The global ascorbic acid market was valued at USD 1.3 billion in 2022 and it is anticipated to grow further till USD 2.3 billion by 2032, at a CAGR of 6.0% during the forecast period.
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A water-soluble vitamin called ascorbic acid is beneficial for those with serious illnesses. The COVID-19 pandemic had a favorable effect on market growth because people needed more vitamin C to boost their immunity. Additionally, ascorbic acid was used to treat COVID-19 patients who had only minor symptoms. Additionally, people were more likely to take vitamin C supplements to maintain their health and strengthen their defenses against the infection.
Market Driver and Trends
In the following years, market growth is anticipated to be fueled by the increased demand for ascorbic acid in a number of industries, including baking, beverages, food processing, dietary supplements, and meat. Another important element boosting market expansion is the rise in cases of age-related macular degeneration and cataracts, as well as cancer, cardiovascular disease, the common cold, and cancer that can be protected by ascorbic acid absorption. In addition to the increased incidence of chronic diseases, the government’s expanding efforts to spread the word about ascorbic acid’s advantages will also present growth prospects for the ascorbic acid sector.
Major Players in the Global Ascorbic Acid Market
The key players studied in the report are BASF SE, Merck KGaA, Koninklijke DSM NV, Northeast Pharmaceutical Group Co. Ltd., Luwei Pharmaceutical Group Co. Ltd., Foodchem International Corporation, Honson Pharmatech Group, MC Biotec Inc., Freshine Chem, and CSPC Pharmaceutical Group among others.
COVID-19 Impact
The impact of COVID-19 has been detrimental to the overall economies of the affected countries, impeding economic growth, the smooth operation of the financial markets, the value of foreign currencies, and interest rates. The demand for ascorbic acid among food producers decreased as a result of changes in consumer tastes and perceptions, which hurt the manufacturers’ businesses by lowering sales and profitability.
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Global Ascorbic Acid Market Segmentation
By Type
- Potassium Ascorbate
- Calcium Ascorbate
- Magnesium Ascorbate
- Others
By Application
- Food & Beverages
- Pharmaceutical
- Beauty & Personal Care
- Animal Feed
By Form
- Powder
- Liquid
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