What are the Historical Developments and Current Growth Metrics of the Ascorbic Acid Market?
The ascorbic acid market has seen considerable growth due to a variety of factors.
• The market size for ascorbic acid has seen impressive growth in the last few years. Its value is projected to increase from $1.59 billion in 2024 to $1.7 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.1%. This growth during the historical period is a result of trends in health and nutrition, escalated demand in the food and beverage sector, applications in pharmaceuticals, supplementation and nutraceuticals, as well as functional food products.
What Does Future Hold for The Ascorbic Acid Market Size?
The Ascorbic Acid market is expected to maintain its strong growth trajectory in upcoming years.
• The market for ascorbic acid is projected to undergo substantial expansion in the coming years, with the market value predicted to reach $2.42 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 9.2%.
This growth during the forecasted period can be linked to tactics aimed at cost-efficiency, readiness for health crises, a consumer inclination towards natural additives, and the global dynamics of supply chains. The key trends predicted within this timeframe encompass sustainable farming practices, emphasis on health and immunity, supplementation for animal feed, technological advancements, and global trading dynamics.
What Are The Primary Growth Drivers In The Ascorbic Acid Market?
The demand for ascorbic acid market is set to surge due to the growing imperative to mitigate the threat of chronic illnesses. Chronic diseases are ongoing conditions which, in most cases, can only be managed and not eradicated. The intake of products containing ascorbic acid can notably reinforce the deceleration of these chronic ailments while enhancing patient health. For example, the World Health Organization (WHO), a health entity based in Switzerland, stated in September 2022 that about 74% of the annual global death toll of 41 million people, arises from chronic diseases. Deaths due to cardiovascular diseases were 17.9 million, cancers caused 9.3 million deaths, chronic respiratory illnesses accounted for 4.1 million, and diabetes stood at 2.0 million. Hence, the increasing requirement to lessen the impact of chronic diseases is expected to fuel the expansion of the ascorbic acid market.
What Is The Segmentation Of The Global Ascorbic Acid Market?
The ascorbic acid market covered in this report is segmented –
1) By Type: Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate, D-Isoascorbic Ascorbate
2) By Grade: Pharmaceuticals Grade, Food Grade, Other Grades
3) By Form: Tablet, Tonic, Injection
4) By Distribution Channel: Online, Offline
5) By Application: Food And Beverages, Pharmaceutical, Cosmetics, Chemicals, Agriculture, Other Applications
Subsegments:
1) By Calcium Ascorbate: Powdered Calcium Ascorbate, Granulated Calcium Ascorbate
2) By Sodium Ascorbate: Powdered Sodium Ascorbate, Granulated Sodium Ascorbate
3) By Magnesium Ascorbate: Powdered Magnesium Ascorbate, Granulated Magnesium Ascorbate
4) By Potassium Ascorbate: Powdered Potassium Ascorbate, Granulated Potassium Ascorbate
5) By D-Isoascorbic Ascorbate: Powdered D-Isoascorbic Ascorbate, Granulated D-Isoascorbic Ascorbate
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What Emerging Trends Are Shaping The Ascorbic Acid Market Landscape?
Innovation in products appears to be a crucial trend emerging in the ascorbic acid market. Large market participants are focusing their resources on developing innovative uses of ascorbic acid, particularly in the cosmetic sector, to maintain their standing in this market. Take for example, the case in August 2022, wherein the US-based pharmaceutical company NeoStrata Inc., known for their skin care product line, introduced their Vitamin C Serum to the market. This novel serum boasts a composition of 15% Vitamin C, 2% Gluconolactone (PHA), 1% Feverfew Extract, and Green Tea Extract. This unique formulation aims to mitigate issues such as irregularities in skin tone, dark patches, noticeable skin discoloration and also provide protection against environmental pollutants.
Who Are the Key Players In The Ascorbic Acid Market?
Major companies operating in the ascorbic acid market include:
• Koninklijke DSM NV
• Northeast Pharmaceutical Group Co. Ltd.
• CSPC Pharmaceutical Group
• Bactolac Pharmaceutical Inc.
• BASF SE
• LabChem Inc.
• Muby Chemicals Pvt. Ltd.
• Merck & Co. Inc.
• Foodchem International Corporation
• Bayer AG
• North China Pharmaceutical Group
• Sigma-Aldrich Corporation
• The Bountiful Company
• Reckon Organics Pvt. Ltd.
• Homart Pharmaceuticals Pty Ltd.
• Archer-Daniels-Midland Company
• Amway Corporation
• Tirlán Co-operative Society Limited
• Changsha Natureway Co. Ltd.
• DSM Nutritional Products AG
• Glanbia PLC
• Gujchem Biotech
• Hangzhou Go Top Peptide Biotech Co. Ltd.
• Hebei Welcome Pharmaceutical Co. Ltd.
• Huachang Pharmaceuticals
• LGM Pharma LLC
• Nutrilo GmbH
• Shaanxi Iknow Biotechnology Co. Ltd.
• Shandong Luwei Pharmaceutical
• Sichuan Tongsheng Amino Acid Co. Ltd.
What Are The Regional Insights Into The Ascorbic Acid Market?
Asia-Pacific was the largest region in the ascorbic acid market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the ascorbic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
