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Ascorbic Acid Market: Major Trends Reshaping the Future of the Industry
Ascorbic Acid Market Size
What Will the Ascorbic Acid Industry Market Size Be by 2025?
The market for ascorbic acid has seen robust growth in the past few years. Its market scale will increase from $1.59 billion in 2024 to $1.7 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%. The previous growth can be credited to trends in health and nutrition, increasing demand from the food and beverage industry, usage in pharmaceuticals, s and nutraceuticals, and functional food products.
What's the Long-Term Growth Forecast for the Ascorbic Acid Market Size Through 2029?
The market for ascorbic acid is predicted to witness substantial expansion in the coming years, reaching a value of $2.42 billion in 2029 with a compound annual growth rate (CAGR) of 9.2%. The anticipated growth during this forecast period can be credited to strategies focusing on cost efficiency, readiness for health crises, a consumer preference for natural additives, and the worldwide supply chain dynamics. Key trends for this period entail practices in sustainable agriculture, focus on health and immunity, s for animal feed, technological advancements, and worldwide trade dynamics.
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What Are the Key Growth Drivers Fueling the Ascorbic Acid Market Expansion?
The escalating demand to decrease the susceptibility to chronic illnesses is projected to propel the ascorbic acid market's expansion in the future. Chronic illnesses are enduring ailments that generally can be managed, but not entirely cured. The intake of ascorbic acid and its associated products can markedly amplify the deceleration of chronic illness and better the health condition of patients. For example, the World Health Organization (WHO), a Switzerland-based international health institution, indicated in September 2022 that 74% of the global 41 million deaths annually are due to chronic diseases. Deaths due to cardiovascular diseases were 17.9 million, cancer caused 9.3 million deaths, chronic respiratory diseases resulted in 4.1 million deaths, and diabetes led to 2.0 million fatalities. Hence, the increasing requirement to decrease the prevalence of chronic diseases will bolster the ascorbic acid market's growth.
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What Are the Key Trends Driving Ascorbic Acid Market Growth?
Innovations in product development are becoming a significant trend in the ascorbic acid market. Major players in the market are focusing on creating unique ascorbic acid solutions for use in different applications including in the cosmetic industry to maintain their stronghold in the market. For example, NeoStrata Inc., a United States-based pharmaceutical company that specializes in skincare products, introduced a Vitamin C Serum in August 2022. This unique formulation includes 15% Vitamin C, 2% Gluconolactone (PHA), 1% Feverfew Extract, and Green Tea Extract. The serum is designed to diminish uneven skin complexion, dark marks, noticeable skin discoloration while providing protection against environmental pollutants.
How Is the Ascorbic Acid Market Segmented?
The ascorbic acid market covered in this report is segmented -
1) By Type: Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate, D-Isoascorbic Ascorbate
2) By Grade: Pharmaceuticals Grade, Food Grade, Other Grades
3) By Form: Tablet, Tonic, Injection
4) By Distribution Channel: Online, Offline
5) By Application: Food And Beverages, Pharmaceutical, Cosmetics, Chemicals, Agriculture, Other Applications
Subsegments:
1) By Calcium Ascorbate: Powdered Calcium Ascorbate, Granulated Calcium Ascorbate
2) By Sodium Ascorbate: Powdered Sodium Ascorbate, Granulated Sodium Ascorbate
3) By Magnesium Ascorbate: Powdered Magnesium Ascorbate, Granulated Magnesium Ascorbate
4) By Potassium Ascorbate: Powdered Potassium Ascorbate, Granulated Potassium Ascorbate
5) By D-Isoascorbic Ascorbate: Powdered D-Isoascorbic Ascorbate, Granulated D-Isoascorbic Ascorbate
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Which Companies Are Leading the Charge in Ascorbic Acid Market Innovation?
Major companies operating in the ascorbic acid market are 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.
Which Regions Are Leading the Global Ascorbic Acid Market in Revenue?
Asia-Pacific was the largest region in the ascorbic acid market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the ascorbic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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