Market Size of Ascorbic Acid Industry
|2019 - 2029
|Market Size (2024)
|USD 1.97 Billion
|Market Size (2029)
|USD 2.58 Billion
|CAGR (2024 - 2029)
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
Need a report that reflects how COVID-19 has impacted this market and its growth?
Ascorbic Acid Market Analysis
The Ascorbic Acid Market size is estimated at USD 1.97 billion in 2024, and is expected to reach USD 2.58 billion by 2029, growing at a CAGR of 5.66% during the forecast period (2024-2029).
Ascorbic acid is a water-soluble vitamin that is effective for patients with critical illnesses. Ascorbic acid is primarily synthesized for use as an antioxidant. Ascorbic acid is primarily used in the pharmaceutical, food and beverage, personal care, and other end-user industries. The major ascorbic acid consumption is the pharmaceutical industry. Vitamin C aids in Vitamin E recycling. The rest is primarily used as an addition to food and feed to improve the quality and stability of the final product. Foods with ascorbic acid added protect their color, flavor, and nutritional value during manufacturing or before packing. The use of ascorbic acid in the food & beverages industry is anticipated to increase during the forecast period. The market has been witnessing growth in China due to the high production volume of Vitamin C in the country. The country holds high power in setting the global prices of the ingredient, which is a major factor driving the market. The increasing usage of Vitamin C in cosmetics and personal care products has added to the growth of the ascorbic acid market. 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, the demand for ascorbic acid has increased in the pharmaceutical and healthcare industry.
Global demand for functional foods and beverages is a significant driver of the ascorbic acid market. Additionally, new production methods, innovative technologies, and a significant increase in investments in Research and development activities are the other elements anticipated to support the expansion of the ascorbic acid market. Another factor driving the expansion of natural ascorbic acid regulators is the surge in demand for stabilizers and antioxidant food ingredients across European nations to produce commercialized clean label or green food products that are free of additives and other dangerous chemicals. Manufacturers can now create new flavors to meet the shifting preferences of their customers due to advances in technology. Innovative and original flavors in food are produced by the use of modern technologies.