As per a new research report by FMI, demand for ascorbic acid is estimated to reach US$ 321.5 Mn by 2032, surging at 6.2% CAGR throughout the forecast period. The market is anticipated to stand at US$ 176.8 Mn by the end of 2022.
The rising popularity of ascorbic acid due to its various health benefits is anticipated to push sales in the global market. Ascorbic acid, also known as ascorbic acid, is a water-soluble nutrient that is mainly found in fruits and vegetables. It is considered essential for growth and development. It also helps to maintain healthy teeth, bones, cartilage, muscles, and blood vessels. At the same time, it helps to protect an individual against infection by boosting the immune system.
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Ascorbic Acid has been used for centuries for its medicinal properties. However, recently, there has been an increased interest in using it as a dietary supplement. Many forms of the product are available on the market such as powders, tablets, capsules, and liquids. Ascorbic Acid is often added to multivitamins or taken alone for additional health benefits such as reducing inflammation or supporting cardiovascular health.
The market for products containing ascorbic acid has grown rapidly in recent years due to its numerous benefits. There are wide varieties of new trends emerging in the ascorbic acid market that are revolutionizing the industry. One of the most important drivers of the global ascorbic acid market is its increasing use in food production. Companies are using it to reduce spoilage and improve shelf life of products such as beverages, processed foods, baked goods, and dairy items.
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Key Takeaways from the Ascorbic Acid Market Study
- During the historical period (2017 to 2021), the global ascorbic acid market exhibited a CAGR of 5.8%.
- The U.S. ascorbic acid market is likely to generate a share of nearly 90.2% in North America during the evaluation period.
- The U.K. ascorbic acid market is projected to exhibit steady growth at a CAGR of 5.9% during the assessment period.
- Sales of ascorbic acid in India are expected to witness growth at 7.1% CAGR from 2022 and 2032.
- Demand for ascorbic acid in China is estimated to rise rapidly and the market is projected to showcase a CAGR of 6.2% in the next ten years.
“Increasing awareness about the benefits of consuming vitamin C on a daily basis is anticipated to drive sales of ascorbic acid in the next ten years. Besides, ability of ascorbic acid to promote wound healing, lower fatigue, and enhance one’s immune system functioning is anticipated to drive sales,” says a lead analyst at Future Market Insights.
Competitive Landscape: Ascorbic Acid Market
The market for ascorbic acid is very competitive in nature worldwide. Some of the key factors driving market expansion include introduction of new product varieties, acquisition of small-scale market participants, and growing awareness about the benefits of ascorbic acid through various promotional activities & programs.
Some of the leading companies offering ascorbic acid are Northeast Pharmaceutical Group Co., Ltd, Shandong Luwei Pharmaceutical, Foodchem International Corporation, BASF SE, and Aland Nutraceuticals Group.
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Ascorbic Acid Market Outlook by Category-
By Form:
- Powder
- Liquid
By Application:
- Food and Beverage
- Pharmaceuticals
- Nutraceuticals
- Cosmetics and Personal Care
- Pet Food
- Animal Feed
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- MEA
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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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