Ascorbic acid, also known as 3-oxo-L-gulofuranolactone (enol form), vitamin C, L-3-ketothreohexuronic acid lactone, and antisorbutic vitamin, is a white-color compound, which is crystalline in nature and soluble in water. It is widely available in a solid state – in powdered, granulated, and slab forms.
Ascorbic acid is a nutritional source for living organisms and thus, finds a wide range of applications in food & beverage, agriculture, and pharmaceutical industries. It also finds applications in cosmetics, chemical and other industries. Ascorbic acid is naturally available and can be manufactured synthetically through the Reichstein or two-stage fermentation process.
Two grades of ascorbic acid are available in the market, viz. food &pharmaceutical and industrial. On the basis of application, the global ascorbic acid market has been segmented into six segments – food & beverage, pharmaceutical, chemical, personal care, agriculture and others. The global ascorbic acid market is estimated to create an incremental $ opportunity US$ 667.6 Mn during the forecast, registering a CAGR of 5.1% over 2018-2028.
Superior Functional Attributes of Ascorbic Acid to Propel Market Growth
The global ascorbic acid market is expected to witness lucrative growth in the coming years, owing to the significant demand from numerous end-use industries such as chemical, food & beverage, cosmetics, agriculture, pharmaceutical, and others.
Shifting preferences towards healthy foods, including nutrition supplements, have been contributing to the growing prominence of vitamin C/ascorbic acid in numerous applications, such as in skin products, healing injuries and prevention of infections and to improve the absorption of iron from food, reduce the risk of chronic diseases, enhance immune health, and control blood pressure.
Additionally, ascorbic acid is required for the growth, development, and repair of all body tissues and to carry out body functions such as the creation of collagen and maintenance of cartilages, bones and teeth. As per health expert recommendations, ascorbic acid is considered as one of the safest and most beneficial nutrients, which in turn is expected to drive the global ascorbic acid market with a healthy growth rate during the forecast period. For instance, according to the American Journal of Clinical Nutrition, those with the highest concentration of ascorbic acid in their blood were associated with a 42% lower stroke risk as compared to those with the lowest concentration.
Key Developments in Global Ascorbic Acid Market
Market participants are emphasizing on strategies, such as mergers, expansion, acquisitions, and the introduction of innovative products, to fulfil the high demand from end-use markets. Such strategies across the competitive landscape form a notable trend in the global ascorbic acid market.
Global Ascorbic Acid Market Segmentation
The global ascorbic acid market can be segmented on the basis of grade, application, and region. On the basis of product grade, the global ascorbic acid market can be segmented into two segments – industrial and food & pharmaceutical. On the basis of application, the global ascorbic acid market can be segmented into six segments – food & beverage, pharmaceutical, chemical, personal care, agriculture, and others. The food & beverage segment is expected to grow with a CAGR of 4.9% during the forecast period (2018–2028).
South Asia’s Ascorbic Acid Market Anticipated to be a High Value–High Growth Pocket
The global ascorbic acid market is estimated to register a significant growth rate in the near future. South Asia is estimated to be a prominent region in terms of both volume and value share in the global ascorbic acid market. China and India are major consumers in the ascorbic acid market due to the presence of a number of small-sized manufacturing players, especially, chemical, pharmaceutical, and food industries. Developed markets, including Europe and North America, are anticipated to hold a collective revenue share of around a fourth of the market value in the global ascorbic acid landscape through 2028.
Key Players in the global Ascorbic Acid Market
The report on the global ascorbic acid market studies some of the major players in the ascorbic acid market across the world, such as Sigma-Aldrich Corporation (Merck), Koninklijke DSM N.V., Northeast Pharmaceutical Group Co., Ltd., CSPC Pharmaceutical Group Limited, MUBY CHEMICALS, Shandong Luwei Pharmaceutical, North China Pharmaceutical Co. Ltd, Glanbia Nutritionals China (Suzhou) Co., Ltd, LabChem Inc., and China BBCA Group Corporation, among others.
Global Ascorbic Acid Market Report Description
This PMR (Persistence Market Research) research study on the global ascorbic acid market offers a ten-year forecast for the ascorbic acid market from 2018 to 2028. For this research study on ascorbic acid, we have considered 2017. The Compound Annual Growth Rate of ascorbic acid mentioned in the report has been represented from 2018 to 2028.
