In terms of revenue, the Global Vitamin-C Market is expected to reach USD 1.8 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 5.90% from 2022 to 2028.
Vitamin-C's components include coated Vitamin-C, sodium ascorbate, magnesium ascorbate, calcium ascorbate, potassium ascorbate, ascorbic acid, and ascorbic acid with 97 percent granulation. Bone, cartilage, and teeth require Vitamin-C for maintenance and healing. It also aids in the body's absorption of iron.
Additionally, Vitamin-C works as an antioxidant to stop the harm done by free radicals. The primary reasons fueling the market's expansion are the rising demand for Vitamin-C components in skin care and wound healing products. Growing consumer health consciousness and changing lifestyles are expected to boost further the market growth of the Vitamin-C Market over the forecast period.
Key Highlights from Report:
● From among the Product Type, the Ascorbic Acid segment is anticipated to dominate the Vitamin-C Market during the forecast period. Pharmaceuticals, food and beverage, and other industries all require ascorbic acid.
● The Food & Beverage segment, from the Application segmentation, accounted for the largest market share. Various food products, including jams, jellies, sweets, and fruit juices, benefit from the pleasant tart flavor that Vitamin-C adds. It also helps from a blast of acidity that gives customers the distinct impression of fresh fruit, which expands the market for Vitamin-C.
● North America held the largest Vitamin-C Market share and is anticipated to be the most profitable market during the forecast period. Numerous production sites, low-priced raw materials, and substantial demand from developed regions are anticipated to ensure the industry's continued supremacy.
The ability of Vitamin-C to heal wounds, boost the immune system, and prevent and treat a number of diseases such as scurvy has led to a surge in its usage. This is a crucial aspect driving the growth of the target market. In addition, the extremely low toxicity of Vitamin-C, which means that excessive absorption has no negative consequences, is a factor driving the expansion of the target market. Moreover, the Global Vitamin-C Market is predicted to expand due to the growing demand for Vitamin-C in food fortification applications such as convenience foods, juices, sports drinks, confectionary products, functional foods and beverages, and bakery goods.
Increasing urbanization and disposable money will also contribute to market value rise. Due to increasing customer desire for processed foods and increased consumer awareness of the benefits of Vitamin-C, the industry will expand at a slower rate. The rising labor force is a significant component influencing the market's growth rate.
During the projected period, an increase in end-use industries' applications will lead to new market opportunities. The increasing demand for Vitamin-C supplements, anti-aging products, sunscreen lotions, and other products is anticipated to fuel global market growth. Vitamin-C is widely used in pharmaceuticals, nutritional supplements, pet food, cosmetics, and personal care products. Additionally, an increase in strategic alliances and the emergence of new markets will act as market drivers and increase favorable prospects for the industry's growth rate.
North America holds the largest market share in the Vitamin-C Market and is anticipated to continue this trend in the coming years. The dominance is expected to continue due to the abundance of production facilities, the affordability of raw resources, and the significant demand from developed nations. Therefore, it is anticipated that Europe and the North America would both have moderate development throughout the course of the forecast year.
The Global Vitamin-C Market is Segmented as follows:
- Product Type
- Sodium Ascorbate
- Calcium Ascorbate
- Potassium Ascorbate
- Magnesium Ascorbate
- Ascorbic Acid 90% Granulation
- D-Isoascorbic Acid
- Ascorbic Acid 95% Granulation
- Ascorbic Acid 97% Granulation
- Coated Vitamin C
- Other Types
- Reichstein Process
- Two-stage Fermentation Process
- Food & Beverage
- Animal Feed
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Vitamin-C Market are:
Foodchem International Corporation (China), Mudanjiang High-Tech Biochemical Co. Ltd. (China), Amway India Enterprises Pvt. Ltd (India), CSPC Pharmaceutical Group Limited (China), Glanbia PLC (Ireland), Northeast Pharmaceutical Group Co. Ltd. (China), The TNN Development Limited (China), Microbelcaps (Belgium), Beijing Heronsbill Food Material Co. Ltd (China), Duchefa Biochemie (Netherland), Medibro Corporation Limited (China), Chemizo Enterprise (India), DSM (Netherlands), DuPont (US), ADM (US), Sanofi (France), Bayer AG (Germany), Abbott (US), GlaxoSmithKline PLC (UK), Merck & Co. Inc. (US)
The Global Vitamin-C Market Scope can be Tabulated as below:
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|