Global Ascorbic Acid Market - Forecast(2021 - 2026)

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Ascorbic Acid Market Overview

The Ascorbic Acid Market size was estimated at $1.39 billion in 2020 and is projected to grow at a CAGR of 5.8% during the forecast period 2021-2026. Often, ascorbic acid and vitamin C are used interchangeably. Ascorbic acid is the best form of vitamin C found naturally in food. Ascorbic acid is a water-soluble vitamin that acts as a powerful reducing and antioxidant agent. It also aids in the fight against bacterial infection, detoxification, and the formation of collagen in fibrous tissue, teeth, bones, connective tissue, skin, and capillary. The rising demand for ascorbic acid in a variety of applications such as baking, beverages, food processing, Dietary Supplements and meat is expected to drive market expansion in the upcoming years. Additionally, the increased number of people with cancer, cardiovascular disease, the common cold, and age-related macular degeneration and cataracts, that can prevented by the uptake of the ascorbic acid, is a another key factor driving market growth. Besides the increasing prevalence of chronic diseases, the rising government initiatives to raise awareness about the benefits of ascorbic acid is also set to provide growth opportunities for the ascorbic acid industry during the forecast period 2021-2026.

Report Coverage

The report: “Ascorbic Acid Market Forecast (2021-2026)”, by Industry ARC, covers an in-depth analysis of the following segments of the Ascorbic Acid Market.
By Type: Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate and Others.
By Form: Powder, Granular, Liquid and, Tablet and Capsule.
By Application: Pharmaceutics, Cosmetics, Food and Beverages and others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), Asia-Pacific (China, Japan India, South Korea, Australia and Others), South America(Brazil, Argentina and others) and Rest of the World (Middle East and Africa).

Key Takeaways

  • Geographically, The APAC region held 38.3% of the total market share in 2020 owing to the presence of large manufacturers in the region.
  • Rising demand from pharmaceutical and Cosmetics industry owing to the variety of health benefits, including improved immune function, tissue healing, and bone, tooth, and skin health are the major driving force for Ascorbic Acid Market during the forecast period 2021-2026.
  • Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Ascorbic Acid Market.


Ascorbic Acid Market - By Geography, 2020.

Ascorbic Acid Market
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Ascorbic Acid Market Segment Analysis- By Type

On the basis of type, the market is divided into Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate and Others. Calcium Ascorbate segment accounted for the highest market share in 2020 as a result of the increasing health benefits such as enhancing immune function, mending damaged tissues, and enhancing bone, tooth, and skin health. Furthermore, calcium ascorbate is a common food ingredient with strong antioxidant capabilities that acts as a preservative to increase the shelf life of food and beverage items while protecting the flavor, color, and general quality from deterioration.

However the sodium ascorbate segment accounted for the fastest market share in 2020 and it is expected to expand rapidly at a significant CAGR of 6.6% during the forecast period 2021-2026 as a result of increased demand of sodium ascorbate from the pharmaceutical manufacture owing to its antioxidant characteristics.

Ascorbic Acid Market Segment Analysis - By Application

Based on Application, the global Ascorbic Acid Market is segmented into Pharmaceutics, Cosmetics, Food and Beverages and others. In 2020, the Food and Beverages segment dominated the Ascorbic Acid Market. The Dominance of the segment can largely be attributed to its natural food ingredient property that generates nutritious, clean-label food and beverages to fulfill the growing demand of health-conscious customers while it also extend the shelf-life of products. As a result, ascorbic acid is frequently used to fortify or add a citrus flavor to fruit juices, cereals, fruit-flavored sweets, dried fruits, cured meats, and frozen meals.

However Cosmetics application segment accounted for the fastest market share in 2020 and is projected to grow at a CAGR of 6.9% during the forecast period 2021-2026. The dominance is owing to increasing usage of ascorbic acid in the skin care product as a result of its ability to protect skin cells from UV rays. Moreover Ascorbic acid acts as an antioxidant that helps to prevent the completed product deterioration from the air exposure while also helps in regulating the pH.

Ascorbic Acid Market Segment Analysis - By Geography

Based on geography, APAC dominated the Ascorbic Acid Market with a region share of 38.3% in 2020 followed by North America and Europe. The presence of large number of pharmaceutical and cosmetics companies that invest heavily on the research along is predicted to drive the ascorbic acid market growth in APAC.

