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A07444 | Pages: 370 | Charts: 70 | Tables: 307 |
The global ascorbic acid market was valued at $1.3 billion in 2021, and is projected to reach $2.2 billion by 2031, growing at a CAGR of 5.2% from 2022 to 2031.
Ascorbic acid (C6H8O6) is naturally formed from citrus fruits such as lemons, grapefruit, limes, and others. It is synthesized artificially by the fungus Aspergillus Niger and Candida lipolytica, which generates more ascorbic acid than the others. Ascorbic acid comes in several variants: sodium ascorbate, potassium ascorbate, calcium ascorbate, magnesium ascorbate, and others. Sodium ascorbate is the most common type used to provide a sour and nutritional flavor to food & beverages, and also serves as a preservative, pH indicator, antioxidant, and coloring agent.
Ascorbic acid production and processing were hampered, owing to the effect of COVID-19 that has caused disruption in the distribution channel & difficulties in obtaining production inputs such as raw material, machinery, and the stringent restrictions on trades and imports from the government. Other challenges were seasonal such as border-crossing restrictions and limited access to professional services and labor. As a result of these concerns, there was a drop in Ascorbic Acid Market Demand and decrease in processing capacity for production, which led to worse sales conditions, thus delaying overall production and market activities. Calcium additives, such as calcium ascorbate, are mostly found in bakery and dairy products because as they work as an functional agent to provide energy and antioxidants. The negative effects of sodium ascorbate have provided an opportunity for the increased usage of ascorbic acid in food and beverages products. Ascorbic acid is the appropriate substitute for sodium phosphate additives as it can act as a preservative and emulsifying agent. Rise in use of functional food acid propels the ascorbic acid market growth.
Increase in demand for functional food & beverages is a key driver for the ascorbic acid market across the globe. Moreover, innovative technologies, the introduction of production techniques, and a heavy inflow of investments in R&D activities are the other factors that are expected to contribute to growth of the ascorbic acid market. There is an upcoming trend of using natural flavor essence such as ascorbic acid, owing to a rise in health awareness. Furthermore, rise in demand for stabilizers and antioxidant food ingredients across European countries to produce commercialized clean label or green food products that are free of additives and other harmful chemicals, propel the growth of the natural ascorbic acid regulators. Technological strides make it possible for manufacturers to develop innovative flavors to cater to the change in customer taste requirements. Applications of advanced technologies provide innovative and novel tastes in food. Innovation in ascorbic acid production and the growth in their demand across emerging economies are expected to open new opportunities for the Ascorbic Acid Market players in during the forecast period.
Emerging markets such as Asia-Pacific, Latin America, and Africa are witnessing a rise in population, economic growth, urbanization, and increase in knowledge of the benefit of consuming food, rich in ascorbic acid. More than 75% of the population of the world is projected to dwell in Asia and Africa. Majority of the countries in these two regions are emerging nations and are experiencing strong economic growth. Rise in penetration of quick-service restaurants and fast-food chains, beverage processing companies, and food processing companies boosts the demand for ascorbic acid owing to its functional properties useful in food processing as an ingredient. . Moreover, a significant rise in the consumption of soft drinks and sodas fuels growth of ascorbic acid due to the offerings of flavor and taste. Presence of a large population and their consumption behavior propel demand for meat products, soft drinks, and processed foods across the developing regions. This is expected to increase the demand for ascorbic acid among the food & beverages manufacturers in the developing regions.
Ascorbic acids are vital ingredients used in food & beverages products. They are expected to witness significant growth in the future, owing to their wide range of application as a preservative, flavoring agent, taste enhancer, or taste modifier in confectionery, sauces, bakery, and others. Moreover, growth in demand for cold drink and other food & beverages contributes to the Ascorbic Acid Market expansion. The impact of these drivers is expected to increase significantly, owing due to a rise in awareness about the benefits of ascorbic acid. However, overconsumption of these regulators leads to health issues such as diarrhea, nausea, and vomiting, thus hindering the market growth. The cost of ascorbic acid regulators is expected to reduce in the near future, with the advancements in technology.
