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Ascorbic Acid Market Drivers, Segmentation, Key Trends Report To 2033
Ascorbic Acid Market Drivers
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According to The Business Research Company's, 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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Market Drivers and Trends:
An increase in awareness for health and wellness is expected to propel the growth of the ascorbic acid market going forward. Health and wellness are broad terms that encompass various aspects of an individual's overall well-being, both physical and mental. Ascorbic acid, commonly known as vitamin C, plays a pivotal role in promoting health and wellness. Its powerful antioxidant properties contribute to the body's defense against oxidative stress, bolstering the immune system and supporting overall well-being. For instance, in September 2022, McKinsey & Company, a US-based management consulting firm, in a survey of 7,500 consumers in six countries, 79% stated wellbeing is essential, and 42% said it is a top priority. Therefore, an increase in awareness for health and wellness is driving the ascorbic acid market.
Product innovations are a key trend gaining popularity in the ascorbic acid market. Major market players are concentrating their efforts on innovations in ascorbic acid for several applications, such as in cosmetics, to sustain their position in the ascorbic acid market. For instance, in August 2022, NeoStrata, Inc., a US-based pharmaceutical company that develops skin care products, launched Vitamin C Serum. This innovative serum consists of 15% Vitamin C, 2% Gluconolactone (PHA), 1% Feverfew Extract, and Green Tea Extract. This serum helps to reduce uneven skin tone, dark spots, and observable skin discoloration and defends against environmental irritants.
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Major Key Players of the Market:
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.
Ascorbic Acid Market 2024 Key Insights:
• 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%.
• Addressing Chronic Diseases And Enhancing Global Health
• Ascorbic Acid's Evolution In Diverse Applications, With A Spotlight On Neostrata's Vitamin C Serum In Cosmetics
• Asia-Pacific was the largest region in the ascorbic acid market in 2023
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