Ascorbic Acid Market Analysis Europe, North America, APAC, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

Ascorbic Acid Market Forecast 2024-2028

The ascorbic acid market size is forecast to increase by USD 379.16 million, at a CAGR of 5.16% between 2023 and 2028. 

The market's growth rate hinges on various factors, notably the escalating incidence of vitamin C deficiency globally. This trend is further fueled by the growing awareness of the health benefits associated with consuming ascorbic acid, a form of vitamin C renowned for its antioxidant properties and contributions to immune system function. Additionally, the rising demand for stabilizers and antioxidant food ingredients is shaping market dynamics, reflecting consumers' preferences for healthier food options and the food industry's emphasis on product quality and longevity. These converging factors underscore the significance of vitamin C and related products in the nutritional landscape, driving innovation and market expansion in the food and dietary supplements sectors. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018 - 2022, besides analyzing the current market scenario.

What will be the  Market Size During the Forecast Period?

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Market Definition 

Ascorbic acid, a form of vitamin C, is a water-soluble vitamin found in various fruits and vegetables, particularly citrus fruits, strawberries, tomatoes, and green leafy vegetables. It is an essential nutrient for the human body, playing a crucial role in collagen synthesis, wound healing, and immune function. Additionally, it aids in the absorption of iron from plant-based sources and supports the maintenance of healthy skin, teeth, and bones. While it is commonly obtained through diet, ascorbic acid supplements are also available for those who may have difficulty meeting their daily requirements.

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Market Dynamics

The market is driven by factors like the increasing demand for foods and supplements promoting immune health, iron absorption, and collagen formation. The rising popularity of antioxidant-rich products to combat free radicals is also contributing to market growth. However, challenges such as regulatory hurdles in the pharmaceutical and food industries, along with sourcing stable raw materials for production, pose significant obstacles. Moreover, the competition from alternative antioxidants and the need for innovative formulations in beauty and personal care products are shaping trends in the market. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Market Driver

The health benefits of consuming ascorbic acid are notably driving the market. Ascorbic acid is an important nutrient with a multitude of health-promoting properties that have garnered widespread recognition and appeal among consumers. In addition, one of the primary health benefits of ascorbic acid is its role in supporting immune function.

Moreover, it is known for its ability to strengthen the immune system by enhancing the production and function of white blood cells, which play a crucial role in fighting off infections and illnesses. Therefore, consumers are increasingly turning to these supplements and fortified foods to support their immune health, particularly during cold and flu seasons or times of heightened vulnerability to infections. Hence, such factors are driving the market during the forecast period.

Significant  Market Trends 

The shift towards sustainable sourcing and production of ascorbic acid is an emerging trend in the market. The market is experiencing growth propelled by a significant shift towards sustainable sourcing and production practices. In addition, as consumers become increasingly conscious of environmental and social impacts, there is a growing demand for products that are ethically sourced, environmentally friendly, and produced with minimal ecological footprint.

Moreover, in response to this demand, manufacturers of ascorbic acid are adopting sustainable sourcing practices, such as sourcing raw materials from certified suppliers, utilizing renewable energy sources in production facilities, and implementing eco-friendly production processes. Furthermore, these efforts not only align with consumer preferences but also contribute to the overall sustainability of the supply chain. Hence, such factors are driving the market during the forecast period.

Major Challenge

Adverse effects associated with excessive intake of ascorbic acid are a major challenge hindering the market. While it provides numerous health benefits, its consumption can also be associated with adverse side effects, which may hinder the market. In addition, one concern is related to gastrointestinal issues, including diarrhea, nausea, and stomach cramps, particularly when consumed in high doses.

Moreover, these side effects may deter some individuals from using ascorbic acid supplements or consuming foods fortified with it. Additionally, some people may experience allergic reactions to ascorbic acid, manifesting as hives, itching, swelling, or difficulty breathing. Furthermore, these allergic reactions can limit market growth as consumers may avoid products containing ascorbic acid due to safety concerns. Hence, such factors are hindering the market during the forecast period.

