Global Ascorbic Acid Market size is estimated to be $1.34 billion in 2019, growing at a CAGR of 5.4% during the forecast period 2020-2025. Ascorbic acid is a natural water-soluble vitamin which has a potent reducing and antioxidant agent that functions in fighting bacterial infections, in detoxifying reaction and in the formation of collagen in fibrous tissue, teeth, bones, connective tissue, skin and capillaries. Moreover, they are basically found in citrus fruits and vegetables. The growing demand of ascorbic acid in various application including bakery, beverages, food processing, and meat is a vital factor upsurging its market growth in the upcoming years. For instance, ascorbic acid is extensively used by the manufacturers of fruit juices and other juice products as a natural additive in which the acid is used to either renew or improve the overall nutritional value of the beverage without impacting on the taste. Besides this, the rising number of people suffering from cancer, cardiovascular disease, common cold and age-related- macular degeneration and cataracts coupled with the high intake of ascorbic acid in their diet to help prevent these diseases is a vital factor contributing to the market growth. Furthermore, according to a study conducted by the National Institute of Health suggests that higher consumption of fruits and vegetables is associated with lower risk of most types of cancer owing to the presence of ascorbic acid. In addition, ascorbic acid can limit the formation of carcinogens including nitrosamines in vivo modulate immune response and through its antioxidant function possibly attenuate oxidative damage that can lead to cancer.
Global Ascorbic Acid Market Segment Analysis – By Type
By Type, the Global Ascorbic Acid Market is segmented into Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate and Others. Calcium Ascorbate held the major market share in 2019, owing to rising health benefits offered by it including improving immune function, repairing damaged tissues and promoting bone, teeth and skin health. Besides this, calcium ascorbate is a common food additive with valuable antioxidant properties which act as a preservative to extend the shelf life of food and beverage products and protect against deterioration of flavor, color and overall quality. In addition, calcium ascorbate is a natural food additive that produces healthy, clean-label foods and beverages to meet the growing demand of health-conscious consumers. Also, sodium ascorbate segment is projected to witness growth at fastest CAGR of 5.9% in forecast period 2020-2025 owing to the rising demand of sodium ascorbate in pharmaceutical manufacturing owing to the presence of antioxidant properties.
Global Ascorbic Acid Market Segment Analysis – By Application
By Application, the Global Ascorbic Acid Market is segmented into Food & Beverages, Pharmaceuticals, Beauty & Personal Care and Animal Feed. Food & Beverages segment held the largest market share in the year 2019 owing to the wide usage of ascorbic acid in various food industry to extend the shelf-life of products. Moreover, ascorbic acid is often added to fruit juices, cereals, fruit-flavored candies, dried fruits, cured meats and frozen foods to fortify or add a citrus flavor. Also, Beauty & personal care segment is projected to witness growth at fastest CAGR of 6.1% in forecast period 2020-2025. Cosmetics and other personal care products include calcium ascorbate, magnesium ascorbate, magnesium ascorbyl phosphate, sodium ascorbate and sodium ascorbyl ascorbate which acts as an antioxidant to slow deterioration of the finished product caused by the exposure of the air and also to control the pH of the product. Apart from this, ascorbic acid is used in a range of industrial and manufacturing applications as a developing agent and preservative in photo production and in water purification where it is used to help remove the taste of iodine in sterilized, potable water. Therefore, the wide usage of ascorbic acid in various industries for different purposes is a vital factor contributing to its market growth.
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Global Ascorbic Acid Market Segment Analysis – Geography
APAC contributed to the largest market share of 38% owing to the presence of large dominant players in the region including CSPC Pharmaceutical Group, Shandong Luwei Pharmaceutical, DSM Jiangshan Pharmaceutical and Northeast Pharmaceutical Group. Moreover, an estimated 95% of the world’s ascorbic acid is produced in China and nearly $879.6million worth of ascorbic acid has been exported by China last year, a 114.3% growth as year compared to 2016. Besides this, the increasing consumption of ready of drink-beverages trend in that region is contributing to its market growth. North America Global Ascorbic Acid market is another dominant market owing to the rising geriatric population suffering from various disease coupled with the high intake of supplements containing ascorbic acid.
Global Ascorbic Acid Market Drivers
Growing Awareness Among Consumers Regarding Ascorbic Acid Benefits
Growing awareness among consumers regarding Ascorbic Acid health benefits is a major driving the Global Ascorbic Acid Market during the forecast period 2020-2025. Moreover, ascorbic acid is a strong antioxidant agent that reduces the risk of chronic diseases. In addition, it also reduces the blood uric acid levels and help prevent gout attacks. Therefore, these are key benefits of ascorbic acid is a major factor driving the Global Ascorbic Acids market during the forecast period 2020-2025.
Wide Application of Global Ascorbic Acid in Cosmetic and Beverage Industry
Wide application of Global Ascorbic Acid in cosmetic and beverage industry is a major factor driving the Global Ascorbic Acid Market during the forecast period 2020-2025. Moreover, ascorbic acid is used in a wide range of skin care products as it acts as an antioxidant which reduces fine lines and wrinkles, lightens skin, improve acne and improve gingivitis. Therefore, the rising benefits of ascorbic acid in cosmetic industry is a significant factor driving the Global Ascorbic Acids market during the forecast period 2020-2025. Also, the wide usage of ascorbic acid in various food and beverage industry as a natural additive is also contributing to its segment growth.
Global Ascorbic Acid Market Challenges
Stringent Government Regulation in APAC
Stringent government regulation in India serves as a major setback for the growth of the Global Ascorbic Acid Market during the forecast period 2020-2025. For instance, in July 2020 The Food and Drug Administration Department had seized vitamin C supplements worth rupees six lakhs from a godown of a health product company in Bhiwandi. In addition, the FDA stated that the company is registered under FSSAI is authorized to manufacture vitamin c supplementary only upto 40grams for adults and maximum up to 60 grams for breast feeding women. However, the company was witnessed selling higher doses of vitamin C tablets upto 1000mg which is illegal. Therefore, presence of stringent government bodies in APAC is a vital factor hampering its market growth in the upcoming years.
Global Ascorbic Acid Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in Global Ascorbic Acid Market. Global Ascorbic Acid Market top 10 companies 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:
November 2020: LifeToGo, the healthy lifestyle brand of accelerate 360 LLC, launched three immunity-boosting vitamin drink mixes. In addition, the product is sold at $14.99, featuring immunity boosting vitamins and minerals including vitamin c and zinc as well as elderberry which helps ease cold and flu symptoms.
Key Takeaways
Calcium Ascorbate held the major market share in 2019, owing to rising health benefits offered by it including improving immune function, repairing damaged tissues and promoting bone, teeth and skin health.
Food & Beverages segment held the largest market share in the year 2019 owing to the wide usage of ascorbic acid in various food industry to extend the shelf-life of products.
APAC contributed to the largest market share of 38% owing to the presence of large dominant players in the region including CSPC Pharmaceutical Group, Shandong Luwei Pharmaceutical, DSM Jiangshan Pharmaceutical and Northeast Pharmaceutical Group.
Wide application of Global Ascorbic Acid in cosmetic and beverage industry is a major factor driving the Global Ascorbic Acid Market during the forecast period 2020-2025.
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