As per a new research report by FMI, demand for ascorbic acid is estimated to reach US$ 321.5 Mn by 2032, surging at 6.2% CAGR throughout the forecast period. The market is anticipated to stand at US$ 176.8 Mn by the end of 2022.
Ascorbic acid’s increased popularity due to its numerous health benefits is expected to drive sales in the global market. Ascorbic acid, or vitamin C, is a water-soluble nutrient found primarily in fruits and vegetables. It is thought to be necessary for growth and development. It also aids in the preservation of healthy teeth, bones, cartilage, muscles, and blood vessels. Simultaneously, it helps to guard against infection by increasing the immune system.
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Ascorbic acid has been used for centuries for its medicinal properties. However, recently, there has been an increased interest in using it as a dietary supplement. Many forms of the product are available on the market such as powders, tablets, capsules, and liquids. Ascorbic acid is often added to multivitamins or taken alone for additional health benefits such as reducing inflammation or supporting cardiovascular health.
The market for products containing ascorbic acid has grown rapidly in recent years due to its numerous benefits. There are a wide variety of new trends emerging in the ascorbic acid market that are revolutionizing the industry. One of the most important drivers of the global ascorbic acid market is its increasing use in food production. Companies are using it to reduce spoilage and improve shelf life of products such as beverages, processed foods, baked goods, and dairy items.
Key Takeaways from the Ascorbic Acid Market Study
- During the historical period (2017 to 2021), the global ascorbic acid market exhibited a CAGR of 5.8%.
- The U.S. ascorbic acid market is likely to generate a share of nearly 90.2% in North America during the evaluation period.
- The U.K. ascorbic acid market is projected to exhibit steady growth at a CAGR of 5.9% during the assessment period.
- Sales of ascorbic acid in India are expected to witness growth at 7.1% CAGR from 2022 and 2032.
- Demand for ascorbic acid in China is estimated to rise rapidly and the market is projected to showcase a CAGR of 6.2% in the next ten years.
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“Increasing awareness about the benefits of consuming vitamin C on a daily basis is anticipated to drive sales of ascorbic acid in the next ten years. Besides, ability of ascorbic acid to promote wound healing, lower fatigue, and enhance one’s immune system functioning is anticipated to drive sales,” says a lead analyst at Future Market Insights.
Competitive Landscape: Ascorbic Acid Market
The market for ascorbic acid is very competitive in nature worldwide. Some of the key factors driving market expansion include introduction of new product varieties, acquisition of small-scale market participants, and growing awareness about the benefits of ascorbic acid through various promotional activities & programs.
Some of the leading companies offering ascorbic acid are Northeast Pharmaceutical Group Co., Ltd, Shandong Luwei Pharmaceutical, Foodchem International Corporation, BASF SE, and Aland Nutraceuticals Group.
Ascorbic Acid Market Outlook by Category-
By Form:
- Powder
- Liquid
By Application:
- Food and Beverage
- Pharmaceuticals
- Nutraceuticals
- Cosmetics and Personal Care
- Pet Food
- Animal Feed
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- MEA
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
About the Food & Beverage Division at Future Market Insights
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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