Ascorbic Acid Market to Reach Valuation of USD 2 Billion by 2030 – Growth in Need from Fortified/Functional Food and Beverage Application Drives the Market

In terms of revenue, the Global Ascorbic Acid Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.5% from 2023 to 2030.

The water-soluble vitamin C, also known as Ascorbic Acid, is primarily found in fruits and veggies. It is necessary for development and progress. Additionally, it supports the preservation of strong blood vessels, dentition, bones, cartilage, and muscles. In addition, by strengthening the immune system, it aids in defending against infection. Therefore, global demand for functional foods and beverages is a major factor driving the Ascorbic Acid industry. Additionally, new manufacturing methods, innovative technologies, and a significant increase in investments in R&D activities are the other elements anticipated to support the expansion of the Ascorbic Acid market.

Due to increased health consciousness, natural flavorings like Ascorbic Acid are becoming more popular. A further factor driving the growth of natural Ascorbic Acid regulators is the rise in demand for stabilizers and antioxidant food ingredients across European nations to create commercialized clean-label or green food products free of additives and other harmful chemicals. Manufacturers can now create novel tastes to meet the shifting preferences of their customer's thanks to technological advancements. The use of sophisticated technologies produces innovative and novel tastes in food. During the forecast period, Ascorbic Acid market participants should benefit from innovations in Ascorbic Acid production and rising demand for the product in emerging countries.

Key Highlights from the Report

· By Applications, the Food & Beverage market segment is anticipated to dominate the Ascorbic Acid market with the largest market share in the forecast period owing to the expanded use of the acid as a food preservative, flavor enhancer, or flavor modifier in baked goods, sauces, and other foods.

· Based on the segmentation Forms, the Powder segment accounted for the maximum CAGR during the forecast period. Compared to its substitute, the powder is much easier to store and has an extended shelf life.

· Based on the Region, Asia Pacific held the most significant market revenue and is likely to be the most gainful market during the forecast period due to the availability of numerous affordable facilities.

Market Dynamics

Ascorbic Acid has recently reemerged as a potential anti-cancer agent due to mounting evidence regarding the pharmacokinetics of intravenous ascorbate and its mechanism of action against tumor cells. According to research, Ascorbic Acid administered orally and intravenously has distinct effects on cancer cells, and ascorbate therapy can be successful using the proper protocols. By increasing extracellular collagen production and fortifying the extracellular matrix, Ascorbic Acid has dramatically lowered the incidence of most malignancies in humans. Clinical laboratory tests have also shown that Ascorbic Acid is highly toxic to several cancer cell types, causing necrosis, apoptosis, and pyknosis. Considering vitamin C's positive effects on tissue repair and regeneration, immune health, and detoxification, combining vitamin C with chemotherapy may also be helpful. Scurvy is more likely to strike cancer patients than other people, though its likelihood can be reduced with intravenous vitamin C delivery. One of the main factors anticipated to fuel market revenue growth is an increase in investment to speed up research on intravenous ascorbate as a cancer treatment.

The demand for fortified foods and drinks is growing along with the number of people becoming more health conscious. Consumers, mainly in developed and developing nations like the United States, India, China, and Germany, are increasingly turning to nutrient-based and other products with functional ingredients to prevent illnesses or treat existing health problems. For example, businesses have added Ascorbic Acid to products in response to consumer demand for fortified food and beverages. Additionally, several government programs are being implemented to promote the consumption of fortified foods and beverages, particularly in emerging nations like India and China.

The Asia Pacific area is anticipated to hold the majority of the market share for Ascorbic Acid globally. The region's market is expected to expand due to factors like the abundance of low-cost facilities and consumers' increasing reliance on functional foods. Additionally, during the forecast period, the Asia Pacific Ascorbic Acid market is anticipated to grow due to advancements in bioactive ingredients and increasing consumer demand for dietary supplements. Furthermore, sales of goods that incorporate Ascorbic Acid on a bigger scale are predicted to increase due to the growing number of consumers deficient in micronutrients like iodine, vitamins A and C, iron, folate, and zinc.

The Global Ascorbic Acid Market is Segmented as follows

• Applications
  • Food & Beverages
  • Pharmaceutical
  • Beauty & Personal Care
  • Animal Feed
• Types
  • Potassium Ascorbate
  • Calcium Ascorbate
  • Magnesium Ascorbate
  • Other Types
• Forms
  • Powder
  • Liquid
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Ascorbic Acid Market is

Luwei Pharmaceutical Group Co. Ltd. (China), Merck KGaA (Germany), Medisca Inc. (Canada), Vega Group Company Limited (China), Chemceed (U.S.), Reckon Organics Private Ltd. (India), Superior Supplement Manufacturing (U.S.), CSPC Pharmaceutical Group Limited (China), FUJIFILM Corporation (Japan), Muby Chemicals (India), Aland Health Holding Ltd (China), Bactolac Pharmaceutical Inc. (U.S.), Foodchem International Corporation (China), Botanic Healthcare (India), ACP Chemicals Inc (Canada), Pharmavit (U.S.), Northeast Pharmaceutical Group Co. Ltd. (China), Koninklijke (Netherlands), DSM N.V. (Netherlands), Blagden Specialty Chemicals Ltd. (U.K.), Glanbia PLC (Ireland)

The Global Ascorbic Acid Market Scope can be Tabulated as below