Ascorbic Acid Market Analysis and Forecast to 2032: By Application (Food & Beverages, Pharmaceuticals, Beauty & Personal Care, Animal Feed), Type (Potassium Ascorbate, Calcium Ascorbate, Magnesium Ascorbate, Others), Form (Powder, Liquid), and Region

The global ascorbic acid market was valued at USD 1.3 billion in 2022 and it is anticipated to grow further till USD 2.3 billion by 2032, at a CAGR of 6.0% during the forecast period.

A water-soluble vitamin called ascorbic acid is beneficial for those with serious illnesses. The COVID-19 pandemic had a favorable effect on market growth because people needed more vitamin C to boost their immunity. Additionally, ascorbic acid was used to treat COVID-19 patients who had only minor symptoms. Additionally, people were more likely to take vitamin C supplements to maintain their health and strengthen their defenses against the infection.

Market Driver and Trends

In the following years, market growth is anticipated to be fueled by the increased demand for ascorbic acid in a number of industries, including baking, beverages, food processing, dietary supplements, and meat. Another important element boosting market expansion is the rise in cases of age-related macular degeneration and cataracts, as well as cancer, cardiovascular disease, the common cold, and cancer that can be protected by ascorbic acid absorption. In addition to the increased incidence of chronic diseases, the government's expanding efforts to spread the word about ascorbic acid's advantages will also present growth prospects for the ascorbic acid sector.

Market Restraints and Challenges

However, it is projected that erratic raw material availability and the ensuing price volatility will impede market expansion. Additionally, the widespread use of ascorbic acid as a preservative in the food and feed industry is anticipated to hinder market growth during the forecast period.

The global ascorbic acid market is segmented into application, type, form, and region.
Global Ascorbic Acid Market by Application
Based on the application, it is segmented into food & beverages, pharmaceuticals, beauty & personal care, and animal feed. The food & beverages segment is anticipated to dominate the during the forecast period. Similarly, the pharmaceuticals segment is anticipated to witness the fastest growth during the forecast period.
Global Ascorbic Acid Market by Type
Based on the type, it is segmented into potassium ascorbate, calcium ascorbate, magnesium ascorbate, and others. The potassium ascorbate segment is anticipated to dominate the market during the forecast period. Similarly, the calcium ascorbate segment is anticipated to witness the fastest growth during the forecast period.
Global Ascorbic Acid Market by Form
Based on the form, it is segmented into powder, and liquid. The powder segment is anticipated to dominate the market during the forecast period, Similarly, liquid segment is anticipated to dominate the market during the forecast period.

Geographical Analysis of the Global Ascorbic Acid Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific is anticipated to witness the fastest growth during the forecast period.

Major Players in the Global Ascorbic Acid Market

The key players studied in the report are among others.

COVID-19 Impact

The impact of COVID-19 has been detrimental to the overall economies of the affected countries, impeding economic growth, the smooth operation of the financial markets, the value of foreign currencies, and interest rates. The demand for ascorbic acid among food producers decreased as a result of changes in consumer tastes and perceptions, which hurt the manufacturers' businesses by lowering sales and profitability.

Recent Developments

• November 2020, LifeToGo, the lifestyle brand of accelerate 360 LLC, launched three immunity-boosting vitamin drink mixes.
• In 2020, Concentrated Active Ingredients & Flavors Inc., a California-based ingredient supplier, debuted a new concentrated acerola ingredient. The company claims that the product contains 32% vitamin C, which is 100 times more than that of orange.
• In 2020, Homart Pharmaceuticals launched three products containing vitamin C under its Toplife and Springleaf brands to cater to the growing need for immune-related products during the pandemic.
• July 2019, Jubilant Life Sciences announced a price increase of 10% for Ascorbic Acid.

Frequently Asked Questions

Q1. How big is the Ascorbic Acid market?Ans. The global Ascorbic Acid market size was USD 1.3 billion in 2022 and it is anticipated to grow further till USD 2.3 billion by 2032, at a CAGR of 6.0% from 2023 to 2032.Q2. What is the Ascorbic Acid market growth rate?Ans. The growth rate of the Ascorbic Acid market is 6.0%.Q3. Which region holds a major market share for the Ascorbic Acid market?Ans. North America holds a major market share of the Ascorbic Acid market in 2022.Q4. Which segment accounted for the largest Ascorbic Acid market share?Ans. By application, food & beverages segment accounted for the largest Ascorbic Acid market share.Q5. Who are the key players in the Ascorbic Acid market?Ans. The global Ascorbic Acid market report includes players such as CSPC Pharmaceutical Group among others.Q6. What are the factors driving the Ascorbic Acid market growth?Ans. The major factors driving the growth of the market are the growing market in emerging countries.Q7. What are the key growth strategies of Ascorbic Acid market players?Ans. The key growth strategies of Ascorbic Acid market players are product launch and product approval.Q8. Which region will provide more business opportunities for the Ascorbic Acid market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for the Ascorbic Acid market during the forecast period.

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