Global Ascorbic Acid Market Overview
Ascorbic Acid Market Size was estimated at 2.39 (USD Billion) in 2022.The Ascorbic Acid Industry is expected to grow from 2.5(USD Billion) in 2023 to 3.7 (USD Billion) by 2032. The Ascorbic Acid Market CAGR (growth rate) is expected to be around 4.45% during the forecast period (2024 - 2032).
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Key Ascorbic Acid Market Trends Highlighted
There are good signs for future growth in the Ascorbic Acid market. Natural and organic food products have contributed to the rise in market demand factors for vitamin C, which is more so due to its health benefits and also due to the increasing range of usage in the pharmaceutical market. Growing cases of malnutrition and healthcare activities being directed towards the prevention of diseases also assist in the growth of the market.
There are various areas that can be explored and captured, including the creation of novel delivery devices and compositions, designing for new niches such as vegans and athletes, and targeting new geographic markets. Recent trends point to a change in production techniques that are more eco-friendly and sustainable, growing research on the industrial applications of ascorbic acid derivatives, and stronger encapsulation technologies for improving stability and bioavailability.
Ascorbic Acid Market Drivers
Rising Demand for Vitamin C Supplementation
Vitamin C, called ascorbic acid, is a highly important vitamin for the human organism. It plays a recurrent part in the functions of the immune system, antioxidants, and the production of collagen. All these reasons explain the rapid growth of the vitamin C consumption. More and more people tend to use natural ways of improving the quality of their lives; as a consequence, the overall demand for ascorbic acid is boosting, leading to the expansion of the ascorbic acid industry.In addition, the increase in the number of chronic diseases, namely cardiovascular illnesses and cancer, has a positive influence on the situation in the vitamin C market, as ascorbic acid contributes to the prevention of such conditions. Thus, the ascorbic acid market industry is destined to grow steadily.
Expansion of Food and Beverage Applications
Ascorbic acid is widely used in the food and beverage industry as an antioxidant and preservative. It helps to arrest spoilage, discoloration, and loss of flavour in processed food and beverages. Increase in the need of packed and convenience foods will rise the application of ascorbic in this sector. Growing preference for safe and natural antioxidant in the food industry is also increasing the market for ascorbic acid as it is a safe and efficient antioxidant.The Ascorbic Acid Market Industry to gain from the Expansion of Food and Beverage Industry.
Growing Pharmaceutical and Cosmetic Applications
Ascorbic acid, or vitamin C, is becoming increasingly popular in the pharmaceutical and cosmetic industry. It is a valuable active ingredient in a number of pharmaceuticals, such as vitamin C tablets, injectable solutions, and a variety of topical forms. Ascorbic acid possesses antioxidant, anti-inflammatory and other properties, which make it useful for the treatment of a variety of illnesses, ranging from scurvy to immune system pathologies and different skin disorders.Due to the mentioned properties ascorbic acid is now widely applied in cosmetology and can be found in various skin care products, such as serums, creams, and masks. All in all, with the increasing demand for cosmetics and pharmaceuticals products, the Ascorbic Acid Market Industry is expected to grow.
Ascorbic Acid Market Segment Insights
Ascorbic Acid Market Form Insights
The Ascorbic Acid Market by Form is segmented into powder, granules, crystals, sodium ascorbate, calcium ascorbate and others. The powder form is anticipated to dominate the market. In 2023, the Ascorbic Acid Market for powder is expected to account for a major share of the market revenue. The powder form is widely used as a preservative and antioxidant in the food and beverage industry, as well as in the pharmaceutical industry, to produce supplements and tablets. The granules form is anticipated to register considerable demand in the forecast period.This growth can be attributed to the increased use of the granules form in the manufacturing of effervescent tablets and other pharmaceutical formulations. The market share for more forms of crystalline, sodium ascorbate, and calcium ascorbate is anticipated to remain slightly lower. These forms exhibit growing demand in the production of various cosmetics, skincare products and dietary supplements. Therefore, the Ascorbic Acid Market by Form is expected to witness significant growth opportunities in the powder and granules segment. The Ascorbic Acid Market is driven by the demand for Vitamin C in multiple applications, growing health awareness, and increasing disposable income.
