Ascorbic Acid Market to Reach $2.2 Billion Globally, by 2031 at 5.2% CAGR: Allied Market Research

Growing demand for functional food & beverages, introduction of innovative technologies, a heavy inflow of investments in R&D, and the upcoming trend of using natural flavor essence owing to a rise in health awareness drive the global ascorbic acid market growth.

PORTLAND, Ore., Jan. 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Ascorbic Acid Market by Type (Sodium Ascorbate, Potassium Ascorbate, Calcium Ascorbate, Magnesium Ascorbate, Others), by Application (Food and Beverages, Pharmaceutical, Beauty and Personal Care, Animal Feed), by Form (Powder, Liquid): Global Opportunity Analysis and Industry Forecast, 2021-2031" According to the report, the global ascorbic acid industry generated $1.3 billion in 2021, and is estimated to reach $2.2 billion by 2031, witnessing a CAGR of 5.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Rise in demand for functional food & beverages, introduction of innovative technologies and new production techniques, a heavy inflow of investments in R&D activities, the upcoming trend of using natural flavor essence owing to a rise in health awareness, and the growing demand for stabilizers and antioxidant food ingredients across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals drive the growth of the global ascorbic acid market. However, wider availability of other additives in the market and health issues arising due to overconsumption of these regulators hamper the global market growth. On the other hand, innovation in ascorbic acid production and the growth in their demand across emerging economies are expected to open new opportunities for the players in the ascorbic acid market during the forecast period.

Covid-19 Scenario

• The Covid-19 pandemic negatively impacted the ascorbic acid market, as production and processing of ascorbic acid were hampered. There were stringent restrictions on trades and imports from the government, disruption in the distribution channel, and difficulties in obtaining raw material and machinery. Border-crossing restrictions and limited access to professional services and labor were other challenges faced by the industry.
• Consequently, the demand for ascorbic acid declined and processing capacity for production decreased, leading to worse sales conditions and delayed overall production and market activities. Changes in customer tastes and perceptions led to the reduced demand for ascorbic acid among food manufacturers, thereby affecting sales and profitability.
• The market has stabilized post the pandemic.

The food and beverages segment to dominate in terms of revenue during the forecast period

Based on application, the food and beverages segment was the largest market in 2021, contributing to more than two-fifths of the global ascorbic acid market, and is expected to maintain its leadership status during the forecast period. This is owing to the wide application of ascorbic acid as a preservative, flavoring agent, taste enhancer, or taste modifier in confectionery, sauces, bakery, and others. The beverages market is one of the top growing markets globally due to the increase in population, rise in popularity of flavored carbonated drinks, and rise in product launches by beverage manufacturers. The beauty and personal care segment is projected to witness the fastest CAGR of 6.7% from 2022 to 2031, owing to the increased awareness and adoption of beauty products among consumers worldwide.

The powder segment to maintain a prominent growth during the forecast period

Based on form, the powder segment held the largest market share of nearly three-fifths of the global ascorbic acid market in 2021 and is expected to maintain its dominance during the forecast period. The same segment is projected to witness the fastest CAGR of 5.6% from 2022 to 2031, owing to its increased market penetration and usage in the food and beverages industry.

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Asia-Pacific to maintain its dominance by 2031

Based on region, Asia-Pacific was the largest market in 2021, capturing nearly two-fifths of the global ascorbic acid market, and is expected to lead in terms of revenue in 2031. Asia-Pacific consumers acknowledge the consumption of packaged food as they help save time and replenish hunger. China is the largest ascorbic acid manufacturing country in the world and has the highest share of export for ascorbic acid. However, the market in Europe would manifest the fastest CAGR of 6.0% during the forecast period, owing to the increase in the use of ascorbic acid in beauty and personal care products in the region.

Leading Market Players

• Luwei Pharmaceutical Group Co., Ltd.
• Merck KGaA
• Medisca Inc.
• Vega Group company Limited
• Chemceed
• Reckon Organics Private Ltd.
• Superior Supplement Manufacturing
• CSPC Pharmaceutical Group Limited
• FUJIFILM Corporation
• Muby Chemicals
• Aland Health Holding Ltd.
• Bactolac Pharmaceutical Inc.
• Foodchem International Corporation
• Botanic Healthcare
• ACP Chemicals Inc.
• Pharmavit
• Northeast Pharmaceutical Group Co., Ltd.
• Koninklijke DSM N.V.
• Blagden Specialty Chemicals Ltd.
• Glanbia PLC

The report analyzes these key players of the global ascorbic acid market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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