust thickness, strengthening gluten ascorbic acid helps extend the shelf life of bakery products. Ascorbic corrosive likewise prevent oxidation during natural organic product juice and meat creation.

Ascorbic acid is significantly being utilized for its capacity to detach chlorine from water supply. Ascorbic acid blended in with sodium ascorbate can clean chlorine contaminated water and make it secure to deliver once more into water resources.

The Covid-19 pandemic affected the demand and supply of ascorbic acid market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.

Ascorbic AcidcMarket Trends, Drivers, Restraints, and Opportunities

  • Rising health issues like diabetes is projected to boost the market in the coming years.
  • The ascorbic acid acting as alternative for sweeteners is the major factor fueling the market in coming years.
  • Uncertain raw material supply is anticipated to restrict market growth during the forecast period.
  • Price fluctuation is projected to hamper the market expansion in the coming years.
  • R&D investment and technological advancement in ascorbic acid is projected to create lucrative opportunities for the market players.

Scope of Ascorbic Acid Market Report

The report on the global ascorbic acid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Ascorbic Acid Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016-2021

Forecast Period

2023-2031

Segmentation

Applications [Pharmaceuticals and Healthcare, Beauty and Personal Care, Animal Feed, and Food and Beverage]

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players covered in the Report

Foodchem International Corporation, Northeast Pharmaceutical Group, Merck KGaA, Shandong Luwei Pharmaceutical, BASF, DSM, Spec-chem, Topscience, Luckerkong Biotech, Bactolac Pharmaceutical Inc., Aland Nutraceuticals Group, Chengxin Pharma, King-pharm, FreShine, CSPC Pharmaceutical Group Ltd., GFS Chemicals Inc., Spectrum Chemical Mfg. Corp., and Haviland Enterprises Inc.

Ascorbic Acid Market Segment Insights

The food and beverage segment accounts for key share of the market and expected to grow at a rapid pace

Based on applications, the global ascorbic acid market is fragmented into pharmaceuticals and healthcare, beauty and personal care, animal feed, and food & beverage. The food and beverage segment accounts for a key share of the market. The growth of the market is attributed to rise in population, rising disposable income, increased use of ascorbic acid in the food industry, and increasing urbanization.

However, the pharmaceuticals and healthcare segment is anticipated to expand at rapid peace during the forecast period due to factors such as increasing health issues like diabetes, high consumption of ascorbic acid, various health benefits from consuming ascorbic acid, and cost-effective manufacturing facilities.

Ascorbic Acid Market Application

The market in Asia Pacific is estimated to hold major market share

On the basis of region, the global ascorbic acid market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to expand at a high CAGR during the forecast period due to lack of healthy natural agricultural produce, vitamins deficiency caused due to dietary habits, and increasing population.

The market of Asia Pacific is expected to hold major market share due to growing demand for skin care products, cost-effective manufacturing facilities, and rapid urbanization.

 

Ascorbic Acid Market Region

Segments

The global ascorbic acid market has been segmented on the basis of

Applications

  • Pharmaceuticals and Healthcare
  • Beauty and Personal Care
  • Animal Feed
  • Food and Beverage

Region

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Foodchem International Corporation
  • Northeast Pharmaceutical Group
  • Merck KGaA
  • Shandong luwei Pharmaceutical
  • BASF
  • DSM
  • Spec-chem
  • Topscience
  • Luckerkong Biotech
  • Bactolac Pharmaceutical Inc.
  • Aland Nutraceuticals Group
  • Chengxin Pharma
  • King-pharm
  • FreShine
  • CSPC Pharmaceutical Group Ltd.
  • GFS Chemicals Inc.
  • Spectrum Chemical Mfg. Corp.
  • Haviland Enterprises Inc.

Competitive Landscape

Key players competing in the global ascorbic acid market includes Foodchem International Corporation, Northeast Phamaceutical Group, Merck KGaA, Shandong Luwei Pharmaceutical, BASF, DSM, Spec-chem, Topscience, Luckerkong Biotech, Bactolac Pharmaceutical Inc., Aland Nutraceuticals Group, Chengxin Pharma, King-pharm, FreShine, CSPC Pharmaceutical Group Ltd., GFS Chemicals Inc., Spectrum Chemical Mfg. Corp., and Haviland Enterprises Inc.

Some of these players are using several market strategies such as acquisitions, merger, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares and raise their production line of the business in the coming year.

Ascorbic Acid Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Ascorbic Acid Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Ascorbic Acid Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Ascorbic Acid Market - Supply Chain
  4.5. Global Ascorbic Acid Market Forecast
     4.5.1. Ascorbic Acid Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Ascorbic Acid Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Ascorbic Acid Market Absolute $ Opportunity
5. Global Ascorbic Acid Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Ascorbic Acid Market Size and Volume Forecast by Applications
     5.3.1. Pharmaceuticals and Healthcare Beauty and Personal Care Animal Feed Food and Beverage
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Ascorbic Acid Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Ascorbic Acid Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Ascorbic Acid Demand Share Forecast, 2019-2026
7. North America Ascorbic Acid Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Ascorbic Acid Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Ascorbic Acid Market Size and Volume Forecast by Applications
     7.4.1. Pharmaceuticals and Healthcare Beauty and Personal Care Animal Feed Food and Beverage
  7.5. Basis Point Share (BPS) Analysis by Applications
  7.6. Y-o-Y Growth Projections by Applications
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Ascorbic Acid Demand Share Forecast, 2019-2026
8. Latin America Ascorbic Acid Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Ascorbic Acid Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Ascorbic Acid Market Size and Volume Forecast by Applications
     8.4.1. Pharmaceuticals and Healthcare Beauty and Personal Care Animal Feed Food and Beverage
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Ascorbic Acid Demand Share Forecast, 2019-2026
9. Europe Ascorbic Acid Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Ascorbic Acid Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Ascorbic Acid Market Size and Volume Forecast by Applications
     9.4.1. Pharmaceuticals and Healthcare Beauty and Personal Care Animal Feed Food and Beverage
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Ascorbic Acid Demand Share Forecast, 2019-2026
10. Asia Pacific Ascorbic Acid Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Ascorbic Acid Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Ascorbic Acid Market Size and Volume Forecast by Applications
     10.4.1. Pharmaceuticals and Healthcare Beauty and Personal Care Animal Feed Food and Beverage
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Ascorbic Acid Demand Share Forecast, 2019-2026
11. Middle East & Africa Ascorbic Acid Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Ascorbic Acid Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Ascorbic Acid Market Size and Volume Forecast by Applications
     11.4.1. Pharmaceuticals and Healthcare Beauty and Personal Care Animal Feed Food and Beverage
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Ascorbic Acid Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Ascorbic Acid Market: Market Share Analysis
  12.2. Ascorbic Acid Distributors and Customers
  12.3. Ascorbic Acid Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Foodchem International Corporation
     12.4.2. Northeast Pharmaceutical Group
     12.4.3. Merck KGaA
     12.4.4. Shandong luwei Pharmaceutical
     12.4.5. BASF
     12.4.6. DSM
     12.4.7. Spec-chem
     12.4.8. Topscience
     12.4.9. Luckerkong Biotech
     12.4.10. Bactolac Pharmaceutical Inc.

Methodology

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