Global Ascorbic Acid Market – Growth, Trends and Forecasts (2017 - 2022)
The global ascorbic acid market accounted for USD 860.8 million in 2016 and is expected to reach USD 1093.1 million by 2022, registering a CAGR of 4.9% during 2017-2022 (the forecast period).
Ascorbic acid, with its salt derivatives, and ascorbyl palmitate are classified as food additives by the European Community and registered as ‘Generally Recognized as Safe’ (GRAS) substance by the US Food & Drug Administration (FDA), which has accelerated the demand for ascorbic acid from food & beverages industry in the European region.
The global ascorbic acid market is expected to witness a high growth rate in the coming decade, owing to vitamin deficiency concerns caused due to changing lifestyles and dietary habits, around the world. Asia-Pacific is expected to be the fastest growing market for ascorbic acid, during 2017-2022 (the forecast period), due to the growing demand and the availability of low-cost manufacturing facilities in China.
The North American and European markets are set to grow due to the rising health issues like diabetes, which, in turn, is fueling the demand for ascorbic acid as a substitute for low-calorie sweetener.
Ascorbic acid, a common source of vitamin C, is used in various important end-use industries. The market is segmented, based on end-user, into pharmaceuticals, food & beverages, personal care, and ‘others’. In the pharmaceutical industry, ascorbic acid finds a major application in the manufacture of antioxidants. The food & beverage industry holds a major share and is growing at a high rate, owing to the rising health issues, thus, acting as a substitute for sweeteners. The report also analyses the demand pattern of various markets based on geography, which includes North America, Europe, Asia-Pacific, Latin America, and ‘others’, where Asia-Pacific holds the largest market share.
Leading manufacturers and suppliers in the ascorbic acid industry include:
Northeast Pharmaceutical Group
Shandong Luwei Pharmaceutical
Bactolac Pharmaceutical Inc.
Aland Nutraceuticals Group
The report proposes strategies for the respective companies based on market trends.
Our Global Ascorbic Acid Market Report Covers:
Market trends & dynamics
Latest News & developments
Porter’s five force analysis
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