Ascorbic Acid Market

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The Global Ascorbic Acid Market is valued at USD 1.4 Billion in 2022 and is projected to reach a value of USD 2.0 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period.

Ascorbic Acid, also known as 3-oxo-L-gulofuranolactone (enol form), is a white-colored compound that is crystalline in nature and soluble in water. It is widely utilized in a solid form, usually in a powdered, granulated, or slab form. The global Ascorbic Acid market is expected to flourish during the forecast period owing to increased applications within various sectors, including food & beverage, agriculture, pharmaceutical, cosmetics, and chemical industry. Studies have indicated various preferences towards healthy foods, including nutritional supplements, propelled the global market's growth. Also, the rising utilization of skin products that aid with healing injuries and prevent infection will contribute to the cosmetics industry, ultimately fuelling the growth of the global Ascorbic Acid market.

Studies have indicated that the application or consumption of ascorbic products can reduce the risk of chronic diseases, enhance immunity, and control blood pressure. These factors have led to increased utilization of ascorbic within food products by various prominent manufacturers. Ascorbic Acid are also linked to the growth, development, and repair of all body tissues for nominal functions such as creating collagen and maintaining cartilage, bones, and teeth. Many health experts are recommending it as one of the safest and most beneficial nutrients. For instance, according to studies conducted by the American Journal of Clinical Nutrition, patients suffering from the highest concentration of Ascorbic Acid in their blood were associated with a 42% lower stroke risk to those with the lowest concentrations. These factors are proving invaluable and lead to increased Ascorbic Acid-based food product consumption.

Rising commercializing of clean label or green food products free from additives and other harmful chemicals will further propel the market's growth. Technological strides are making it possible for manufacturers to create new flavors according to the consumer's taste. However, supply chain disruptions caused by the pandemic led to difficulties in obtaining production outputs such as raw materials and machinery used during production. Additionally, concerns regarding the adverse effects of Ascorbic Acid on the human body will cause hindrances to the growth of the market.

Economic Insights

As a result of several simultaneous rate increases, a global recession is expected in 2023. To combat inflation, central banks around the world are raising interest rates. The leading cause of poor economic health is expected to be a series of financial crises in emerging and developing economies. The current conflict between Russia and Ukraine erupted in February 2014, when Russia annexed Crimea from Ukraine. For the first time in eight years, fighting erupted in 2014, but it quickly subsided due to naval incidents, cyber warfare, and increased political tensions. For a long time, many academics and international governing bodies predicted that Russia would invade Ukraine in the manner of a postmodern war described by the twenty-first century.

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1. Rising Demand of Functional Foods: The increased consumption of functional foods and beverages is expected to propel the global Ascorbic Acid market growth during the forecast period. These food categories are becoming increasingly popular within emerging economies such as Asia Pacific and Latin America due to their unique taste and health values. The rising penetration of quick-service restaurants will further contribute to an expanding functional foods market.

2. Expanding Beverage Industry: Studies have indicated an incremental increase in the volume of beverages, such as soft drinks and flavored sodas. The presence of a large millennial population and the introduction of a wide variety of products within the RTD category by prominent players is expected to widen the global beverage market. Soft drinks are expected to increase the utilization of Ascorbic Acid during the forecast period.

3. Increasing Utilization as a Substitute: Ascorbic Acid is considered a substitute for sodium phosphate, addictive as it can act as a preservative and emulsifying agent. Rising consumption of functional food is expected to propel the global Ascorbic Acid market growth during the forecast period. Factors such as innovative changes within production and a heavy flow of investments within the R&D activities of prominent players are expected to increase the footprint of the market's scope.

4. Awareness Regarding Health Benefits: An ongoing trend of utilizing Ascorbic Acid as a flavor essence owing to increased awareness regarding health is on the rise. Rising demand for stabilizers and antioxidant food ingredients across European countries is expected to produce an increased demand for the market to capture.

