The elevating use of ascorbic acid in personal care products and the increasing demand for ascorbic acid for food fortification have resulted in boosting the Ascorbic Acid market.
Market Size – USD 1.04 Billion in 2018, Market Growth – CAGR of 5.0%, Market Trends – The elevating use of ascorbic acid in personal care products
The Global Ascorbic Acid market is forecast to reach USD 1.63 Billion by 2027, according to a new report by Reports and Data. One of the major use of ascorbic acid is treating or preventing low levels of vitamin C among individuals lacking the vitamin in their diet. Usually, individuals with a balanced diet do not require to take it in supplement. The deficiency of vitamin C results in conditions like scurvy. Rising awareness about the adverse health impact of its deficiency acts as a major supporting factor for the expansion of the market. Its major antioxidant properties have resulted in its extensive use in the healthcare and beauty industry. It has a molecular formula of C6H8O6. Thus, factors like the increasing demand for ascorbic acid for food fortification, and the elevating use of ascorbic acid in personal care products are fostering the growth of the market. New product launches are also propelling the sector’s growth. As an instance, in November 2019, Blagden had launched a new stabilised Ascorbic Acid in the personal care sector in the UK. Such new launches results in elevating demand for this organic compound.
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The report puts an emphasis on the information regarding the key players with a special focus on their company profile, business overview, recent advancements, product catalog, and strategic business plans. It provides a comprehensive overview of the strategic alliances in the market under taken by the key players such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches, brand promotions, and corporate deals, among others.
Key companies operating in the market and profiled in the report include:
CSPC Pharma, DSM, Northeast Pharma, Shandong Luwei, Shandong Tianli, North China Pharma, Zhengzhou Tuoyang, Anhui Tiger, Henan Huaxing and BASF SE.
Further key findings from the report suggest
- The Ascorbic Acid market held a market share of USD 1.04 Billion in the year 2018 that is forecasted to grow at a rate of 5.0% during the forecast period.
- In context to Type, the Calcium Ascorbate segment is projected to witness a signifiacnt growth rate of 5.4% during the forecast period, which is expected to hold 28.0% of the market by 2027. The market share held by this segment is attributed to its benefits like it is gentle on the stomach and easily gets absorbed, which results in its growing popularity among end-users.
- In context to Grade, Food Grade segment held the largest market share of 60.0% in 2018, with a CAGR of 5.1% during the forecast period. The market dominance of the Food Grade segment is attributed to the continuous growth of the food and beverage industry and associated elevated demand for this acid as a food additive, are supporting the market share held by this segment.
- In regards to End-user, the Pharmaceutical segment is projected to witness the fastest growth rate of 5.4% during the forecast period, which is expected to hold 31.0% of the market by 2027. The growth rate witnessed by the Pharmaceutical segment is attributed to the increasing use of the organic compound in various healthcare purposes like the use of intravenous ascorbic acid in cancer patients for enhancing nutrient deficiencies and reducing inflammation, which is contributing to the growing demand for pharmaceutical grade ascorbic acid.
- In regards to the region, Europe held 24.0% of the market in 2018, with a CAGR of 5.1% during the forecast period. The market share held by the region is attributed to the continuously growing personal care and pharmaceutical industry in this region, which is supporting the expansion of the sector in this region.
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Segments Covered in the report
Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Calcium Ascorbate
- Sodium Ascorbate
- Magnesium Ascorbate
- Potassium Ascorbate
- D-Isoascorbic Acid
Grade Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Pharmaceutical Grade
- Food Grade
Form Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Food & beverages
- Personal care
Key Regions Analyzed in the Report include:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Furthermore, it consists information about individual segment of the Ascorbic Acid market based on the types and application. The report also offers insights about the key segments expected to register significant revenue growth over the forecast period and primary trends influencing their growth. It also offers CAGR and market share values for each segment to provide clear understanding of demand and trend in the global market.
Key Benefits of the Report:
- Comprehensive overview of the changing dynamics of competitive landscape
- Detail oriented futuristic prospects of factors driving and restraining growth of the market
- Valuable insights on key market growth driving trends and monetary competence in the forecast period
- Strategic recommendations to key players and new entrants to overcome barriers and challenges in the market
- Revenue forecasts for the period of 2021-2027
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