The global ascorbic acid market size was valued at USD 1,104.08 million in 2020 and is anticipated to expand at significant CAGR during forecast period 2021–2028. 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.
Market 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.
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.
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.
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