Global Ascorbic Acid Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

The global ascorbic acid market is experiencing a growing trend towards increased demand for vitamin C supplements and fortified products

• Ascorbic Acid (Vitamin C) is a water-soluble vitamin, an anti-oxidant found in citrus fruits and vegetables. Ascorbic acid is what the body needs to grow and repair tissues.
• Ascorbic Acid aids in protecting cells and keeping them healthy, maintaining healthy skin, blood vessels, bones, and cartilage. It reduces the risk of heart disease, cancer, gout attacks, etc. It helps to boost immunity, fight the common cold, fight free radicals, and prevent iron deficiency anemia.
• According to WHO, Cardiovascular diseases (CVD) are the leading growth of death globally, taking an estimated 17.9 million lives each year. More than 4 out of 5 CVD deaths are due to strokes and heart attacks, and one-third of these deaths occur prematurely in people under 70. Vitamin C food supplements are emerging for people seeking antioxidants, to boost immunity, or as a preventative supplement, increasing the demand in the coming years. This would drive the growth of the Global Ascorbic Acid Market.
• Ascorbic acid is used in many cosmetic and personal care products. It is extensively used in anti-aging, fights bacterial infections, skin brightening, skin protection, and buffering agent. It is used at a concentration of 0.001-0.05% in hair conditioners, 0.0001-0.01% in non-coloring shampoos, and 0.001-0.05% in moisturizers. This drives the growth in the cosmetics sector.
• Ascorbic Acid is often used in the Food and Beverage industry. It is added to fruit juices, dried fruit, frozen fruits, cereals, and many more to renew or improve the nutritional value overall without a change in taste. Ascorbic acid is also used as a flavoring agent, taste enhancer, or taste modifier in sauces, confectionery, and other items. It is also used as a preservative to keep food such as jams and jellies, bread, and cured meats from spoiling, driving the demand in significant food and beverage industries.
• Ascorbic acid is also used in various agricultural products, which plays a significant role in cell division, elongation, differentiation of cells, and programmed cell death (PCD).
• The overconsumption of ascorbic acid could also lead to Nausea, diarrhea, vomiting, stomach ache, heat burn, etc. Proper dosage is required based on age and gender. According to the Mayo Clinic, the recommended daily amount for vitamin C is 75 milligrams (mg) daily for women and 90 mg for men. During pregnancy, 120 mg a day is recommended. The upper limit for all adults is 2,000 mg a day.
• Storing Ascorbic Acid is a major concern as it has to be stored away from the sunlight and in airtight containers to prevent the air from getting inside. Once opened, it should be used within 3 months. If discoloration occurs, usage of the product should stop.
• The production of ascorbic acid is a 2-step fermentation process that involves using a multi-step mixed culture system and two rounds of sterilization; this increases the cost significantly of the end product.
• Overall, The Global Ascorbic Acid Market is growing significantly due to the change in lifestyle and increasing application of ascorbic acid in various markets. Thus, driving the growth of the market.

Market Segmentations

• The Global Ascorbic Acid Market is segmented based on Type, Form, Applications, Distribution, and Geography.
• By Type, the market is classified into sodium ascorbate, potassium ascorbate, calcium ascorbate, magnesium ascorbate, and D-Isoascorbic ascorbate.
• Sodium ascorbate holds a larger market share. It is widely used in the food and beverage market to provide nutritional value and sour flavor and is also used as a preservative, antioxidant, coloring agent, and many more.
• By Form, the market is classified into Powder and Dry
• Both powder and dry forms of ascorbic acid offer advantages in ease of handling, formulation versatility, and stability. They are essential ingredients in various industries due to their role as an antioxidant, preservatives, and nutrient sources.
• By Applications, the market is classified into Pharmaceutical, Food and Beverages, Nutraceuticals, Personal Care, Cosmetics, and Animal Feed.
• The food and beverage industry holds a significant market share. It is the one that uses ascorbic acid (vitamin C) the most frequently. It has numerous uses as an antioxidant and preservative. To stop oxidation and preserve the quality of these products, ascorbic acid is frequently added to fruit juices, canned fruits and vegetables, baked goods, dairy products, and processed meats.
• By Geography, the market is classified into the Americas, Europe, Middle-East & Africa, and Asia-Pacific.
• The Americas holds a significant market share for ascorbic acid due to its well-established food and beverage industries, pharmaceutical sectors, and consumer preferences for health and wellness products. Ascorbic acid is highly demanded in this region for use in pharmaceutical formulations, dietary supplements, and the processing of food and beverages, among other uses.

Recent Development

• Noble Panacea, a cutting-edge skincare technology provider headquartered in the USA, introduced a Vitamin C product that provides 20% pure L-ascorbic acid. It targets vital signs of aging-right, from wrinkles and lines to the loss of elasticity and hyperpigmentation. - October 2022
• NEOSTRATA, a manufacturer of unique skincare products to cure various types of skin discoloration based in the USA, introduced its new 15% Vitamin C + PHA Serum. It targets dark spots and uneven skin tone. The new multi-action formula combines exfoliating polyhydroxy acid and clinically proven antioxidants to help protect against external environmental aggressors and diminish visible skin discoloration. - August 2022

Company Profiles

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxemburg, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle-East and Africa (Egypt, Israel, Qatar, Nigeria, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Ascorbic Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Ascorbic Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

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Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market.