Global Ascorbic Acid Market - Forecast(2023 - 2028)

Ascorbic Acid Market Overview

Report Coverage

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 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:

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