Global Ascorbic Acid Market Size, Trends, and Growth Opportunity, By Type (Sodium Ascorbate, Potassium Ascorbate, Calcium Ascorbate, Magnesium Ascorbate, and Others), By Application (Food and Beverages, Pharmaceutical, Beauty and Personal Care, and Animal Feed), By Form (Powder and Liquid), By Region and Forecast to 2030.
Global Ascorbic Acid Market
The Global Ascorbic Acid Market was valued at USD 1.5 billion in 2022 and is expected to reach 2.2 billion by 2030, at a CAGR 4.06% during the forecast period 2023- 2030.
Lemons, grapefruit, limes, and other citrus fruits naturally produce ascorbic acid (C6H8O6). The fungus Aspergillus Niger and Candida lipolytica, which produce more ascorbic acid than the others, produce it artificially. Calcium ascorbate, magnesium ascorbate, sodium ascorbate, potassium ascorbate, and additional forms of ascorbic acid are available. The most popular kind of sodium ascorbate is used as a preservative, pH indicator, antioxidant, coloring agent, and to add a sour and nutritious flavor to food and beverages.
Market Drivers
Rising personal discretionary income and growing knowledge of the body's need for vitamin C are the major factor anticipated to drive market growth in the coming years. Another significant factor influencing the growth of the ascorbic acid market is the rise in environmental concerns about water purification. Growing skin cancer cases and consumer demand for skin care products will give the ascorbic acid market more chances to expand profitably.
The market value will increase as a result of the growth and expansion of the e-commerce industry, particularly in developing economies, as well as the paradigm shift away from clean-label food and beverage goods and towards dietary supplements. Lifestyle changes and increased use of ascorbic acid in pharmaceutical products will further increase demand, which would further drive up market value.
Market Restraints
Consumption of ascorbic acid shows various adverse effects which is anticipated to hamper the market growth during the forecast period. Some people may experience negative effects from ascorbic acid such as headaches, heartburn, nausea, and vomiting. The likelihood that a patient will experience these side effects increases with the amount of ascorbic acid they take. More than 2000 mg per day is considered potentially harmful and can have a variety of negative effects.
Additionally, it is anticipated that the strict government regulations in Asian nations will significantly hinder the expansion of the ascorbic acid market globally throughout the projected year.
Market Segmentation
The Global Ascorbic Acid Market is segmented into Type, Application, and Form.
Based on Type, the market is divided into Sodium ascorbate, Potassium Ascorbate, Calcium Ascorbate, Magnesium Ascorbate, and Others.
Based on Application, the market is classified into Food and beverages, Pharmaceutical, Beauty and personal care, and Animal feed.
Based on Form, the market is bifurcated into Powder and Liquid.
Regional Analysis
The Global Ascorbic Acid Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Asia Pacific dominates the market during the forecast period. The demand for ascorbic acid is expected to rise quickly shortly because of the low-cost production facilities in Asia, particularly in India, China, and Japan. This component has made it simpler for manufacturers to enter the market for functional foods and beverages using cutting-edge bioactive compounds like ascorbic acid. Throughout the forecast period, the market's expansion is anticipated to be aided by the region's rising need for dietary and health supplements. Asia is a lucrative market for manufacturers and suppliers of Vitamin C due to the region's widespread deficiency in important micronutrients like iodine, Vitamins A and C, iron, folate, and zinc.
Key Developments
In December 2022, a partnership between Merck KGaA and Mersana Therapeutics to develop innovative immunostimulatory antibody-drug conjugates was announced. The internal knowledge and ADC strategy of Merck KGaA, Darmstadt, Germany, are strengthened by this collaboration.
In May 2022, Firmenich and Royal DSM merged. Four business divisions of DSM-Firmenich, including food and beverage, health and nutrition, and animal nutrition, generate combined sales of over 11.5 billion euros.
Key Players
Various key players are discussed in the Global Ascorbic Acid Market Report including: LabChem Inc., BBCA Group, BASF SE, GlaxoSmithKline plc, FreShine Chemicals Company, Aland Nutraceuticals Group, King Pharma, Shandong Luwei pharmaceutical co.ltd., Bactolac Pharmaceuticals, Inc., Hebei Welcome Pharmaceutical Co. Ltd.