Segmentation by Variant, End-user, and Geography

The market is segmented based on various factors including the sources of ascorbic acid such as fruits and vegetables like oranges, lemons, strawberries, red peppers, and broccoli. The market also includes synthetic forms like 3-oxo-L-gulofuranolactone, which is a white-colored compound. This form of ascorbic acid is soluble in water and is available in solid form including slab form for easy handling and use in different applications. In the food and beverage segment, ascorbic acid serves as an essential antioxidant, combating free radicals and preserving the quality of food products. It is widely used in soft drinks and flavored sodas and as an emulsifying agent like sodium phosphate and flavor essence. Additionally, the beauty and personal care industry utilizes ascorbic acid in products for its health benefits such as supporting healthy tissues, immune health, and aiding in iron absorption and collagen formation. The pharmaceutical sector also utilizes ascorbic acid in supplements, available in powdered and granulated forms, catering to various consumer preferences. Ascorbic acid is a crucial ingredient in stabilizers and preservatives for maintaining product quality and extending the shelf life in the chemical industry.

Variant Analysis 

The powder segment is estimated to witness significant growth during the forecast period. The powder segment is widely used in the production of dietary supplements and vitamin formulations. In addition, the growing popularity of nutritional supplements among health-conscious consumers drives the demand for powdered ascorbic acid as a key ingredient. Furthermore, consumers seek vitamin C supplements for immune support, antioxidant benefits, and overall well-being.

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The powder segment was the largest segment and was valued at USD 792.88 million in 2018. Moreover, powdered ascorbic acid serves as a versatile food additive and nutrient fortifier in the food and beverage industry. In addition, it is added to a wide range of products, including beverages, baked goods, dairy products, and processed foods, to enhance their nutritional content and extend shelf life. Furthermore, as consumers become more health-conscious, there is a growing demand for fortified foods and beverages containing powdered ascorbic acid. In addition, powdered ascorbic acid is a common ingredient in pharmaceutical formulations due to its therapeutic properties and health benefits. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

End-user Analysis 

Based on the end-user, the market has been segmented into pharmaceutical, food and beverages, personal care, and others. The pharmaceutical segment will account for the largest share of this segment. Ascorbic acid serves a key role in the food and beverage industry owing to its multifunctional properties, including its role as a natural antioxidant, preservative, and nutrient fortifier. In addition, in food products, ascorbic acid helps extend shelf life by inhibiting oxidation and preventing spoilage, thereby maintaining product freshness and quality. Moreover, it is commonly used in a variety of food and beverage applications, including fruit juices, canned fruits and vegetables, dairy products, baked goods, and processed meats. Furthermore, ascorbic acid is valued for its ability to enhance the nutritional profile of food and beverage products by fortifying them with essential vitamins, contributing to consumer health and wellness. Hence, such factors are fuelling the growth of this segment which in turn drives the market during the forecast period.

Region Analysis

Europe is estimated to contribute 32% to the growth of the global market during the projection period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.

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The nutraceutical industry in Europe is experiencing significant growth, driven by increasing consumer demand for health-enhancing products and dietary supplements. In addition, ascorbic acid is a key ingredient in nutraceutical formulations, offering various health benefits such as immune support, skin health, and overall well-being. Moreover, ascorbic acid is widely used as a food additive and nutrient fortifier in the food and beverage industry in Europe. In addition, it is added to a variety of products, including fruit juices, dairy alternatives, breakfast cereals, and snacks, to enhance their nutritional value and appeal to health-conscious consumers. Furthermore, the fortification trend drives the demand for ascorbic acid in Europe's food and beverage sector. Hence, such factors are driving the market in Europe during the forecast period.

Key Companies

Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.

Avantor Inc: The company offers ascorbic acid such as ASC grade L-Ascorbic Acid which is used in industrial applications and research settings.

