Ascorbic Acid Market Analysis and Forecast to 2032: By Application (Food & Beverages, Pharmaceuticals, Beauty & Personal Care, Animal Feed), Type (Potassium Ascorbate, Calcium Ascorbate, Magnesium Ascorbate, Others), Form (Powder, Liquid), and Region

The global ascorbic acid market was valued at USD 1.3 billion in 2022 and it is anticipated to grow further till USD 2.3 billion by 2032, at a CAGR of 6.0% during the forecast period.

A water-soluble vitamin called ascorbic acid is beneficial for those with serious illnesses. The COVID-19 pandemic had a favorable effect on market growth because people needed more vitamin C to boost their immunity. Additionally, ascorbic acid was used to treat COVID-19 patients who had only minor symptoms. Additionally, people were more likely to take vitamin C supplements to maintain their health and strengthen their defenses against the infection.

Global Ascorbic Acid Market Scope and Report Structure
Report AttributeDetails
Market Size in 2022US$ 1.3 Billion
Market Size in 2032US$ 2.3 Billion
CAGR %6.0%
Historic Period2016-2021
Forecast Period2023-2032
Base Year2022
Segments CoveredType, Application, Form, and Region
Key CompaniesBASF SE, Merck KGaA, Koninklijke DSM NV, Northeast Pharmaceutical Group Co. Ltd., Luwei Pharmaceutical Group Co. Ltd., Foodchem International Corporation, Honson Pharmatech Group, MC Biotec Inc., Freshine Chem, and CSPC Pharmaceutical Group among others.
Regional ScopeNorth America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Analysis CoverageMarket Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments
Market Driver and Trends

In the following years, market growth is anticipated to be fueled by the increased demand for ascorbic acid in a number of industries, including baking, beverages, food processing, dietary supplements, and meat. Another important element boosting market expansion is the rise in cases of age-related macular degeneration and cataracts, as well as cancer, cardiovascular disease, the common cold, and cancer that can be protected by ascorbic acid absorption. In addition to the increased incidence of chronic diseases, the government’s expanding efforts to spread the word about ascorbic acid’s advantages will also present growth prospects for the ascorbic acid sector.

Market Restraints and Challenges

However, it is projected that erratic raw material availability and the ensuing price volatility will impede market expansion. Additionally, the widespread use of ascorbic acid as a preservative in the food and feed industry is anticipated to hinder market growth during the forecast period.

Global Ascorbic Acid Market Segmental Overview

The global ascorbic acid market is segmented into application, type, form, and region.

Global Ascorbic Acid Market by Application

Based on the application, it is segmented into food & beverages, pharmaceuticals, beauty & personal care, and animal feed. The food & beverages segment is anticipated to dominate the during the forecast period. Similarly, the pharmaceuticals segment is anticipated to witness the fastest growth during the forecast period.

Global Ascorbic Acid Market by Type

Based on the type, it is segmented into potassium ascorbate, calcium ascorbate, magnesium ascorbate, and others. The potassium ascorbate segment is anticipated to dominate the market during the forecast period. Similarly, the calcium ascorbate segment is anticipated to witness the fastest growth during the forecast period.

Global Ascorbic Acid Market by Form

Based on the form, it is segmented into powder, and liquid. The powder segment is anticipated to dominate the market during the forecast period, Similarly, liquid segment is anticipated to dominate the market during the forecast period.

Geographical Analysis of the Global Ascorbic Acid Market

Region-wise, it is studied across the North America, Europe, Asia Pacific, and the Rest of the World. The North American region is anticipated to dominate the market during the forecast period. Similarly, the Asia Pacific is anticipated to witness the fastest growth during the forecast period.

Major Players in the Global Ascorbic Acid Market

The key players studied in the report are BASF SE, Merck KGaA, Koninklijke DSM NV, Northeast Pharmaceutical Group Co. Ltd., Luwei Pharmaceutical Group Co. Ltd., Foodchem International Corporation, Honson Pharmatech Group, MC Biotec Inc., Freshine Chem, and CSPC Pharmaceutical Group among others.

