Global Ascorbic Acid Market - Growth, Trends, and Forecast (2020 - 2025)

The Ascorbic Acid Market is segmented by Application (Food and Beverage, Pharmaceuticals and Healthcare, Beauty and Personal Care, and Animal Feed) and Geography.

Market Snapshot

Study Period:

2016-2025

Base Year:

2019

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

CAGR:

5.1 %

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Market Overview

The ascorbic acid market is projected to register a CAGR of 5.1% during the forecast period (2020-2025).

  • The market has been witnessing an unfair monopoly from China, due to the consolidation of the maximum production of vitamin C in the country. Nonetheless, the country holds high power in setting the global prices of the ingredient, which is a major factor driving the market. However, due to domestic environmental issues, China faced price hikes as high as three times over a year in 2017.
  • The paradigm shift from clean-label food and beverage products to dietary supplements has led to the emergence of many manufacturers offering clean-labeled vitamin C supplements to consumers seeking antioxidant support for immune health through supplements. As a result of this, the demand for ascorbic acid has increased in the pharmaceutical and healthcare industry.

Scope of the report

The ascorbic acid market is segmented by application into food and beverage, pharmaceuticals and healthcare, beauty and personal care, and animal feed. The study also involves the global analysis of regions, such as North America, Europe, Asia-Pacific, South America, and Middle-East and Africa.

By Application
Food and Beverage
Pharmaceuticals and Healthcare
Beauty and Personal Care
Animal Feed
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
South Africa
United Arab Emirates
Rest of Middle-East and Africa

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Key Market Trends

Increasing Demand From Fortified Food and Beverage Application

Consumers primarily in countries, like the United States, India, China, and Germany, among others, are increasingly reaching for dairy-based and other products containing functional ingredients to ward off illnesses or help with existing health issues. This, in turn, has paved the way for manufacturers to penetrate the functional food and beverage sector with innovative bioactive ingredients, including ascorbic acid. Also, various government initiatives are being taken to increase the consumption of fortified food and beverages, especially in developing countries, like China and India. For instance, the promotion of fortified foods by China’s Ministry of Health, coupled with growing health concerns related to age, myopia in adults, and other diseases, is expected to drive the market studied.

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Asia-Pacific Emerges as the Largest Market

The consumption of ascorbic acid in Asian countries, primarily in India, China, Japan, and others, is expected to grow at a faster pace, owing to the cost-effective manufacturing facilities in these countries. The growing demand for health and dietary supplements in the region is also expected to fuel the market growth over the forecast period. Also, deficiencies of significant micronutrients like iodine, vitamins A and C, iron, folate, and zinc are prevalent in Asian countries, which makes it a lucrative market for vitamin C manufacturers and suppliers across the world.

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Competitive Landscape

The ascorbic acid market is a highly fragmented market with an increasing number of local regional players across the world. The companies are utilizing their products and technological skills in the development of marketing and business strategies across the vitamin and mineral supplements segment, driving innovations, stimulating new product development, and business planning and branding across social media platforms.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Application

      1. 5.1.1 Food and Beverage

      2. 5.1.2 Pharmaceuticals and Healthcare

      3. 5.1.3 Beauty and Personal Care

      4. 5.1.4 Animal Feed

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

        4. 5.2.1.4 Rest of North America

      2. 5.2.2 Europe

        1. 5.2.2.1 Spain

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 Germany

        4. 5.2.2.4 France

        5. 5.2.2.5 Italy

        6. 5.2.2.6 Russia

        7. 5.2.2.7 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 Rest of Asia-Pacific

      4. 5.2.4 South America

        1. 5.2.4.1 Brazil

        2. 5.2.4.2 Argentina

        3. 5.2.4.3 Rest of South America

      5. 5.2.5 Middle-East and Africa

        1. 5.2.5.1 South Africa

        2. 5.2.5.2 United Arab Emirates

        3. 5.2.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Most Adopted Strategies

    2. 6.2 Market Position Analysis

    3. 6.3 Company Profiles

      1. 6.3.1 Merck KGaA

      2. 6.3.2 Koninklijke DSM NV

      3. 6.3.3 Northeast Pharmaceutical Group

      4. 6.3.4 Shandong Luwei Pharmaceutical

      5. 6.3.5 Foodchem International Corporation

      6. 6.3.6 Honson Pharmatech Group

      7. 6.3.7 MC Biotec Inc.

      8. 6.3.8 Freshine Chem

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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