Ascorbic Acid Market

The global ascorbic acid market was estimated to be USD 1.9 billion in 2023 and is projected to grow at a CAGR of 6.1% during the forecast period. Ascorbic acid is a chemical name for vitamin C. Ascorbic acid plays a vital role in maintaining immunity and promoting tissue repair and regeneration. Increasing awareness among the people about the importance of immunity and demand for ascorbic acid as an antioxidant in packaged food are driving growth in the market significantly.

The surge in demand for dietary supplements globally, especially among young people, is a key factor behind the growth in the market. Ascorbic acid is widely used in the treatment of diseases that occur due to the deficiency of vitamin C.

Growth Drivers

Growing demand for ascorbic acid in the cosmetics and pharmaceuticals sectors is driving the market growth significantly. Rising disposable income and increasing urbanization are fueling the market growth. Governments all over the world are promoting nutritional supplements and food fortification programs. Due to being rich in nutrients, ascorbic acid is vitally used in cosmetics and the pharmaceutical sector.

Increasing demand for ascorbic acid in animal nutrition to enhance immune health and growth performance is fueling the market growth. Anti-aging and skin-brightening products are rich in vitamin C due to its antioxidant properties. Growth of skincare and personal care markets globally is fueling the demand. Ascorbic acid is vitally used in the treatment of all the diseases due to the deficiency of vitamin c. Increase in demand for functional food and beverages is spurring the market growth significantly.

Segmentation

Ascorbic Acid Market by Grade (USD Billion, 2019-2032)

·         Food Grade

·         Pharmaceutical Grade

·         Cosmetic Grade

·         Industrial Grade

Ascorbic Acid Market by Packaging (USD Billion, 2019-2032)

·         Bags

·         Drums

·         Tubes

·         Sachets

·         Other Packaging Format

By Region

·         Asia Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Ascorbic acid market by packaging segmentation

On the basis of the packaging, the ascorbic acid market is segmented into bags, drums, and tubes. Sachets and other packaging formats. Sachet is the leading market segment and is expected to dominate during the forecast period due to its convenience and affordability. Increasing demand for sachets in food, pharmaceuticals, and personal care is driving growth in the market.

In the broader vitamin and supplement industry, ascorbic acid is commonly supplied in water-soluble and crystalline powder form, and it is often packed in bulk quantities in bags or drums for industrial use. Sachets are more in demand due to convenience and affordability. Sachets typically contain a premeasured amount of ascorbic acid, ensuring consistent dosing without the need for measuring tools.

This is particularly useful for health-conscious consumers who want precise intake. Sachets are often made with barrier materials that protect the powder from moisture. Lower package cost is making the sachets more attractive.

Regional Outlook

On the basis of the regions, the ascorbic acid market is segmented into 5 regions: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. Asia Pacific is the leading segment in the ascorbic acid market because countries like India, China, and Japan have growing populations with rising demand for ascorbic acid. Increasing demand for packaged food in the region and growing pharmaceutical and nutraceutical industries driven by health-conscious consumers are increasing the demand for vitamin C supplements. Ascorbic acid is also used widely in pharmaceutical formulations, especially for immunity-boosting products.

Favorable government policies and economic growth in emerging economies like China, Japan, South Korea, and India, combined with rapid urbanization and rising disposable income, are driving growth in the market significantly. Asia-Pacific has the largest population globally, which naturally increases the demand for health-related products like vitamin C.

Ascorbic acid is widely used in the pharmaceutical and cosmetics sectors. China being the leading market in the cosmetic industry is driving demand in the market. Growing demand for beauty and personal care products in countries like Japan, India, and South Korea is significantly driving the growth in the market.

North America is another leading region due to well-established healthcare infrastructure and people being more aware of health and hygiene. Flourishing pharmaceutical and cosmetic industries in the region are the key factors behind the growth in the market. Increasing demand for packaged and ready-to-eat food is increasing rapidly, which is directly driving the demand in the ascorbic acid market. The rising vegan population is boosting the demand for plant-based vitamin supplements.

Europe is also a big market for ascorbic acid, with countries like Germany, France, Italy, and the UK. An aging population, which is health-conscious, and strict regulations and a strong emphasis on natural and organic ingredients are driving the demand for ascorbic acid in the market. Flourishing pharmaceutical and cosmetic industries also demand ascorbic acid and fuel the market growth. Infant nutrition is an area of major concern, and food containing vitamin C is essential for kids. The focus on immunity-boosting products post-Covid-19 is driving the demand in the market significantly. Presence of key players in the region is fueling the market growth significantly.

The Middle East and Africa and Latin America are witnessing moderate growth during the forecast period due to comparatively less awareness about health and hygiene among the people. Due to limited local manufacturing capabilities and heavy reliance on imports for ascorbic acid and vitamin C-based products, demand is being driven in the market. In most parts of Latin America, the Middle East, and Africa, except Brazil, Argentina, South Africa, and Egypt, the awareness about dietary supplements and micronutrient deficiency is relatively low. Economic instability and affordability issues in several countries in the region are hindering the growth in the region. Although growth is occurring, it is from a smaller base, resulting in moderate growth rates. People in these regions still believe firmly in traditional medicine and consider the dietary supplement unnecessary.

Key Players

·         DSM

·         CSPC Pharmaceutical Group

·         Northeast Pharmaceutical Group (NEPG)

·         North China Pharmaceutical Group

·         Shandong Luwei Pharmaceutical

·         Aland Nutraceuticals Group

·         Anhui Tiger Biotech

·         Bactolac Pharmaceuticals

·         Hebei Welcome Pharmaceutical

·         Shandong Tianli Pharmaceutical

·         Zhengzhou Tuoyang

·         Ningxia Qiyuan

·         Henan Huaxing Pharmaceutical

·         Foodchem International Corporation

·         Zhejiang Hangzhou Xinfu Pharmaceutical

·         Others