Ascorbic Acid Market Share, Trends, Growth Drivers, CAGR Status, Key Players, Business Challenges and Forecast Analysis by 2023-2033: SPER Market Research
Vitamin C in its purest form is called ascorbic acid. It is a water-soluble vitamin that is necessary for human development and growth. It is also necessary for the preservation of bones, connective tissue, and teeth. The body uses vitamin C to help absorb iron from food. One of the most vital nutrients is vitamin C, which aids in the body’s defence against a variety of illnesses, including eye disorders, cardiovascular disease, and prenatal health issues.
According to SPER market research, ‘Ascorbic Acid Market Size- By Application, By Type- Regional Outlook, Competitive Strategies and Segment Forecasts to 2032 – state that the Global Ascorbic Acid Market is predicted to reach USD 2.45 billion by 2033 with a CAGR of 5.43%.
Global demand for ascorbic acid is largely driven by the rise in demand for functional foods and beverages. In addition, new production methods, cutting-edge technologies, and a significant influx of capital into research and development are the other factors anticipated to fuel the ascorbic acid market’s expansion. Because people are becoming more conscious of their health, using natural flavour essences like ascorbic acid is becoming more popular. Furthermore, the market for natural ascorbic acid regulators is being driven by the increasing demand for stabilizers and antioxidant food ingredients in European countries for the production of commercialized clean label or green food products free of harmful chemicals and additives. Manufacturers are able to create novel flavours in response to shifting consumer preferences thanks to technological advancements. Utilizing cutting-edge technologies gives food flavours that are unique and inventive.
Obstacles that were specific to the season included labour shortages and limitations on crossing borders. These worries caused a decline in the market demand for ascorbic acid and a reduction in the processing capacity for production, which in turn caused worsening sales conditions and a delay in all market and production activities. Because they function as a functional agent to supply energy and antioxidants, calcium additives, like calcium ascorbate, are primarily found in bakery and dairy products.
Impact of COVID-19 on Vitamin C Ascorbic Acid Market
As a result of COVID-19, which disrupted the supply chain and made it harder to get production inputs like raw materials and machinery, as well as the government’s strict import and trade restrictions, ascorbic acid production and processing were hindered. Seasonal issues included labour shortages, restrictions on crossing borders, and restricted access to expert services. These worries caused a decline in the market demand for ascorbic acid and a reduction in the processing capacity for production, which in turn caused worsening sales conditions and a delay in all market and production activities.
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Growing populations, economies, urbanization, and awareness of the advantages of eating ascorbic acid-rich food are all occurring in emerging markets like Asia-Pacific, Latin America, and Africa. Asia and Africa are expected to house over 75% of the world’s population. These two regions are home to the majority of emerging economies that are seeing rapid economic expansion. Because ascorbic acid has functional qualities that make it a useful ingredient in food processing, the number of quick-service restaurants and fast-food chains, beverage processing companies, and food processing companies has increased. This has increased demand for ascorbic acid. Furthermore, because soft drinks and sodas have more flavour and taste, a considerable increase in their consumption contributes to the growth of ascorbic acid.
Vitamin C Market Key Players:
Furthermore, ACP Chemicals Inc., Bactolac Pharmaceutical Inc., Blagden Specialty Chemicals Ltd., are major players in the market.
Ascorbic Acid Market Segmentation:
By Application: Based on the Application, Global Ascorbic Acid Market is segmented as; Food and Beverages, Pharmaceutical, Beauty and personal care, Animal Feed.
By Type: Based on the Type, Global Ascorbic Acid Market is segmented as; Potassium Ascorbate, Calcium Ascorbate, Magnesium Ascorbate, Sodium Ascorbate, Others.
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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