Market Research Future (MRFR) has published a cooked research report on the “Global Vitamin C Market” that contains information from 2023 to 2030. The Global Vitamin C Market is estimated to register a CAGR of 2.88% during the forecast period of 2023 to 2030.
MRFR recognizes the following companies as the key players in the Global Vitamin C Market— Amway, Abbott Laboratories, Bayer AG, Nutraceutics Corp, Nutraceutics Corp, GlaxoSmithKline plc, and Koninklijke DSM N.V.
Vitamin C Market Highlights
Global Vitamin C Market is accounted to register a CAGR of 2.88% during the forecast period and is estimated to reach USD 13.2 Billion by 2030.
Vitamin C, also known as ascorbic acid, is a water-soluble essential nutrient that plays a crucial role in maintaining overall health. It serves as an antioxidant, protecting cells from damage caused by free radicals, which are unstable molecules produced by processes like metabolism and exposure to environmental factors like pollution and UV radiation. Vitamin C is also vital for collagen synthesis, a protein that aids in wound healing, skin health, and the integrity of blood vessels, bones, and other connective tissues. Additionally, vitamin C supports the immune system's function, helps the body absorb iron from plant-based foods, and contributes to the production of certain neurotransmitters. Since the human body cannot synthesize vitamin C on its own, it must be obtained through diet or supplements.
Segment Analysis
The Global Vitamin C Market has been segmented based on Type, and Application.
Based on the Type, the market is segmented into Sodium Ascorbate, Calcium Ascorbate, Potassium Ascorbate, Magnesium Ascorbate, and Others. The dominance of the Sodium Ascorbate category in the Vitamin C market is attributed to its enhanced solubility, gentle impact on digestive systems, and suitability for various formulations, appealing to consumers seeking efficient and well-tolerated vitamin C supplements.
Based on Application, the market is segmented into Pharmaceutical & Nutraceutical, Food and Beverages, Personal Care, and Others. The dominance of the Pharmaceutical & Nutraceutical category in the Vitamin C market is attributed to the increasing demand for health supplements, immunity-boosting products, and pharmaceutical applications, driven by growing health awareness and the desire for preventive healthcare solutions.
Regional Analysis
The Global Vitamin C Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Global Vitamin C Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Global Vitamin C Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Global Vitamin C Market comprises of Middle East, Africa, and Latin America.
In 2022, the Asia Pacific Vitamin C market achieved a valuation of USD 5 billion, and its projected significant CAGR growth during the study period is underpinned by the region's cost-effective production facilities, particularly in India, China, and Japan. Anticipated rapid increases in vitamin C demand are fueled by the robust expansion of the pharmaceutical industry within the local market.
Occupying the second-largest market share, Europe's vitamin C market is propelled by elevated utilization in the cosmetic and pharmaceutical sectors, amplified usage of skincare products, and regulatory approvals for higher vitamin C intake in diets. Italy stands out with a remarkable 52% of individuals incorporating vitamin or mineral supplements into their routines, showcasing a substantial awareness of dietary supplements.
Projections indicate that the North America Vitamin C Market will experience the most rapid CAGR growth from 2022 to 2030, primarily due to escalated demand for vitamin C-infused cosmetics and the presence of major market players. The region's growth is further substantiated by statistics revealing that 80% of American women use cosmetics daily, translating to approximately 128.8 million daily users among the 161 million females in the U.S. This expansion is also propelled by increasing consumer purchasing power.
Key Findings of the Study
- The Global Vitamin C Market is expected to reach USD 13.2 Billion by 2030, at a CAGR of 2.88% during the forecast period.
- The Asia Pacific Vitamin C market achieved a valuation of USD 5 billion, poised for significant CAGR growth during the study period. The region's notable growth can be attributed to its cost-effective production capabilities, particularly in India, China, and Japan. With these countries emerging as hubs for low-cost vitamin C production, a swift rise in vitamin C demand is projected.
- Based on the Application, the Market has been segmented into Pharmaceutical & Nutraceutical holding the largest market in 2023.
Amway, Abbott Laboratories, Bayer AG, Nutraceutics Corp, Nutraceutics Corp, GlaxoSmithKline plc, and Koninklijke DSM N.V.
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Companies Covered | 15 |
Pages | 110 |
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