Europe region is predicted to see the demand maturing in Ascorbic Acid Market owing the rapid advancement in chemical studies, and increase in the number of geriatrics suffering from various diseases that can be prevented by the used of ascorbic acid supplements.

Ascorbic Acid Market Drivers

Application in Disease Prevention

Ascorbic Acid have been shown to be beneficial in the treatment of a variety of diseases, including cancer, cardiovascular disease, the common cold, and age-related macular degeneration and cataracts. It has demonstrated to play a role in a variety of body functions, including collagen production, iron absorption, immune system function, wound healing, and cartilage, bone, and tooth maintenance. Additionally, in vitro studies have shown that ascorbic acid has the ability to suppress melanoma cell proliferation and speed up apoptosis which is further set to propel the market forward during the forecast period 2021-2026.

Ascorbic Acid Market Challenge

Adverse Side Effects Associated with Consumption of Ascorbic Acid

Ascorbic Acid can induce nausea, vomiting, heartburn, stomach cramps, headaches, and other side effects in some people. The higher dosage of ascorbic acid the patients take, the more likely they are to develop these negative effects. Amounts greater than 2000 mg per day are potentially dangerous and can result in a slew of adverse effects. Additionally, the stringent government regulation in Asian countries is also predicted to act as a major hindrance to the global ascorbic acid market's growth during the forecast period 2020-2025.

Ascorbic Acid Market Landscape:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Ascorbic Acid Market. Key companies of this market are BASF SE, CSPC Pharmaceutical Group, Bactolac Pharmaceutical Inc., Northeast Pharmaceutical Group, HebeiWelcome Pharmaceutical Co., Shandong Luwei Pharmaceutical, Merck KGaA, MC Biotech Inc., Foodchem International Corporation, and Freshine Chem. 

Developments:

  • In November 2020, LifeToGo, the lifestyle brand of accelerate 360 LLC, launched three immunity-boosting vitamin drink mixes.
  • In July 2019, Jubilant Life Sciences announced price increase of 10% for Ascorbic Acid.

Relevant reports

Report Code: FBR 0005

Report Code: FBR 0523

For more Food and Beverage Market related reports, please click here

1. Ascorbic Acid Market Overview
    1.1 Definitions and Scope
2. Ascorbic Acid Market Executive Summary
    2.1 Market Revenue, Market Size and Key Trends
    2.2 Key trends By Type
    2.3 Key trends By Application
    2.4 Key trends By Geography
3. Ascorbic Acid Market Landscape
    3.1 Product Benchmarking- Key Companies
    3.2 Financial Analysis- Key Companies
    3.3 Patent Analysis
    3.4 Pricing Analysis–Average Pricing
4. Ascorbic Acid Market- Startup companies Scenario Premium Premium
    4.1 Key startup company Analysis by
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Application Analysis
        4.1.4 Venture Capital and Funding Scenario
5. Ascorbic Acid Market- Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of successful ventures
6. Ascorbic Acid Market Forces
    6.1 Market Drivers
    6.2 Market Constraints and Challenges
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Customers
        6.3.3 Threat of New Entrants
        6.3.4 Rivalry Among Existing Players
        6.3.5 Threat of Substitutes
7. Ascorbic Acid Market Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle
8. Global Ascorbic Acid Market – By Type
    8.1 Calcium Ascorbate
    8.2 Sodium Ascorbate
    8.3 Magnesium Ascorbate
    8.4 Potassium Ascorbate
    8.5 Others
9. Ascorbic Acid Market– By Form
    9.1 Granular
    9.2 Powder
    9.3 Liquid
    9.4 Tablet and Capsule
10. Ascorbic Acid Market– By Application
    10.1 Pharmaceutics
    10.2 Cosmetics
    10.3 Food and Beverages
    10.4 Others
11. Ascorbic Acid Market- By Geography
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 U.K
        11.2.2 Germany
        11.2.3 France
        11.2.4 Spain
        11.2.5 Italy
        11.2.6 Russia
        11.2.7 Rest of Europe
    11.3 Asia Pacific
        11.3.1 India
        11.3.2 China
        11.3.3 Japan
        11.3.4 Australia
        11.3.5 South Korea
        11.3.6 Rest of Asia pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Ascorbic Acid Market Entropy
13. Ascorbic Acid Market- Industry / Segment Competition landscape Premium Premium
    13.1 Market Share Analysis
        13.1.1 Market Share by Country- Key companies
        13.1.2 Market Share by Region- Key companies
        13.1.3 Market Share at Global Level- Key companies
        13.1.4 Best Practices for Companies
14. Ascorbic Acid Market- Key Company List by Country Premium Premium
15. Ascorbic Acid Market Company Analysis (Company Revenue, Products, M&A, Developments)
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials for private companies would be provided on a best efforts basis”