During the period of COVID-19, the government of the different countries has been dividing different industries into categories of essentials and non-essentials. Operations of a few food additive companies were declared "essentials" by the U.S. government, permitting operations at their facilities and continuing sales in accordance with those requirements. In Mexico, business operations were classified as "non-essential" for a period during the pandemic. The sales of end users such as food sector and cosmetics were impacted since the consumers were unable to purchase food and other items during the government-mandated shutdown, negatively impacting customer demand for the products.
Furthermore, government-enacted stay-at-home directives have considerably curtailed the ability of food & beverages manufacturing companies to acquire particular food additives such as ascorbic acid in the U.S. and other international markets. COVID-19 has had a negative influence on the larger economy of the affected nations, hurting economic development, the efficient operation of financial markets, foreign currency values, and interest rates. Changes in customer tastes and perceptions diminished demand for the items, lowering sales and profitability thus harming their business. Insolvency of customers, leading to additional provisions for credit losses, lower demand, including transaction delays or cancellations, and counterparty failures all had a negative impact on their business.
Key players profiled in this report include Koninklijke DSM N.V., Northeast Pharmaceutical Group Co., CSPC Pharmaceutical Group Limited, Muby Chemicals, Shandong Luwei Pharmaceutical, Glanbia Nutritionals China (Suzhou) Co., Ltd., LabChem Inc., Merck KGaA, Foodchem International Corporation, Blagden Speciality Chemicals Ltd., Bactolac Pharmaceutical Inc., Aland Nutraceuticals Group, Fujifilm, Medisca Inc., Superior Supplement Manufacturing, Pharmavit, Reckon Organics Pvt. Ltd., ChemCeed LLC, Botanic Healthcare, and Vega Group company limited.
The ascorbic acid market is segmented into type, form, application, and region. On the basis of type, the Ascorbic Acid Market is divided into sodium ascorbate, potassium ascorbate, calcium ascorbate magnesium ascorbate, and others. On the basis of form, the market is bifurcated into powder and liquid. On the basis of application, it is divided into food and beverages, pharmaceuticals, beauty & personal care, and animal feed. On the basis of region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (France, Germany, Italy, Spain, UK, and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). According to ascorbic acid market analysis, on the basis of form, the powder segment has gained a major Ascorbic Acid Market Share in the global market in 2021 and is expected to sustain its hold during the forecast period.
[APPLICATIONGRAPH]
On the basis of application, the food & beverages segment has dominated the ascorbic acid market. The beverages market is one of the top growing markets globally, with the increase in population, rise in popularity of flavored carbonated drinks, and rise in product launches by the beverage manufacturers.
[TYPEGRAPH]
On the basis of type, the ascorbic acid market is categorized into sodium ascorbate, potassium ascorbate, calcium ascorbate, magnesium ascorbate, and others. The sodium ascorbate segment was the highest revenue contributor and is expected to remain dominant during the Ascorbic Acid Market Forecast period.
[FORMGRAPH]
On the basis of form, the Ascorbic Acid Market Size is classified into powder and liquid. The powder segment accounted for the highest revenue in the year 2021. However, the liquid segment is anticipated to grow at a significant rate during the forecast period.
[REGIONGRAPH]
On the basis of region, Asia-Pacific dominated the ascorbic acid market in 2021 and is expected to remain dominant during the forecast period. Asia-Pacific consumers acknowledge the consumption of packaged food as they help to save time & replenish hunger. China is the largest ascorbic acid manufacturing country in the world and has the highest share of export for ascorbic acid. The Ascorbic Acid Market is expected to grow with evolving regulatory dynamics in the China and an increase in demand for natural variants.
Key Market Segments
Key Market Players