COVID-19 Impact

The impact of COVID-19 has been detrimental to the overall economies of the affected countries, impeding economic growth, the smooth operation of the financial markets, the value of foreign currencies, and interest rates. The demand for ascorbic acid among food producers decreased as a result of changes in consumer tastes and perceptions, which hurt the manufacturers’ businesses by lowering sales and profitability.

Recent Developments
  • November 2020, LifeToGo, the lifestyle brand of accelerate 360 LLC, launched three immunity-boosting vitamin drink mixes.
  • In 2020, Concentrated Active Ingredients & Flavors Inc., a California-based ingredient supplier, debuted a new concentrated acerola ingredient. The company claims that the product contains 32% vitamin C, which is 100 times more than that of orange.
  • In 2020, Homart Pharmaceuticals launched three products containing vitamin C under its Toplife and Springleaf brands to cater to the growing need for immune-related products during the pandemic.
  • July 2019, Jubilant Life Sciences announced a price increase of 10% for Ascorbic Acid.
Frequently Asked Questions

Q1. How big is the Ascorbic Acid market?

Ans. The global Ascorbic Acid market size was USD 1.3 billion in 2022 and it is anticipated to grow further till USD 2.3 billion by 2032, at a CAGR of 6.0% from 2023 to 2032.

Q2. What is the Ascorbic Acid market growth rate?

Ans. The growth rate of the Ascorbic Acid market is 6.0%.

Q3. Which region holds a major market share for the Ascorbic Acid market?

Ans. North America holds a major market share of the Ascorbic Acid market in 2022.

Q4. Which segment accounted for the largest Ascorbic Acid market share?

Ans. By application, food & beverages segment accounted for the largest Ascorbic Acid market share.

Q5. Who are the key players in the Ascorbic Acid market?

Ans. The global Ascorbic Acid market report includes players such as BASF SE, Merck KGaA, Koninklijke DSM NV, Northeast Pharmaceutical Group Co. Ltd., Luwei Pharmaceutical Group Co. Ltd., Foodchem International Corporation, Honson Pharmatech Group, MC Biotec Inc., Freshine Chem, and CSPC Pharmaceutical Group among others.

Q6. What are the factors driving the Ascorbic Acid market growth?

Ans. The major factors driving the growth of the market are the growing market in emerging countries.

Q7. What are the key growth strategies of Ascorbic Acid market players?

Ans. The key growth strategies of Ascorbic Acid market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Ascorbic Acid market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Ascorbic Acid market during the forecast period.

Table of Contents

1. Ascorbic Acid Market Overview
1.1 Objectives of the Report
1.2 Market Definition and Scope of the Report
1.3 Research Limitations
1.4 Research Methodologies
1.4.1 Secondary Research
1.4.2 Market Size Estimation Technique
1.4.3 Forecasting
1.4.4 Primary Research and Data Validation

2. Executive Summary
2.1 Summary
2.2 Key Findings of the Market

3. Premium Insights on the Market
3.1 Market Attractiveness Analysis, by Region
3.2 Market Attractiveness Analysis, by Type
3.3 Market Attractiveness Analysis, by Form
3.4 Market Attractiveness Analysis, by Application

4. Ascorbic Acid Market Outlook
4.1 Market Segmentation
4.2 Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunities
4.3 Porters Five Forces Analysis
4.3.1 Bargaining Power of Buyers
4.3.2 Bargaining Power of Suppliers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitution
4.3.5 Competitive Rivalry
4.4 PESTLE Analysis
4.5 Value Chain Analysis
4.6 Impact of COVID-19 on the Market
4.7 Impact of the Russia and Ukraine War