The Asia-Pacific region is expected to be the largest market for ascorbic acid. China and India are the major countries driving the demand in the region. The North American and European markets show considerable opportunities for growth in the forecast period. This growth is driven by the increasing demand for natural and organic food and beverage products. The Ascorbic Acid Market is highly competitive. A large number of key players operate in the market, such as DSM, BASF, Merck and Jungbunzlauer. These companies invest in R&D to develop new products and to expand their production facilities to accommodate the increasing demand for ascorbic acid.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Ascorbic Acid Market Application Insights
The Ascorbic Acid Market segmentation by Application includes Food and Beverage, Pharmaceutical, Cosmetics, Animal Feed, and Other Industrial Uses. By virtue of its antioxidant and preservative properties, Ascorbic Acid finds extensive use in the Food and Beverage sector. Its primary function is to prevent oxidation, which extends the shelf life of processed foods and beverages. Moreover, Ascorbic Acid is regarded as a vital nutrient, contributing to approximately one-third of the Ascorbic Acid Market revenue in 2023, which was valued at 2.5 billion USD.The Pharmaceutical segment accounts for a significant portion of the Ascorbic Acid Market, owing to its use in various formulations, including vitamin C supplements, effervescent tablets, and injectable solutions. The demand for Ascorbic Acid in this segment is driven by the growing awareness of its immune-boosting and antioxidant properties. The Cosmetics industry utilizes Ascorbic Acid for its skin-brightening and anti-aging effects. It is incorporated into skincare products, such as serums, creams, and masks, to combat free radical damage and promote collagen production.In the Animal Feed segment, Ascorbic Acid serves as a nutritional supplement for livestock and poultry. Its antioxidant properties enhance animal health and growth performance. Other Industrial Uses of Ascorbic Acid include its application in photography as a developing agent and in the production of rubber and plastics. The Ascorbic Acid Market is anticipated to exhibit steady growth in the coming years, supported by increasing demand from the Food and Beverage and Pharmaceutical industries.
Ascorbic Acid Market End User Insights
The End User segment is a crucial aspect of the Ascorbic Acid Market. In 2023, the Food and Beverage Manufacturers segment held the largest market share of around 45%, driven by the increasing demand for fortified foods and beverages. Pharmaceutical Companies are another significant end user, accounting for approximately 30% of the market. The demand for ascorbic acid in the pharmaceutical industry is primarily driven by its use as a vitamin supplement and an antioxidant in various medications. Cosmetics Manufacturers represent another sizable segment, with a market share of around 15%, owing to the growing use of ascorbic acid as a skin-lightening and anti-aging agent.Animal Feed Producers and Other Industrial Users collectively account for the remaining market share. The overall Ascorbic Acid Market is projected to witness steady growth in the coming years, with a CAGR of 4.45% estimated for the period 2043-2032. This growth is attributed to the rising demand for ascorbic acid in various end-use industries, particularly in the food and beverage and pharmaceutical sectors.
Ascorbic Acid Market Grade Insights
The Ascorbic Acid Market is segmented by Grade into Food Grade, Pharmaceutical Grade, Cosmetic Grade, and Industrial Grade. Among these, the Food Grade segment holds the largest market share due to its extensive usage in the food and beverage industry as a preservative and antioxidant. The Pharmaceutical Grade segment is expected to witness significant growth in the coming years owing to the rising demand for ascorbic acid in the production of various drugs and supplements. Cosmetic Grade ascorbic acid is primarily used in skincare products to improve skin health and appearance, driving its demand in the cosmetics industry.Industrial Grade ascorbic acid finds applications in a wide range of industries, including textiles, rubber, and plastics, contributing to its stable market presence.
Ascorbic Acid Market Packaging Insights
The Ascorbic Acid Market segmentation by Packaging is a crucial factor in understanding the market dynamics. Various packaging formats cater to the diverse needs of customers and industries. Bags, with a market share of around 35% in 2023, are widely used for bulk storage and transportation of ascorbic acid. Drums, accounting for approximately 28%, offer durability and protection during transit. Tubes, with a share of around 17%, are preferred for smaller quantities, providing convenience and ease of handling. Sachets, with a market share of around 12%, are gaining popularity due to their single-serving convenience and portability.Other packaging formats, including bottles, jars, and bulk containers, collectively account for the remaining market share. The market for these packaging formats is expected to grow steadily in the coming years, driven by factors such as increasing demand for ascorbic acid in various applications and the growing preference for convenient and sustainable packaging solutions.
Ascorbic Acid Market Regional Insights
Regionally, in 2023, North America accounted for the largest revenue share in the Ascorbic Acid Market, followed by Europe and APAC. The market growth in North America is attributed to the growing demand for ascorbic acid in the food and beverage industry, as well as the rising awareness of its health benefits among consumers. In 2023, APAC is expected to be the fastest-growing regional market, driven by the increasing demand for ascorbic acid in the pharmaceutical and nutraceutical industries in countries such as China and India.
Source Primary Research, Secondary Research, MRFR Database and Analyst Review
Ascorbic Acid Market Key Players And Competitive Insights
Major players in the Ascorbic Acid Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their production capacities, and forming strategic alliances. Leading Ascorbic Acid Market players are focusing on developing innovative products and technologies to meet the evolving needs of consumers. The Ascorbic Acid Market Competitive Landscape is characterized by intense competition among established players and emerging entrants. Strategic partnerships, mergers, and acquisitions are common strategies adopted by companies to strengthen their market position. The Ascorbic Acid Market development is driven by factors such as rising health consciousness, increasing demand for fortified foods and beverages, and growing awareness of the health benefits of ascorbic acid.DSM, a leader in the Ascorbic Acid Market industry, has a strong presence across various regions.
