Ascorbic Acid Market by End-user and Geography - Forecast and Analysis 2020-2024

  • Published: Jan 2020
  • Pages: 139
  • SKU: IRTNTR40363
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The global ascorbic acid market size has the potential to grow by USD 298.76 million during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by geography (APAC, Europe, MEA, North America, and South America) and end-user (pharmaceutical, food and beverages, personal care, and others). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including CSPC Pharmaceutical Group Ltd., FUJIFILM Wako Pure Chemical Corp., GFS Chemicals Inc., Haviland Enterprises Inc., Hydrite Chemical Co., Jiangsu Chengxin Pharmaceutical Co. Ltd., Koninklijke DSM NV, Northeast Pharmaceutical Group Co. Ltd., Shandong Lianmeng International Trade Co. Ltd., and Spectrum Chemical Mfg. Corp.

Market Overview

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Market Competitive Analysis

The ascorbic acid market is fragmented, and the degree of fragmentation will decrease during the forecast period. Northeast Pharmaceutical Group Co. Ltd., Shandong Lianmeng International Trade Co. Ltd., and Spectrum Chemical Mfg. Corp. are some of the major market participants. Although the increasing urbanization and changing consumer lifestyles will offer immense growth opportunities, the fluctuating price of corn will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this ascorbic acid market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the ascorbic acid market size and provides information on the products offered by various companies. Moreover, this ascorbic acid market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading ascorbic acid companies, including:

  • CSPC Pharmaceutical Group Ltd.
  • FUJIFILM Wako Pure Chemical Corp.
  • GFS Chemicals, Inc.
  • Haviland Enterprises Inc.
  • Hydrite Chemical Co.
  • Jiangsu Chengxin Pharmaceutical Co. Ltd.
  • Koninklijke DSM NV
  • Northeast Pharmaceutical Group Co. Ltd.
  • Shandong Lianmeng International Trade Co. Ltd.
  • Spectrum Chemical Mfg. Corp.

Ascorbic Acid Market: Segmentation by Region

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North America will offer maximum growth opportunities to market vendors during the forecast period. The increase in demand for personal care products, pharmaceuticals, and food additives are some of the factors that will significantly influence ascorbic acid market growth in this region.

Almost 32% of the market’s growth will originate from North America during the forecast period. Market growth in this region will be slower than the growth of the market in APAC.

Ascorbic Acid Market: Segmentation by End-user

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Ascorbic acid is highly preferred in the pharmaceutical industry as it is used to treat and prevent Vitamin C deficiency. Moreover, it also helps the body to absorb iron, which is required for red blood cell production. Ascorbic acid is further used as an antioxidant in aqueous pharmaceutical formulations and is also used to adjust the pH of solutions for injections and as an adjunct for oral infection.

Market growth in this segment will be faster than the growth of the market in the food and beverages and personal care segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the ascorbic acid market size.

Ascorbic Acid Market: Key Drivers and Trends

The growing urban population and the increasing purchasing power of people in emerging countries will influence market growth. The demand for on-the-go meals will also have a significant impact on the growth of the ascorbic acid market over the forecast period as ascorbic acid is used as a preservative in food and beverage products. Because of the shift in diet habits and the lifestyle of consumers, countries in Central and South America and APAC are significant markets for ascorbic acid.

  • The increase in health-conscious customers is influencing the adoption of organic ingredients.
  • The market for organic food is growing rapidly in developed countries.
  • The rising consumer demand for clean-label assertions has increased the need for organic flavoring agents such as ascorbic acid.
  • Ascorbic acid is used in a wide range of products, including energy drinks and fizzy candies.
  • The growing popularity of organic food additives, one of the major ascorbic acid market trends, will highly influence market growth over the forecast period.
  • During 2020-2024, the market will register a CAGR of almost 5%.

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Ascorbic Acid Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will accelerate the ascorbic acid market growth during the next five years
  • Precise estimation of the global ascorbic acid market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the ascorbic acid industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of ascorbic acid vendors 

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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