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
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.
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.
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Attributes |
Details |
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Report Title |
Ascorbic Acid Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016-2021 |
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Forecast Period |
2023-2031 |
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Segmentation |
Applications [Pharmaceuticals and Healthcare, Beauty and Personal Care, Animal Feed, and Food and Beverage] |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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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.
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.
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.