Market Segmentation

The global Ascorbic Acid market can be categorized on the following: Application, Type, Form, and Regions. By application, the market can be segmented across food and beverages, pharmaceutical, beauty and personal care, and animal feed. In terms of type, the market can be fragmented across potassium ascorbate, calcium ascorbate, magnesium ascorbate, others, and sodium ascorbate. Based on form, the market can be split between powder and liquid. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Application

Food & Beverage to Dominate Sales Owing to Widened Applications of Ascorbic for Food Preservation

The food & beverage segment is expected to dominate the global Ascorbic Acid market during its forecast. Studies have indicated that the dominance is expected to be created due to increased utilization of the acid in terms of food preservation, a taste enhancer, or taste modifier in confectionery, sauces, bakery, and others. Additionally, the beverage sector is expected to expand due to the increasing population and rising popularity combined with increased product launches by prominent manufacturers. These factors are expected to contribute to segmental growth during the forecast period. Beauty and personal care products are expected to grow with the fastest growing CAGR during the forecast period owing to rising awareness and adoption of beauty and care products among the consumer group.

Based on Type

Sodium Ascorbic to Register Largest Market Share Owing to Increased Utilization as a Food Deterioration Agent

Sodium ascorbic is expected to dominate the segmental growth during the forecast period. It is extensively utilized as a food antioxidant for preventing food deterioration agent along with an acidity regulator. Additionally, the EU has approved using sodium ascorbic as a food additive. Countries such as the US, Australia, and New Zealand are also following suit. Additionally, sodium ascorbic has been utilized as a nutritional supplement to prevent and treat vitamin C and other nutritional deficiencies. These factors are expected to contribute to segmental growth during the forecast period. Calcium ascorbic is expected to grow with the fastest growing CAGR during the forecast period owing to its ability to improve the dough quality of pieces of bread.

Based on Form

Powder to Occupy Largest Market Share While Liquid to Grow with the Fastest Growing CAGR

The powder segment is expected to occupy a majority share of the global Ascorbic Acid during the forecast period. The powder is extremely convenient to store and has a longer shelf life when compared to its counterpart. Additionally, the manufacturing and distribution of powdered goods are often found to be comparatively less. The liquid will grow with the fastest-growing CAGR during the forecast period due to increased beverage utilization.

Based on Region

Asia Pacific to Emerge as the Winner in Sales Owing to the Presence of Numerous Cost-Effective Facilities

The global Ascorbic Acid market is expected to be dominated by shares in the Asia Pacific region. Factors such as the presence of numerous cost-effective facilities combined with the rising penetration of functional foods among consumers are expected to propel the market growth in the region. Additionally, innovations in bioactive ingredients and rising demand for healthy and dietary supplements are expected to fuel the growth of the Asian Pacific Ascorbic Acid market during the forecast period. The rising population of consumers suffering from micronutrients such as iodine, vitamins A and C, iron, folate, and zinc is further expected to surge sales of products that integrate Ascorbic Acid on a larger scale.

North America will grow with the fastest growing CAGR during the forecast period owing to increased vitamin C manufacturing and rising investments in R&D activities. Additionally, a rapidly growing food and beverage industry combined with an increased focus on functional foods owing to rapid urbanization is expected to increase the market's footprint.

Competitive Landscape

The global Ascorbic Acid is expected to be fragmented due to numerous players residing in the market. The players utilize their products and technological skillsets to leverage a wider consumer base. Additionally, increased investments within their research and development department push incremental market growth during the forecast period due to increased innovation and new product development.

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.), CSPC Pharmaceutical Group Limited (China), FUJIFILM Corporation (Japan), Muby Chemicals (India), Aland Health Holding Ltd (China), Bactolac Pharmaceutical Inc. (U.S.), Foodchem International Corporation (China), Botanic Healthcare (India), ACP Chemicals Inc (Canada), Pharmavit (U.S.), Northeast Pharmaceutical Group Co. Ltd. (China), Koninklijke (Netherlands), DSM N.V. (Netherlands), Blagden Specialty Chemicals Ltd. (U.K.), Glanbia PLC (Ireland) among others.

Recent Market Developments:

· July 2021: Krating Daeng, a brand of TCH Group, announced that they were collaborating with DHC, the market leader in food supplements in Japan to cater to the Vitamin C demand arising in Thailand.

· June 2020: Concentrated Active Ingredients & Flavors Inc., a California-based ingredient supplier, announced that they were coming out with a new concentrated acerola ingredient. The company claims the product is expected to contain 32% vitamin C, 100 times more than an orange.

· June 2020: Homart Pharmaceuticals announced that they were launching three new products containing vitamin C under their Toplife and Springleaf brands to cater to the growth of immunity-boosting products during the pandemic.

Segmentation of the Global Ascorbic Acid Market