New York, October 12, 2021 – Reports and Data has published its latest report titled “Ascorbic Acid Market, By Type, By Grade (Pharmaceutical Grade, Food Grade), By Form (Tablet, Tonic, Injection) And By End-Use (Food & Beverages, Pharmaceutical, Personal Care, Others), Forecasts To 2028”
The increasing use of ascorbic acid in personal care products and demand for ascorbic acid for food fortification are driving ascorbic acid market growth.
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According to Reports and Data, the ascorbic acid market is projected to register a CAGR of 5.2% growing from USD 1.09 Billion in 2020 to reach USD 1.71 Billion by 2028.
Drivers, Restraints, and Opportunities:
Due to rising demand from end-use sectors such as food & beverage, pharmaceuticals, chemicals, personal care, and cosmetics, the global ascorbic acid market is likely to grow throughout the forecast period. Over the next few years, the market is likely to be driven by rising demand for potassium, calcium, and sodium salts of ascorbic acid or vitamin C as an antioxidant food additive. R&D by leading industry participants, together with technological advancements in the medical industry, is expected to propel the ascorbic acid market forward. Over the projection period, significant expansion in the dietetic and diabetic population, as well as improving living standards and rising health awareness, are expected to provide further market possibilities.
However, market expansion is expected to be hampered by unclear raw material availability and resulting price variations. Furthermore, the widespread use of ascorbic acid as a preservative in the food and feed industry is likely to act as a market restraint over the projection period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Calcium Ascorbate Segment to Account for Fastest Revenue CAGR:
On the basis of type, the ascorbic acid market is segmented as Calcium Ascorbate, Sodium Ascorbate, Magnesium Ascorbate, Potassium Ascorbate, D-Isoascorbic Acid. Among this the Calcium Ascorbate segment is expected to grow at a significant pace of 5.4 percent during the forecast period, resulting in a market share of 28.0 percent by 2028. This segment’s large market share is due to beneficial characteristics such as being easy on the stomach and quickly absorbed, which has led to an increase in its appeal among end-users.
Food Grade Segment Dominated Other Grade Segments:
With a CAGR of 5.1 percent throughout the forecast period, the food grade segment held the largest market share of 60 percent in 2018. The food grade segment’s market domination can be due to the food and beverage industry’s continued growth, as well as the increased demand for this acid as a food additive.
Europe Accounted for a Significantly Large Revenue Share:
Europe accounted for 24.0 percent of the market share in 2020, with a CAGR of 5.1 percent expected over the projected period. The region’s market share is due to Europe’s continuously expanding personal care and pharmaceutical businesses, which are fueling the sector’s expansion. Due to China’s cost-effective manufacturing facilities, Asia Pacific captured a considerable market share in the ascorbic acid market and this share is predicted to grow at a rapid rate. In addition, throughout the forecast period, increasing demand for health and dietary supplements in the region is expected to drive market expansion.
Major Companies in the Market Include:
- CSPC Pharma
- Northeast Pharma
- Shandong Luwei
- Bactolac Pharmaceutical Inc.
- Shandong Tianli
- GlaxoSmithKline Plc.
- North China Pharma
- Zhengzhou Tuoyang
- Anhui Tiger
- Blagden Speciality Chemicals Ltd.
- Henan Huaxing
- BASF SE
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For the purpose of this report, Reports and Data has segmented the global ascorbic acid market based on type, grade, form, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Calcium Ascorbate
- Sodium Ascorbate
- Magnesium Ascorbate
- Potassium Ascorbate
- D-Isoascorbic Acid
Grade Outlook (Revenue, USD Billion; 2018-2028)
- Pharmaceutical Grade
- Food Grade
Form Outlook (Revenue, USD Billion; 2018-2028)
End-Use Outlook (Revenue, USD Billion; 2018-2028)
- Food & beverages
- Personal care
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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