Market Snapshot
| Study Period: | 2016 - 2026 |
| Base Year: | 2020 |
| 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 | |||||||||
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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.
Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions and Market Definition
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Application
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5.1.1 Food and Beverage
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5.1.2 Pharmaceuticals and Healthcare
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5.1.3 Beauty and Personal Care
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5.1.4 Animal Feed
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5.2 Geography
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5.2.1 North America
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5.2.1.1 United States
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5.2.1.2 Canada
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5.2.1.3 Mexico
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5.2.1.4 Rest of North America
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5.2.2 Europe
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5.2.2.1 Spain
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5.2.2.2 United Kingdom
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5.2.2.3 Germany
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5.2.2.4 France
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5.2.2.5 Italy
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5.2.2.6 Russia
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5.2.2.7 Rest of Europe
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5.2.3 Asia-Pacific
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5.2.3.1 China
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5.2.3.2 Japan
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5.2.3.3 India
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5.2.3.4 Australia
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5.2.3.5 Rest of Asia-Pacific
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Rest of South America
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5.2.5 Middle-East and Africa
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5.2.5.1 South Africa
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5.2.5.2 United Arab Emirates
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5.2.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Adopted Strategies
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6.2 Market Position Analysis
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6.3 Company Profiles
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6.3.1 Merck KGaA
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6.3.2 Koninklijke DSM NV
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6.3.3 Northeast Pharmaceutical Group
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6.3.4 Shandong Luwei Pharmaceutical
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6.3.5 Foodchem International Corporation
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6.3.6 Honson Pharmatech Group
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6.3.7 MC Biotec Inc.
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6.3.8 Freshine Chem
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*List Not Exhaustive -
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Ascorbic Acid Market market is studied from 2016 - 2026.
What is the growth rate of Ascorbic Acid Market?
The Ascorbic Acid Market is growing at a CAGR of 5.1% over the next 5 years.
Which region has highest growth rate in Ascorbic Acid Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Ascorbic Acid Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Ascorbic Acid Market?
Merck KGaA, Koninklijke DSM N.V., Northeast Pharmaceutical Group, Shandong Luwei Pharmaceutical, Foodchem International Corporation are the major companies operating in Ascorbic Acid Market.
