Global Ascorbic Acid Market - Forecast(2024 - 2030)
Ascorbic Acid Market Overview
Report Coverage
Key Takeaways
- Geographically, The APAC region held 38.3% of the total market share in 2020 owing to the presence of large manufacturers in the region.
- Rising demand from pharmaceutical and Cosmetics industry owing to the variety of health benefits, including improved immune function, tissue healing, and bone, tooth, and skin health are the major driving force for Ascorbic Acid Market during the forecast period 2021-2026.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Ascorbic Acid Market.
Ascorbic Acid Market - By Geography, 2020.
Ascorbic Acid Market Segment Analysis- By Type
On the
basis of type, the market is divided into Calcium Ascorbate, Sodium Ascorbate,
Magnesium Ascorbate, Potassium Ascorbate and Others. Calcium Ascorbate segment accounted
for the highest market share in 2020 as a result of the increasing health benefits
such as enhancing immune function, mending damaged tissues, and enhancing bone,
tooth, and skin health. Furthermore, calcium ascorbate is a common food
ingredient with strong antioxidant capabilities that acts as a preservative to
increase the shelf life of food and beverage items while protecting the flavor,
color, and general quality from deterioration.
However the
sodium ascorbate segment accounted for the fastest market share in 2020
and it is
expected to expand rapidly at a significant CAGR of 6.6% during the forecast
period 2021-2026 as a result of increased demand of sodium ascorbate from the
pharmaceutical manufacture owing to its antioxidant characteristics.
Ascorbic Acid Market Segment Analysis - By Application
Based
on Application, the global Ascorbic Acid Market is segmented
into Pharmaceutics,
Cosmetics, Food and Beverages and others.
In 2020, the Food and Beverages segment
dominated the Ascorbic Acid Market. The Dominance of the segment can largely be attributed to its natural
food ingredient property that generates nutritious, clean-label food and
beverages to fulfill the growing demand of health-conscious customers while it also extend the shelf-life of
products. As a result, ascorbic acid is
frequently used to fortify or add a citrus flavor to fruit juices, cereals,
fruit-flavored sweets, dried fruits, cured meats, and frozen meals.
However Cosmetics
application segment accounted for the fastest market share in 2020 and is projected
to grow at a CAGR of 6.9% during the forecast period 2021-2026. The dominance
is owing to increasing usage of ascorbic
acid in the skin care product as a result of its ability to protect skin
cells from UV rays. Moreover Ascorbic acid acts as an antioxidant that helps to
prevent the completed product deterioration from the air exposure while also
helps in regulating the pH.
Ascorbic Acid Market Segment Analysis - By Geography
Based on
geography, APAC dominated the Ascorbic Acid Market with a region share of 38.3%
in 2020 followed by North America and Europe. The presence of large number of pharmaceutical
and cosmetics companies that invest heavily on the research along is predicted
to drive the ascorbic acid market growth in APAC.
Europe region is predicted to see the demand maturing in Ascorbic Acid Market owing the rapid advancement in chemical studies, and increase in the number of geriatrics suffering from various diseases that can be prevented by the used of ascorbic acid supplements.
Ascorbic Acid Market Drivers
Application in Disease Prevention
Ascorbic Acid have been shown to be beneficial in the
treatment of a variety of diseases, including cancer, cardiovascular disease, the
common cold, and age-related macular degeneration and cataracts. It has demonstrated to play a role
in a variety of body functions, including collagen production, iron absorption,
immune system function, wound healing, and cartilage, bone, and tooth
maintenance. Additionally, in vitro studies have shown that ascorbic acid has
the ability to suppress melanoma cell proliferation and speed up apoptosis
which is further set to propel the market forward during the forecast period
2021-2026.
Ascorbic Acid Market Challenge
Adverse Side Effects Associated with Consumption of Ascorbic Acid
Ascorbic Acid can induce nausea, vomiting, heartburn, stomach cramps, headaches, and other side effects in some people. The higher dosage of ascorbic acid the patients take, the more likely they are to develop these negative effects. Amounts greater than 2000 mg per day are potentially dangerous and can result in a slew of adverse effects. Additionally, the stringent government regulation in Asian countries is also predicted to act as a major hindrance to the global ascorbic acid market's growth during the forecast period 2020-2025.
