Global Ascorbic Acid Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Ascorbic acid, also known as vitamin C, is a white, crystalline, water-soluble organic compound obtained from plants of the citrus family that resembles carbohydrates and is used as a class of medications called antioxidants in food and beverages, among others.

Sizing and Forecast
The ascorbic acid market size has grown strongly in recent years. It will grow from $1.49 billion in 2023 to $1.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%.  The  growth in the historic period can be attributed to health and nutrition trends, increased food and beverage industry demand, pharmaceutical applications, supplements and nutraceuticals, functional food products..

The ascorbic acid market size is expected to see strong growth in the next few years. It will grow to $2.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.  The growth in the forecast period can be attributed to cost-efficiency strategies, health crisis preparednes, consumer preferences for natural additives, global supply chain dynamics. Major trends in the forecast period include sustainable agriculture practices, health and immunity focus, animal feed supplements, technological innovations, global trade dynamics..

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Segmentation & Regional Insights
The ascorbic acid market covered in this report is segmented –
1) By Type: Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate, D-Isoascorbic Ascorbate
2) By Grade: Pharmaceuticals Grade, Food Grade, Other Grades
3) By Form: Tablet, Tonic, Injection
4) By Distribution Channel: Online, Offline
5) By Application: Food and Beverages, Pharmaceutical, Cosmetics, Chemicals, Agriculture, Other Applications

Asia-Pacific was the largest region in the ascorbic acid market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the ascorbic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The rising need to reduce the risk of chronic diseases is expected to propel the growth of the ascorbic acid market going forward. Chronic diseases are long-term illnesses that can usually be treated but not cured. The consumption of ascorbic acid and related products can significantly enhance the slowdown of chronic disease and improve patients' health. For instance, in March 2021, the National Institute of Health (NIH), a US-based medical and behavioral research agency, published a report stating that daily intake of vitamin C can reduce the risk of cancer by up to 63% and the chances of heart stroke by 42% in adults. Additionally, according to the World Health Organization data 2021, a Switzerland-based government agency responsible for international public health, cardiovascular diseases (CVDs) are the leading cause of death globally, taking an estimated 17.9 million lives each year. Therefore, the rising need to reduce the risk of chronic diseases will drive the growth of the ascorbic acid market.

Key Industry Players
Major companies operating in the ascorbic acid market report are Koninklijke DSM NV, Northeast Pharmaceutical Group Co. Ltd., CSPC Pharmaceutical Group, Bactolac Pharmaceutical Inc., BASF SE, LabChem Inc., Muby Chemicals Pvt. Ltd., Merck & Co. Inc., Foodchem International Corporation, Bayer AG, North China Pharmaceutical Group, Sigma-Aldrich Corporation, The Bountiful Company, Reckon Organics Pvt. Ltd., Homart Pharmaceuticals Pty Ltd., Archer-Daniels-Midland Company, Amway Corporation, Tirlán Co-operative Society Limited, Changsha Natureway Co. Ltd., DSM Nutritional Products AG, Glanbia plc, Gujchem Biotech, Hangzhou Go Top Peptide Biotech Co. Ltd., Hebei Welcome Pharmaceutical Co. Ltd., Huachang Pharmaceuticals, LGM Pharma LLC, Nutrilo GmbH, Shaanxi Iknow Biotechnology Co. Ltd., Shandong Luwei Pharmaceutical, Sichuan Tongsheng Amino Acid Co. Ltd.

The ascorbic acid market report table of contents includes:
1. Executive Summary

2. Ascorbic Acid Market Characteristics

3. Ascorbic Acid Market Trends And Strategies

4. Ascorbic Acid Market - Macro Economic Scenario

5. Global Ascorbic Acid Market Size and Growth
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31. Global Ascorbic Acid Market Competitive Benchmarking

32. Global Ascorbic Acid Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Ascorbic Acid Market

34. Ascorbic Acid Market Future Outlook and Potential Analysis

35. Appendix

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