LIST OF TABLES

1.Global Market Segmentation Market 2019-2024 ($M)
1.1 By End User Market 2019-2024 ($M) - Global Industry Research
1.1.1 Pharmaceutical Market 2019-2024 ($M)
1.1.2 Food Beverages Market 2019-2024 ($M)
1.1.3 Personal Care Market 2019-2024 ($M)
2.Global Market Segmentation Market 2019-2024 (Volume/Units)
2.1 By End User Market 2019-2024 (Volume/Units) - Global Industry Research
2.1.1 Pharmaceutical Market 2019-2024 (Volume/Units)
2.1.2 Food Beverages Market 2019-2024 (Volume/Units)
2.1.3 Personal Care Market 2019-2024 (Volume/Units)
3.North America Market Segmentation Market 2019-2024 ($M)
3.1 By End User Market 2019-2024 ($M) - Regional Industry Research
3.1.1 Pharmaceutical Market 2019-2024 ($M)
3.1.2 Food Beverages Market 2019-2024 ($M)
3.1.3 Personal Care Market 2019-2024 ($M)
4.South America Market Segmentation Market 2019-2024 ($M)
4.1 By End User Market 2019-2024 ($M) - Regional Industry Research
4.1.1 Pharmaceutical Market 2019-2024 ($M)
4.1.2 Food Beverages Market 2019-2024 ($M)
4.1.3 Personal Care Market 2019-2024 ($M)
5.Europe Market Segmentation Market 2019-2024 ($M)
5.1 By End User Market 2019-2024 ($M) - Regional Industry Research
5.1.1 Pharmaceutical Market 2019-2024 ($M)
5.1.2 Food Beverages Market 2019-2024 ($M)
5.1.3 Personal Care Market 2019-2024 ($M)
6.APAC Market Segmentation Market 2019-2024 ($M)
6.1 By End User Market 2019-2024 ($M) - Regional Industry Research
6.1.1 Pharmaceutical Market 2019-2024 ($M)
6.1.2 Food Beverages Market 2019-2024 ($M)
6.1.3 Personal Care Market 2019-2024 ($M)
7.MENA Market Segmentation Market 2019-2024 ($M)
7.1 By End User Market 2019-2024 ($M) - Regional Industry Research
7.1.1 Pharmaceutical Market 2019-2024 ($M)
7.1.2 Food Beverages Market 2019-2024 ($M)
7.1.3 Personal Care Market 2019-2024 ($M)

LIST OF FIGURES

1.US Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
2.Canada Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
3.Mexico Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
4.Brazil Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
5.Argentina Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
6.Peru Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
7.Colombia Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
8.Chile Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
10.UK Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
11.Germany Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
12.France Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
13.Italy Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
14.Spain Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
16.China Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
17.India Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
18.Japan Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
19.South Korea Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
20.South Africa Global Ascorbic Acid Market Revenue, 2019-2024 ($M)
21.North America Global Ascorbic Acid By Application
22.South America Global Ascorbic Acid By Application
23.Europe Global Ascorbic Acid By Application
24.APAC Global Ascorbic Acid By Application
25.MENA Global Ascorbic Acid By Application
26.DSM, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Northeast Pharmaceutical Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Shandong Luwei Pharmaceutical, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Bactolac Pharmaceutical Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Aland Nutraceuticals Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.DuPont, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.FreShine, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Luckerkong Biotech, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.King-pharm, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Top Science, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.BASF, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Dishman Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.GlaxoSmithKline Plc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.CSPC Pharmaceutical Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)