The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: 

Anhui Elite Industrial Co. ltd., Ases Chemical Works,  Blagden Specialty Chemicals Ltd,  Central Drug House P Ltd., Foodchem International Corp., FUJIFILM Corp., GFS Chemicals Inc., Glanbia plc, Global Calcium Pvt. Ltd., Hydrite Chemical Co., Illinois Tool Works Inc., Koninklijke DSM NV, Luwei Pharmaceutical Group Co. Ltd., Medisca Inc., Merck KGaA, Muby Chemicals, Northeast Pharmaceutical Group Co. Ltd., Otto Chemie Pvt. Ltd., Reckon Organics Private Ltd., Spectrum Laboratory Products Inc., Thermo Fisher Scientific Inc., Univar Solutions Inc., and PHARMAVIT ApS

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Segment Overview

The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028. 

• Variant Outlook 
  • Powder
  • Liquid
• End-user Outlook
  • Pharmaceutical
  • Food and beverages
  • Personal care
  • Others
• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • South America
    • Chile
    • Argentina
    • Brazil
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

The market is witnessing significant growth driven by the increasing demand for healthy foods and supplements. Ascorbic acid, also known as vitamin C, plays a crucial role in neutralizing free radicals in the body. It is naturally found in fruits and vegetables such as oranges, lemons, strawberries, red peppers, and broccoli. Consumers are increasingly turning to innovative products like 200% vitamin C shot drinks and supplements from Sheridan-based manufacturers, offering orange and berry flavors enriched with essential nutrients like zinc and 3-oxo-L-gulofuranolactone.

Moreover, the market is experiencing significant growth driven by the increasing awareness of the health benefits associated with vitamin C. Foods and supplements containing ascorbic acid play a crucial role in maintaining healthy tissues, aiding iron absorption, and promoting collagen formation in the body. Consumers are turning to fruits and vegetables like oranges, lemons, strawberries, red peppers, and broccoli, which are rich sources of vitamin C. In response to the rising demand for vitamin C, companies like Perfetti Van Melle are introducing innovative products such as Smint and Mentos Gum with added nutrients like Mentos Citrus Vitamin Gum. These sugar-free mint products cater to health-conscious consumers looking for functional foods and supplements.

Furthermore, the market also sees a surge in liquid supplement beverage enhancers like Protekt, offering convenient ways to boost daily vitamin intake. Echinacea and vitamin D are commonly included in orange and berry-flavored supplements, appealing to a wide range of potential buyers. The chemical industry plays a vital role in producing 3-oxo-L-gulofuranolactone, a key compound in ascorbic acid production. With its soluble and granulated forms, it is used across various segments like food and beverage, cosmetics, and animal feed industries. However, challenges such as supply chain disruptions, pandemic-related uncertainties, and geopolitical tensions can impact market stability. Despite these challenges, the market continues to thrive, driven by its indispensable role in promoting immunity, maintaining blood pressure, and supporting overall health.

 

Market Scope
Report Coverage	Details
Page number	177
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 5.16%
Market Growth 2024-2028	USD 379.16 million
Market structure	Fragmented
YoY growth 2023-2024(%)	4.92
Regional analysis	Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution	Europe at 32%
Key countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Anhui Elite Industrial Co. ltd., Ases Chemical Works, Avantor Inc, Blagden Specialty Chemicals Ltd., Central Drug House P Ltd., Foodchem International Corp., FUJIFILM Corp., GFS Chemicals Inc., Glanbia plc, Global Calcium Pvt. Ltd., Hydrite Chemical Co., Illinois Tool Works Inc., Koninklijke DSM NV, Luwei Pharmaceutical Group Co. Ltd., Medisca Inc., Merck KGaA, Muby Chemicals, Northeast Pharmaceutical Group Co. Ltd., Otto Chemie Pvt. Ltd., Reckon Organics Private Ltd., Spectrum Laboratory Products Inc., Thermo Fisher Scientific Inc., Univar Solutions Inc., and PHARMAVIT ApS
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the Ascorbic Acid (Vitamin C) Market
  between 2023 and 2028
• Precise estimation of the market  size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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