PUBLISHER: Allied Market Research | PRODUCT CODE: 1225023
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225023
The global ascorbic acid market was valued at $1.3 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031. Ascorbic acid, also known as vitamin C, are derived naturally from citrus fruits such as lemons and limes. Lemons, grapefruit, limes, and other citrus fruits naturally produce ascorbic acid (C6H8O6). The fungus Aspergillus Niger and Candida lipolytica, which produces more ascorbic acid than the other fermentation techniques. Calcium ascorbate, magnesium ascorbate, sodium ascorbate, potassium ascorbate, and additional forms of ascorbic acid are available in the market. The most popular kind of sodium ascorbate is used as a preservative, pH indicator, antioxidant, coloring agent, and to add a sour and nutritious flavor to food and beverages.
Ascorbic acid market is segmented into by type which include sodium ascorbate, magnesium ascorbate, potassium ascorbate, calcium ascorbate, and others. On the basis of application, the ascorbic market is categorized into food & beverages, pharmaceuticals, beauty & personal care, and animal feed. On the basis of form, the market is bifurcated into powder and liquid. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, UK, and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights the key areas of investment. In addition, it includes Porter's five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features the strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of the key players to increase their market share and sustain the intense competition in the industry.
The availability of functional and processed food products such as jam, meat, bakery & confectionery, dairy products, and others in the market has attracted consumers for a few years. The consumers look for multi-functional food that will fulfill their nutritional requirements through food in their daily diet. Rise in health awareness among the consumers plays a major role in their food choices that presents manufacturers with a huge opportunity to offer healthy products in innovative ways. According to the report by the Kerry Group 2020, the global functional food market was valued at $230 billion that was expected to reach $253 billion by the end of the year 2022. Functional food products are developing according to the demand of the market and consumer necessities with time. The manufacturers are utilizing several nutrients such as protein, vitamins, fat, and others to develop novel products that are demanded in the market. Ascorbic acid is one of the most important nutrients that fulfill the requirements of functional food by offering several benefits such as antioxidants, energy production, and others. Functional food manufacturing companies are trying different combinations of ascorbic acids in their food that would help increase the overall production. Rise in sales of functional food thus boosts the growth of the ascorbic acid market.
Asia-Pacific is the major market for ascorbic acid in the year 2021, owing to the growing food and pharmaceutical industries in the region. Asia-Pacific is studied across China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. There is a rapid expansion of the market in this region as a result rise in living standards and increase in disposable of money among customers. Asia-Pacific consumers acknowledge the consumption of functional food as they help to maintain healthy livings. China is the largest ascorbic acid manufacturing country in the globe and holds the highest share of export for ascorbic acid worldwide. The market for ascorbic acid is anticipated to grow during the forecast period with evolving regulatory dynamics in the region and an increase in demand for natural variants.
The ascorbic acid market for Asia-Pacific is expected to grow as the population becomes interested in the variants of food products available in the market. Food manufacturers use unique and sustainable packaging that shows the form of ascorbic acid used in the product to convey to the consumers that the ingredients present in the product are safe and nutritious for consumption. Furthermore, customers look for products that are sourced and produced sustainably. This trend has created new growth opportunities for the main players in the ascorbic acid market to introduce natural ascorbic acid derived from citrus fruits. Ascorbic acid has gained popularity in the Asia-Pacific region, and to cater to the increase in demand, various countries have started producing ascorbic acid in large quantities. All these factors are anticipated to boost the ascorbic acid market in the region during the forecast period.
Key Benefits For Stakeholders
By Application
By Type
By Form
By Region