Ascorbic
Acid Market Landscape:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Ascorbic Acid Market. Key companies of this market are BASF SE, CSPC Pharmaceutical Group, Bactolac Pharmaceutical Inc., Northeast Pharmaceutical Group, HebeiWelcome Pharmaceutical Co., Shandong Luwei Pharmaceutical, Merck KGaA, MC Biotech Inc., Foodchem International Corporation, and Freshine Chem.
Developments:
- In November 2020, LifeToGo, the lifestyle brand of accelerate 360 LLC, launched three immunity-boosting vitamin drink mixes.
- In July 2019, Jubilant Life Sciences announced price increase of 10% for Ascorbic Acid.
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LIST OF TABLES
1.Global Market Segmentation Market 2023-2030 ($M)1.1 By End User Market 2023-2030 ($M) - Global Industry Research
1.1.1 Pharmaceutical Market 2023-2030 ($M)
1.1.2 Food Beverages Market 2023-2030 ($M)
1.1.3 Personal Care Market 2023-2030 ($M)
2.Global Market Segmentation Market 2023-2030 (Volume/Units)
2.1 By End User Market 2023-2030 (Volume/Units) - Global Industry Research
2.1.1 Pharmaceutical Market 2023-2030 (Volume/Units)
2.1.2 Food Beverages Market 2023-2030 (Volume/Units)
2.1.3 Personal Care Market 2023-2030 (Volume/Units)
3.North America Market Segmentation Market 2023-2030 ($M)
3.1 By End User Market 2023-2030 ($M) - Regional Industry Research
3.1.1 Pharmaceutical Market 2023-2030 ($M)
3.1.2 Food Beverages Market 2023-2030 ($M)
3.1.3 Personal Care Market 2023-2030 ($M)
4.South America Market Segmentation Market 2023-2030 ($M)
4.1 By End User Market 2023-2030 ($M) - Regional Industry Research
4.1.1 Pharmaceutical Market 2023-2030 ($M)
4.1.2 Food Beverages Market 2023-2030 ($M)
4.1.3 Personal Care Market 2023-2030 ($M)
5.Europe Market Segmentation Market 2023-2030 ($M)
5.1 By End User Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Pharmaceutical Market 2023-2030 ($M)
5.1.2 Food Beverages Market 2023-2030 ($M)
5.1.3 Personal Care Market 2023-2030 ($M)
6.APAC Market Segmentation Market 2023-2030 ($M)
6.1 By End User Market 2023-2030 ($M) - Regional Industry Research
6.1.1 Pharmaceutical Market 2023-2030 ($M)
6.1.2 Food Beverages Market 2023-2030 ($M)
6.1.3 Personal Care Market 2023-2030 ($M)
7.MENA Market Segmentation Market 2023-2030 ($M)
7.1 By End User Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Pharmaceutical Market 2023-2030 ($M)
7.1.2 Food Beverages Market 2023-2030 ($M)
7.1.3 Personal Care Market 2023-2030 ($M)
LIST OF FIGURES
1.US Global Ascorbic Acid Market Revenue, 2023-2030 ($M)2.Canada Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
3.Mexico Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
4.Brazil Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
5.Argentina Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
6.Peru Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
7.Colombia Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
8.Chile Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
10.UK Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
11.Germany Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
12.France Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
13.Italy Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
14.Spain Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
16.China Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
17.India Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
18.Japan Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
19.South Korea Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
20.South Africa Global Ascorbic Acid Market Revenue, 2023-2030 ($M)
21.North America Global Ascorbic Acid By Application
22.South America Global Ascorbic Acid By Application
23.Europe Global Ascorbic Acid By Application
24.APAC Global Ascorbic Acid By Application
25.MENA Global Ascorbic Acid By Application
26.DSM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Northeast Pharmaceutical Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Shandong Luwei Pharmaceutical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Bactolac Pharmaceutical Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Aland Nutraceuticals Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.DuPont, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.FreShine, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Luckerkong Biotech, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.King-pharm, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Top Science, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Dishman Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.GlaxoSmithKline Plc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.CSPC Pharmaceutical Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)