Ascorbic Acid Market : Challenges, Drivers, Analysis, Industry Shares and Forecast to 2031

The global ascorbic acid market size was valued at $1.3 billion in 2021, and is estimated to reach $2.2 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.

Increase in utilization of ascorbic acid in premium and multifunctional beverages is driving the market expansion, however, the industry is facing significant challenges due to the wider availability of other additives in the market.

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Citrus fruits such as lemons, grapefruit, limes, and others naturally produce ascorbic acid. It is synthesized artificially by the fungus Aspergillus Niger and Candida lipolytica, which generates more ascorbic acid than the others. Ascorbic acid comes in several variants: sodium ascorbate, potassium ascorbate, calcium ascorbate, magnesium ascorbate, and others. Sodium ascorbate is the most common type used to provide a sour and nutritional flavor to foods & beverages, and also serves as a preservative, pH indicator, antioxidant, and coloring agent.

Availability of functional and processed food products such as bakery, dairy products, and others in the market has attracted consumers for the past two to three decades. Packaged products are developing according to the demand of the Ascorbic Acid Market and consumer necessities. At present, consumers expect the best quality of food & beverages products offered by manufacturing companies. Functional ready food is extremely convenient, less time-consuming, and cost-efficient, and less effort is necessary for meal preparation.

The benefit has increased the demand for functional drinks, particularly among the working population and students.

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France, Germany, Italy, Spain, UK, and the Rest of Europe. The ascorbic acid market is gaining popularity in European countries, owing to its high usage in different kinds of products that are produced especially in Europe. The availability of organic & conventional variants of ascorbic acid in the market has eased its way to being a popular choice of food additives among food & beverages companies. The European population is becoming familiar with the use of ascorbic acid as the government is taking initiatives to reduce the use of phosphate salts that are being used in the production of different kinds of food & beverage products. Adoption of functional food is shaping the Ascorbic Acid Market Trends.

Key players profiled in this Ascorbic Acid Market Analysis include Koninklijke DSM N.V., Northeast Pharmaceutical Group Co., CSPC Pharmaceutical Group Limited, Muby Chemicals, Shandong Luwei Pharmaceutical, Glanbia Nutritionals China (Suzhou) Co., Ltd., LabChem Inc., Merck KGaA, Foodchem International Corporation, Blagden Speciality Chemicals Ltd., Bactolac Pharmaceutical Inc., Aland Nutraceuticals Group, Fujifilm, Medisca Inc., Superior Supplement Manufacturing, Pharmavit, Reckon Organics Pvt. Ltd., ChemCeed LLC, Botanic Healthcare, and Vega Group company limited.

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