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Ascorbic Acid Industry Expected to Reach $2.35 Billion by 2029 at 8.8% CAGR
Ascorbic Acid Market
Ascorbic Acid Market Value Projection: How Much Will the Market Size by 2025?
The market size of ascorbic acid has seen robust growth in the past few years. It is projected to increase from a valuation of $1.59 billion in 2024 to around $1.68 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 5.7%. This historical growth has been fueled by trends in health and nutrition, coupled with surging demand in the food and beverage industry, integration in pharmaceutical products, nutritional supplements and nutraceuticals, along with functional food items.
What Will Be the Market Growth Forecat for Ascorbic Acid in 2029?
In the coming years, the ascorbic acid market is projected to witness significant expansion. By 2029, the market size is predicted to reach $2.35 billion, growing at a compound annual growth rate (CAGR) of 8.8%. The expected growth during the forecast period can be linked to strategies focusing on cost efficiency, preparedness for health crises, consumer inclination towards natural additives, and the dynamics of the global supply chain. Key trends predicted for the forecast period involve practices aimed at promoting sustainable agriculture, a focus on health and immunity, supplements for animal feed, technological advancements, and changes in global trade dynamics.
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What Are the Core Competitive Drivers in the Ascorbic Acid Industry?
The growth of the ascorbic acid market is expected to be spurred by the increasing urgency to minimize the threat of chronic diseases. These are illnesses that typically can be managed, but not fully cured. The use of ascorbic acid and its associated products can notably aid in slowing down chronic disease progression, thus improving the overall health conditions of those afflicted. In September 2022, the World Health Organization (WHO), a worldwide health institution based in Switzerland, stated that chronic diseases are responsible for 74% of the annual 41 million global deaths. Cardiovascular diseases took 17.9 million lives, cancer 9.3 million, chronic respiratory diseases 4.1 million, and diabetes 2.0 million. Consequently, the escalating demand to decrease the risk of chronic diseases is anticipated to fuel the expansion of the ascorbic acid market.
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Which Ascorbic Acid Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Ascorbic Acid Market?
A key trend emerging in the ascorbic acid market focuses on product innovation. Major players in the market are leveraging such advancements, particularly within a range of applications including cosmetics, in order to maintain their position. For example, NeoStrata Inc., a pharmaceutical firm based in the US specializing in skincare products, rolled out its Vitamin C Serum in August 2022. The innovative formula of the serum includes 15% Vitamin C, 2% Gluconolactone (PHA), 1% Feverfew Extract, and Green Tea Extract. This product works to even out skin tone, lighten dark spots, reduce noticeable skin discoloration and serve as a shield against environmental stressors.
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Who Are the Leaders in the Ascorbic Acid Market?
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 Regional Ascorbic Acid Markets Offer the Greatest Growth Potential?
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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