Market Taxonomy
By Type
• Sodium Ascorbate
• Potassium Ascorbate
• Calcium Ascorbate
• Magnesium Ascorbate
• Others
By Application
• Food And Beverages
• Pharmaceutical
• Beauty and Personal Care
• Animal Feed
By Form
• Powder
• Liquid
By Region
• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa
Global Ascorbic Acid Market
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Ascorbic Acid Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.2.4 Cumulative Impact due to recent Energy Crisis
4.2.5 Cumulative Impact due to nearing economic downturn
4.2.6 Post covid-19 world Supply & Demand conditions
4.2.7 Cumulative Impact of Russia-Ukraine Conflict
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Ascorbic Acid Market, By Type
5.1 Y-o-Y Growth Comparison, By Type
5.2 Global Ascorbic Acid Market Share Analysis, By Type
5.3 Global Ascorbic Acid Market Size and Forecast, By Type
5.3.1 Sodium Ascorbate
5.3.2 Potassium Ascorbate
5.3.3 Calcium Ascorbate
5.3.4 Magnesium Ascorbate
5.3.5 Others
6 Global Ascorbic Acid Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Ascorbic Acid Market Share Analysis, By Application
6.3 Global Ascorbic Acid Market Size and Forecast, By Application
6.3.1 Food and Beverages
6.3.2 Pharmaceutical
6.3.3 Beauty and Personal Care
6.3.4 Animal Feed
7 Global Ascorbic Acid Market, By Form
7.1 Y-o-Y Growth Comparison, By Form
7.2 Global Ascorbic Acid Market Share Analysis, By Form
7.3 Global Ascorbic Acid Market Size and Forecast, By Form
7.3.1 Powder
7.3.2 Liquid
8 Global Ascorbic Acid Market, By Region
8.1 Global Ascorbic Acid Market Share Analysis, By Region
8.2 Global Ascorbic Acid Market Size and Forecast, By Region
9 North America Ascorbic Acid Market Analysis and Forecast (2023-2030)
9.1 Introduction
9.2 North America Ascorbic Acid Market Share Analysis, By Type
9.3 North America Ascorbic Acid Market Size and Forecast, By Application
9.4 North America Ascorbic Acid Market Size and Forecast, By Form
9.5 North America Ascorbic Acid Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Ascorbic Acid Market Analysis and Forecast (2023-2030)
10.1 Introduction
10.2 Europe Ascorbic Acid Market Share Analysis, By Type
10.3 Europe Ascorbic Acid Market Size and Forecast, By Application
10.4 Europe Ascorbic Acid Market Size and Forecast, By Form
10.5 Europe Ascorbic Acid Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.5.4 Rest of Europe
11 Asia Pacific Ascorbic Acid Market Analysis and Forecast (2023-2030)
11.1 Introduction
11.2 Asia Pacific Ascorbic Acid Market Share Analysis, By Type
11.3 Asia Pacific Ascorbic Acid Market Size and Forecast, By Application
11.4 Asia Pacific Ascorbic Acid Market Size and Forecast, By Form
11.5 Asia Pacific Ascorbic Acid Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4 Rest of Asia Pacific
12 Latin America Ascorbic Acid Market Analysis and Forecast (2023-2030)
12.1 Introduction
12.2 Latin America Ascorbic Acid Market Share Analysis, By Type
12.3 Latin America Ascorbic Acid Market Size and Forecast, By Application
12.4 Latin America Ascorbic Acid Market Size and Forecast, By Form
12.5 Latin America Ascorbic Acid Market Size and Forecast, Country
12.5.1 Brazil
12.5.2 Rest of Latin America
13 Middle East Ascorbic Acid Market Analysis and Forecast (2023-2030)
13.1 Introduction
13.2 Middle East Ascorbic Acid Market Share Analysis, By Type
13.3 Middle East Ascorbic Acid Market Size and Forecast, By Application
13.4 Middle East Ascorbic Acid Market Size and Forecast, By Form
13.5 Middle East Ascorbic Acid Market Size and Forecast, By Country
13.6.1 Saudi Arabia
13.5.2 UAE
13.5.3 Egypt
13.5.4 Kuwait
13.5.5 South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 LabChem Inc.
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 BBCA Group
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 BASF SE
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 GlaxoSmithKline plc
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 FreShine Chemicals Company
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Aland Nutraceuticals Group
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 King Pharma
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