The global ascorbic acid market research study covers various market viewpoints, including macroeconomics factors, market dynamics, forecast factors, value chain analysis, pricing analysis, regional and segmental growth and industry growth analysis, along with segment wise and region wise projections in a comprehensive manner. As per the research estimation and perspectives of industry participants, the global ascorbic acid market is projected to grow at a CAGR of 5.1% between 2018 and 2028, in term of market value. Due to increasing demand from the food & beverages industry, ascorbic acid is expected to register significant growth rate during the forecast period
Ascorbic acid acts as a nutrition source for living organisms and thus, it finds a wide range of applications in food & beverage, agriculture and pharmaceutical industries. Various processes can be used for the production of ascorbic acids, such as Reichstein and the two-stage fermentation process. This PMR report on the ascorbic acid market analyses the market data at regional and global levels through market segmentation on the basis of various parameters, such as grade, applications and regions.
This ascorbic acid market report studies and analyses market opportunities and provides a detailed understanding of the ascorbic acid market. The ascorbic acid market report begins with the market introduction of the ascorbic acid market, followed by market viewpoints, forecast factors, market dynamics, competition landscape and global as well as regional analysis of the ascorbic acid market for the next ten years i.e. 2018-2028.
Each section of the ascorbic acid market report includes qualitative and quantitative assessment of the market on the basis of historical data or developments, facts and key opinions collected from various end-use industry participants through primary interviews, annual reports, newsletters and strategies at the regional level.
Global Ascorbic Acid Market: Market Segmentation
Ascorbic Acid Grade
Ascorbic Acid Application
In the first section of the global ascorbic acid market report, market introduction and definitions have been provided. This section also includes market taxonomy and definitions by grade and application. In the second section of the ascorbic acid market report, market viewpoints and macroeconomic factors affecting the consumption rate of ascorbic acid have been included. Under macroeconomic factors or market viewpoints, we have provided the global population overview, global food & beverages industry outlook, chemical industry overview, pharmaceutical industry outlook and other factors.
The next section of the global ascorbic acid market report discusses market dynamics – drivers (demand as well as supply side), restraints, trends and opportunity analysis for the global market. This section also discusses forecast factors in the global ascorbic acid market. Following this, the ascorbic acid market report also includes value chain analysis and list of manufacturers, distributors and end users.
Subsequent sections of the report provide value (US$ Mn) and volume (Consumption in Tons) projections for the Ascorbic Acid market on the basis of the above-mentioned segments at a global level. The values for the global market represented in these sections have been agglomerated by collecting data and information at the regional level. We have also provided segment-wise and country wise analysis for regions.
All the above sections evaluate the present Ascorbic Acid market scenario and growth prospects in the global Ascorbic Acid market while the forecast presented in these sections assesses the market size in terms of volume and value.
Furthermore, it is important to note that we conduct forecast in terms of growth rate, CAGR and Year-on-Years (Y-O-Y) growth to understand the profitability of the market and identify the market opportunities available for industry players. In order to understand the key market segments in terms of growth of Ascorbic Acid market across concerned regions, PMR has developed an attractiveness index, which will help providers identify real market opportunities.
Moreover, this research study on the ascorbic acid market also involves the analysis of all the basic parameters pertaining to the ascorbic acid market. In the market report, sub-segments, country-level analysis, regional analysis and revenue in terms of absolute dollar opportunity have been discussed. For the illustration of these data points, we have considered the overlook for end-use applications to identify the potential sources from a sales and delivery perspective in the ascorbic acid market.
In the last second section of the global ascorbic acid market report, a competitive landscape of the ascorbic acid market has been included to provide report audiences with a dashboard view, grade-wide product portfolio mapping, and their presence across the globe and key differentiating factors and strategies. The primary category of providers covered in the report include Ascorbic Acid manufacturers. This section in the Ascorbic Acid market report is primarily designed to provide clients with an objective and detailed comparative assessment of the key providers specific to a market segment in the value chain of the Ascorbic Acid market.
The competition dashboard section of the global ascorbic acid market report discusses key developments and market share of key players. In the company profile section, we have discussed key strategies of players, financial data, product overview, SWOT analysis, key developments and worldwide presence of key players of ascorbic acid market.
Global Ascorbic Acid Market: Key Participants
The report on the global ascorbic acid market studies some of the major players in the ascorbic acid market across the world, such as Sigma-Aldrich Corporation (Merck), Koninklijke DSM N.V., Northeast Pharmaceutical Group Co., Ltd., CSPC Pharmaceutical Group Limited, MUBY CHEMICALS, Shandong Luwei Pharmaceutical, North China Pharmaceutical Co. Ltd, Glanbia Nutritionals China (Suzhou) Co., Ltd, LabChem Inc. and China BBCA Group Corporation, and among others.