According to the report, the global ascorbic acid market is expected to reach USD 1083.8 million by 2021, growing at a CAGR of around 4.8% till 2021.
Ascorbic acid a water-soluble micronutrient is necessary for normal growth and development. In the body ascorbic acid helps to form collagen in bones, cartilage, muscle, and blood vessels and aids in the absorption of iron. It is an antioxidant that helps maintain the connective tissue protein collagen and protects against infection. Ascorbic acid is widely distributed in nature, mostly rich in fresh fruits and leafy vegetables such as guava, mango, papaya, cabbage, mustard leaves and spinach. Animal sources of this vitamin such as poultry, meat, fish, eggs and dairy products contain minor amounts and are not major sources. Ascorbic acid generally occurs in white solid form. Severe deficiency of vitamin C causes scurvy. Patients with scurvy are treated with vitamin C. The chemical properties of ascorbic acid provide a broad range of industrial applications. Ascorbic acid is used in multiple end-user industries including food & beverages, pharmaceutical, personal care and others.
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Changing lifestyle, eating habits of people and lack of exercise is affecting people health. This, in turn, is resulting in an increase the number of diabetic patients and other health issues. These health issues are expected to open a wide array of opportunities for growth of ascorbic acid in pharmaceutical industry. Moreover, ascorbic acid possesses good antioxidant properties and can act as a reducing agent. As a result, huge demand can be seen for potassium (K), calcium (Ca) and sodium (Na) salts of ascorbic acid. Ascorbic acid production is hugely dependent on the availability of raw material. Thus, any fluctuation in availability and prices of raw material can severely affect the ascorbic acid market. Thus, it can act as a possible restraint for growth ascorbic acid market. However, investments in research and development by major industry players coupled along with exponential technological advancements in the pharmaceutical industry is expected to act as a major opportunity for ascorbic acid market.
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The majority of ascorbic acid manufactured is used as an antioxidant. The major end-user industries of ascorbic acid are pharmaceuticals, food & beverages, personal care, and others. The pharmaceutical industry is the largest consumer of ascorbic acid. Vitamin C helps to recycle vitamin E. About one-third of the total production of ascorbic acid is used for vitamin preparations in the pharmaceutical industry. The rest is mainly applied as an additive to food and feed to enhance product quality and stability. Ascorbic acid added to foodstuffs during processing or before packing protects color, aroma and nutrient content. The usage of ascorbic acid in food & beverages industry is expected to grow at a healthy CAGR during the forecast period.
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In terms of geography, Asia-Pacific was the largest consumer of ascorbic acid in 2015. The consumption in Asia Pacific is expected to grow at a rapid pace mainly due to the availability of low-cost manufacturing facilities in China. China is the largest consumer and producer of ascorbic acid. Moreover, the ever-increasing demand for food and health supplements primarily in Asia Pacific is expected to boost the demand for ascorbic acid in this region. Europe and North America also consume ascorbic acid on large scale. The demand for ascorbic acid in this region is also expected to grow in coming years as a result of increasing demand for personal care and food & beverages end-user industry. Ascorbic Acid demand is increasing in emerging nations such as Brazil, India, and China.
Some of the key players of the market include DSM, DuPont, BASF SE, Northeast Pharmaceutical Group, Shandong Luwei Pharmaceutical, Bactolac Pharmaceutical Inc, CSPC Pharmaceutical Group, Hebei Welcome Pharmaceutical Co, North China Pharmaceutical Group, Dishman Group, Aland Nutraceuticals Group, NBTY Inc., GlaxoSmithKline Plc. and others.