5. Ascorbic Acid Market by Type
5.1 Overview
5.2 Market Size and Forecast
5.3 Potassium Ascorbate
5.3.1 Key Market Trends & Opportunity Analysis
5.3.2. Market Size and Forecast, by Region
5.4 Calcium Ascorbate
5.4.1 Key Market Trends & Opportunity Analysis
5.4.2 Market Size and Forecast, by Region
5.5 Magnesium Ascorbate
5.5.1 Key Market Trends & Opportunity Analysis
5.5.2 Market Size and Forecast, by Region
5.6 Others
5.6.1 Key Market Trends & Opportunity Analysis
5.6.2 Market Size and Forecast, by Region

6. Ascorbic Acid Market by Form
6.1 Overview
6.2 Market Size and Forecast
6.3 Powder
6.3.1 Key Market Trends & Opportunity Analysis
6.3.2 Market Size and Forecast, by Region
6.4 Dry
6.4.1 Key Market Trends & Opportunity Analysis
6.4.2 Market Size and Forecast, by Region

7. Ascorbic Acid Market by Application
7.1 Overview
7.2 Market Size and Forecast
7.3 Food & Beverages
7.3.1 Key Market Trends & Opportunity Analysis
7.3.2 Market Size and Forecast, by Region
7.4 Pharmaceuticals
7.4.1 Key Market Trends & Opportunity Analysis
7.4.2 Market Size and Forecast, by Region
7.5 Beauty & Personal Care
7.5.1 Key Market Trends & Opportunity Analysis
7.5.2 Market Size and Forecast, by Region
7.6 Animal Feed
7.6.1 Key Market Trends & Opportunity Analysis
7.6.2 Market Size and Forecast, by Region

8. Ascorbic Acid Market by Region
8.1. Overview
8.2. North America
8.2.1.Key Market Trends and Opportunities
8.2.2.Market Size and Forecast by Type
8.2.3.Market Size and Forecast by Form
8.2.4.Market Size and Forecast by Application
8.2.5.Market Size and Forecast by Country
8.2.6.The U.S.
8.2.6.1. Market Size and Forecast by Type
8.2.6.2. Market Size and Forecast by Form
8.2.6.3. Market Size and Forecast by Application
8.2.7. Canada
8.2.7.1. Market Size and Forecast by Type
8.2.7.2. Market Size and Forecast by Form
8.2.7.3. Market Size and Forecast by Application
8.2.8. Mexico
8.2.8.1. Market Size and Forecast by Type
8.2.8.2. Market Size and Forecast by Form
8.2.8.3. Market Size and Forecast by Application
8.3. Europe
8.3.1. Key Market Trends and Opportunities
8.3.2. Market Size and Forecast by Type
8.3.3. Market Size and Forecast by Form
8.3.4. Market Size and Forecast by Application
8.3.5. Market Size and Forecast by Country
8.3.6. Germany
8.3.6.1. Market Size and Forecast by Type
8.3.6.2. Market Size and Forecast by Form
8.3.6.3. Market Size and Forecast by Application
8.3.7. France
8.3.7.1. Market Size and Forecast by Type
8.3.7.2. Market Size and Forecast by Form
8.3.7.3. Market Size and Forecast by Application
8.3.8. The UK
8.3.8.1. Market Size and Forecast by Type
8.3.8.2. Market Size and Forecast by Form
8.3.8.3. Market Size and Forecast by Application
8.3.9. Spain
8.3.9.1. Market Size and Forecast by Type
8.3.9.2. Market Size and Forecast by Form
8.3.9.3. Market Size and Forecast by Application
8.3.10. Italy
8.3.10.1. Market Size and Forecast by Type
8.3.10.2. Market Size and Forecast by Form
8.3.10.3. Market Size and Forecast by Application
8.3.11. Rest of Europe
8.3.11.1. Market Size and Forecast by Type
8.3.11.2. Market Size and Forecast by Form
8.3.11.3. Market Size and Forecast by Application
8.4. Asia-Pacific
8.4.1. Key Market Trends and Opportunities
8.4.2. Market Size and Forecast by Type
8.4.3. Market Size and Forecast by Form
8.4.4. Market Size and Forecast by Application
8.4.5. Market Size and Forecast by Country
8.4.6. China
8.4.6.1. Market Size and Forecast by Type
8.4.6.2. Market Size and Forecast by Form
8.4.6.3. Market Size and Forecast by Application
8.4.7. India
8.4.7.1. Market Size and Forecast by Type
8.4.7.2. Market Size and Forecast by Form
8.4.7.3. Market Size and Forecast by Application
8.4.8. Japan
8.4.8.1. Market Size and Forecast by Type
8.4.8.2. Market Size and Forecast by Form
8.4.8.3. Market Size and Forecast by Application
8.4.9. South Korea
8.4.9.1. Market Size and Forecast by Type
8.4.9.2. Market Size and Forecast by Form
8.4.9.3. Market Size and Forecast by Application
8.4.10. Rest of APAC
8.4.10.1. Market Size and Forecast by Type
8.4.10.2. Market Size and Forecast by Form
8.4.10.3. Market Size and Forecast by Application
8.5. Rest of the World
8.5.1. Key Market Trends and Opportunities
8.5.2. Market Size and Forecast by Type
8.5.3. Market Size and Forecast by Form
8.5.4. Market Size and Forecast by Application
8.5.5. Market Size and Forecast by Country
8.5.6. Latin America
8.5.6.1. Market Size and Forecast by Type
8.5.6.2. Market Size and Forecast by Form
8.5.6.3. Market Size and Forecast by Application
8.5.7. The Middle East
8.5.7.1. Market Size and Forecast by Type
8.5.7.2. Market Size and Forecast by Form
8.5.7.3. Market Size and Forecast by Application
8.5.8. Africa
8.5.8.1. Market Size and Forecast by Type
8.5.8.2. Market Size and Forecast by Form
8.5.8.3. Market Size and Forecast by Application

