Ascorbic Acid Market to Grow with a CAGR of 5.40% Globally through 2029

Health & wellness trends and globalization of the cosmetic industry are expected to drive the Global Ascorbic Acid Market growth in the forecast period, 2025-2029

According to TechSci Research report, “Ascorbic Acid Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029”, the Global Ascorbic Acid Market stood at USD 1.93 billion in 2023 and is anticipated to grow with a CAGR of 5.40% in the forecast period, 2025-2029. This can be attributed to pharmaceutical applications. The pharmaceutical industry continues to be a major contributor to the growth of the ascorbic acid market. Vitamin C is an essential component in the formulation of various medications and dietary supplements. Its antioxidant properties, coupled with its role in collagen synthesis, make it a valuable ingredient in the production of pharmaceutical products, contributing to the market's sustained growth.

Furthermore, ascorbic acid has found its way into the beauty and personal care industry, driven by its antioxidant and skin-brightening properties. The demand for skincare and cosmetic products containing ascorbic acid has surged as consumers seek products that promote skin health and combat the effects of aging. This expanding application contributes to the overall growth of the ascorbic acid market.

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Ascorbic acid, commonly known as vitamin C, is a water-soluble vitamin present in various foods and supplements. Recognized for its indispensable role in normal growth, development, and the upkeep of healthy tissues, vitamin C primarily supports immune health but offers a range of additional benefits. It aids in the absorption of iron from food, plays a pivotal part in collagen formation, and functions as an antioxidant, safeguarding cells against damage caused by free radicals. Abundant in fruits and vegetables like oranges, lemons, strawberries, red peppers, and broccoli, vitamin C can also be obtained through supplements or topical applications for reducing wrinkles and age spots on the skin.

In November 2021, TCP Group, a Thailand-based provider of beverage production and distribution services, collaborated with DHC, a reputable Japanese food supplement manufacturer. Their joint venture is aimed at entering Thailand's vitamin C market, valued at 7 billion baht. Through this partnership, the companies co-created Hi! x DHC, a 200% vitamin C shot drink.

The Global Ascorbic Acid Market is segmented into application, regional distribution, and company.

Based on its application, food & beverage is poised to dominate the application landscape of the Global Ascorbic Acid Market. The dominance of the food and beverage sector in the global ascorbic acid market is rooted in its widespread application and the ever-growing consumer demand for fortified and healthier food products. Ascorbic acid, also known as Vitamin C, plays a crucial role in food preservation, enhancing shelf life, and maintaining product quality. The food and beverage industry leverages ascorbic acid as a key ingredient in various products, including juices, snacks, and processed foods, owing to its antioxidant properties and ability to prevent oxidative deterioration. Furthermore, the increasing awareness among consumers about the health benefits of ascorbic acid contributes to its significant presence in the food and beverage sector. With the global emphasis on wellness and nutritional content, food and beverage companies are poised to dominate the market by incorporating ascorbic acid into a diverse range of products, meeting the evolving preferences of health-conscious consumers worldwide.

Based on region, the Asia-Pacific region is poised to assert dominance in the Global Ascorbic Acid Market. One of the primary drivers is the burgeoning population in the region, coupled with rising disposable incomes and changing dietary habits. As consumers become more health-conscious, there is a growing demand for food and beverages fortified with ascorbic acid, which is recognized for its numerous health benefits. Additionally, the robust presence of the food processing industry in countries like China and India further amplifies the demand for ascorbic acid as a vital ingredient in various products. The proactive initiatives by governments in the Asia-Pacific region to encourage and support the food and pharmaceutical industries also contribute to the dominance of this region in the global ascorbic acid market. With a combination of a large consumer base, economic growth, and supportive regulatory environments, Asia-Pacific is positioned as a key hub for the production and consumption of ascorbic acid, making it a dominant force in the market. 

Major companies operating in Global Ascorbic Acid Market are:

• BASF SE
• Merck KGaA
• Koninklijke DSM N.V.
• Northeast Pharmaceutical Group Co Ltd
• Foodchem International Corporation
• Hansoh Pharmaceutical Group Co Ltd
• M.C.Biotec Inc.
• Freshine Chem
• CSPC Pharmaceutical Group Ltd
• Shandng Luwei Pharmaceutical Co Ltd.

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“Global Ascorbic Acid Market is on the cusp of exciting transformations, driven by innovative applications, sustainability initiatives, and shifts in consumer behavior. Industry players willing to adapt to the upcoming trends will not only navigate challenges but also seize opportunities to thrive in an evolving market landscape. The future of the ascorbic acid market promises a blend of technological advancements, consumer-centric approaches, and sustainability practices that will define its trajectory in the years to come,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Ascorbic Acid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2019-2029 Segmented By Application (Food & Beverage, Pharmaceuticals & Healthcare, Beauty & Personal Care, Animal Feed), By Region, and By Competition ”, has evaluated the future growth potential of Global Ascorbic Acid Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Ascorbic Acid Market.

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