The company offers a wide range of ascorbic acid products, including crystalline ascorbic acid, sodium ascorbate, and calcium ascorbate. DSM's commitment to sustainability and innovation has enabled it to maintain a leading position in the market. The company continuously invests in research and development to enhance its product portfolio and meet the evolving needs of customers. DSM's reach and strong distribution network provide it with a competitive advantage in the Ascorbic Acid Market.BASF, a leading chemical company, is another major player in the Ascorbic Acid Market. The company offers a comprehensive range of ascorbic acid products, including L-ascorbic acid, sodium ascorbate, and calcium ascorbate. BASF's focus on quality and innovation has enabled it to establish a strong reputation in the market. The company leverages its presence and extensive distribution network to cater to the diverse needs of customers. BASF's commitment to safety and regulatory compliance further strengthens its position in the competitive Ascorbic Acid Market.
Key Companies in the Ascorbic Acid Market Include
- Zhejiang NHU
- Xuzhou Pharmaceutical
- Shijiazhuang Zhengding Jiuyang Pharmaceutical
- DSM
- Henan Kangdi Pharmaceutical
- Hebei Chengxin Pharmaceutical
- BASF
- Qilu Pharmaceutical
- Merck
- Jiangshan Huarong Pharmaceutical
- Jilin Aili Pharmaceutical
- Hebei Welcome Pharmaceutical
- Shandong Luwei Pharmaceutical
- Chongqing Shuangfei Pharmaceutical
- Xi'an Jiutian Pharmaceutical
Ascorbic Acid Market Industry Developments
The ascorbic acid market is anticipated to grow steadily over the forecast period, driven by its increasing use in various industries. The food and beverage industry remains a major consumer of ascorbic acid, which is used as a preservative and antioxidant. The pharmaceutical industry also utilizes ascorbic acid in the production of vitamin C supplements and other drugs. Additionally, the growing demand for ascorbic acid in cosmetics and personal care products is expected to contribute to market growth. Recent developments in the market include the development of new production technologies that aim to reduce costs and improve efficiency. Furthermore, increasing consumer awareness regarding the health benefits of ascorbic acid is likely to drive demand in the coming years.
Ascorbic Acid Market Segmentation Insights
-
Ascorbic Acid Market Form Outlook
- Powder
- Granules
- Crystals
- Sodium Ascorbate
- Calcium Ascorbate
-
Ascorbic Acid Market Application Outlook
- Food and Beverage
- Pharmaceutical
- Cosmetics
- Animal Feed
- Other Industrial Uses
-
Ascorbic Acid Market End User Outlook
- Food and Beverage Manufacturers
- Pharmaceutical Companies
- Cosmetics Manufacturers
- Animal Feed Producers
- Other Industrial Users
-
Ascorbic Acid Market Grade Outlook
- Food Grade
- Pharmaceutical Grade
- Cosmetic Grade
- Industrial Grade
-
Ascorbic Acid Market Packaging Outlook
- Bags
- Drums
- Tubes
- Sachets
- Other Packaging Formats
-
Ascorbic Acid Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.39(USD Billion) |
| Market Size 2023 |
2.5(USD Billion) |
| Market Size 2032 |
3.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
4.45% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Zhejiang NHU, Xuzhou Pharmaceutical, Shijiazhuang Zhengding Jiuyang Pharmaceutical, DSM, Henan Kangdi Pharmaceutical, Hebei Chengxin Pharmaceutical, BASF, Qilu Pharmaceutical, Merck, Jiangshan Huarong Pharmaceutical, Jilin Aili Pharmaceutical, Hebei Welcome Pharmaceutical, Shandong Luwei Pharmaceutical, Chongqing Shuangfei Pharmaceutical, Xi'an Jiutian Pharmaceutical |
| Segments Covered |
Form, Application, End User, Grade, Packaging, Regional |
| Key Market Opportunities |
Expansion in the Pharmaceutical Industry Rising Demand in Food and Beverage Sector Growing Health Consciousness |
| Key Market Dynamics |
Expanding food and beverage industry Rising consumer awareness of health benefits Growing demand from the pharmaceutical industry Technological advancements in production Increasing disposable income |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Ascorbic Acid Market is projected to reach an overall valuation of approximately 2.5 Billion USD in 2023.
The Ascorbic Acid Market is anticipated to exhibit a steady growth rate with a CAGR of around 4.45% during the forecast period from 2024 to 2032.
North American region is anticipated to hold a significant share of the Ascorbic Acid Market, primarily driven by increasing demand from countries like China and India.
Ascorbic Acid finds applications in various industries, including food and beverage, dietary supplements, pharmaceuticals, and cosmetics, among others.
Some of the prominent players in the Ascorbic Acid Market include DSM, BASF, Merck, and Jungbunzlauer, among others.
The increasing demand for fortified food and beverage products, rising health consciousness, and growing applications in the pharmaceutical industry are major factors fueling the growth of the Ascorbic Acid Market.
The Ascorbic Acid Market faces challenges such as price fluctuations of raw materials, regulatory complexities, and intense competition from alternative ingredients.
The Ascorbic Acid Market is projected to reach an estimated valuation of 3.7 Billion USD by 2032.
The COVID-19 pandemic positively impacted the Ascorbic Acid Market due to increased demand for immunity-boosting products.
Emerging trends in the Ascorbic Acid Market include the development of sustained-release formulations, exploration of natural sources, and increasing applications in functional foods.