9. Competitive Landscape
9.1 Overview
9.2 Market Share Analysis
9.3 Ranking by Ascorbic Acid Market Revenue
9.4 Vendor Benchmarking
9.5 Developmental Strategy Benchmarking
9.5.1. Acquisitions & Mergers
9.5.2. Product Launches & Developments
9.5.3. Business Expansions
9.5.4. Partnerships, Joint Ventures, and Collaborations

10. Company Profiles
10.1 BASF SE
10.1.1 Company Snapshot
10.1.2 Business Performance
10.1.3 Product Offering
10.1.4 Key Developmental Strategies
10.1.5 SWOT Analysis
10.2 Merck KGaA
10.3 Koninklijke DSM NV
10.4 Northeast Pharmaceutical Group Co. Ltd
10.5 Luwei Pharmaceutical Group Co. Ltd
10.6 Foodchem International Corporation
10.7 Honson Pharmatech Group
10.8 MC Biotec Inc.
10.9 Freshine Chem
10.10 CSPC Pharmaceutical Group
*The list of company is subject to change during the final compilation of the report

Global Ascorbic Acid Market Segmentation

By Type

  • Potassium Ascorbate
  • Calcium Ascorbate
  • Magnesium Ascorbate
  • Others

By Application

  • Food & Beverages
  • Pharmaceutical
  • Beauty & Personal Care
  • Animal Feed

By Form

  • Powder
  • Liquid

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • The Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Order this Report

Have questions about the scope of the report ?

Have specific requirements ?

Budget Constraints ?

Related Reports

Polycarbonate sheets are a type of plastic that…
Emission control catalysts for motorcycles are devices that…
High Performance Ceramic Coating (HPCC) is a type…
Bio lubricants are lubricants made from renewable resources.…
Chlor-alkali is a process used to produce chlorine…
Resin is a solid or highly viscous substance…
Polyethylene terephthalate (PET) is a synthetic resin of…
Digital textile printing is a process that uses…
Automotive refinish coatings are products that are used…
Emission control catalysts for marine are used to…