Vitamin C Market Analysis, Application trends, Forecast to 2024
Vitamin C Market size is mainly driven by strong application scope in cosmetics, pharmaceutical, animal feed, and processed food industries. It is mainly found in fruits, vegetables and used as a dietary supplement. It is used to protect against cardiovascular disease, eye problems, immune system deficiencies, skin wrinkling, and prenatal health issues.
Ascorbic acid is water soluble in nature and cannot be stored in body. It is available in tonic, tablet and injection form. It repairs and maintain bones, teeth and form scar tissues, therefore making it an essential dietary supplement.
Global vitamin market is may surpass USD 10 billion by 2024. Vitamin C is a natural antioxidant which protects cell from damages caused by free radical when exposed to air pollution and UV rays. It is required for collagen biosynthesis, and involved in protein metabolism.
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Ascorbic acid is widely used in pharmaceutical applications as it helps fight against infection and support immune system. Global pharmaceutical market size is poised to exceed USD 1.3 trillion in business by 2024. Rise in consumer spending in tablets or medicines along with increasing health consciousness should stimulate industry growth. Most of the pharmaceutical companies prescribe Vitamin C as it prevent CVD disease, reduces harmful chemotherapy effects, and destroy tumours.
Vitamin C and its salts are used in cosmetics and personal care products formulation owing to slow deterioration caused by exposure to the air and control finished product pH. It rejuvenates skin and reduces wrinkles and aging. In addition, it accelerates wound healing wounds and improves skin elasticity. Global personal care or cosmetic market may witness significant gains at over 5%. Rising anti-aging cremes, sunscreen lotions, and other bio-based products owing to varying climatic dynamics should fuel vitamin C demand.
Ascorbic acid is used in food and feed industry to enhance product stability and quality. It is primarily used as an antioxidant in food and prevent microbial growth. It is used as a preservative in jams, jellies, sauces, bread, and cured meat products. Shift in consumer preference towards healthy food consumption has led to rise in vitamin C market size.
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Increase in processed food consumption owing to hectic lifestyle leading to compromising nutritional food quality. However, increasing fortified process food demand owing to its health benefits mat influence vitamin C market size. Global fortified food & beverage market size may register close to 10% gains over the forecast timeframe.
Vitamin C is present in aquatic feed of fish and shrimps and act as an immunity booster. Collagen holds fish or shrimp’s bones or muscles which is used for wound healing and reduces adverse effects of toxic chemicals.
North America, driven by Canada and the U.S vitamin C market size may witness strong growth owning to increase in cosmetic and pharmaceutical sectors. Favourable regulatory guidelines along with companies are focusing towards launching new products to meet diverse and changing consumer needs.
Europe vitamin C market size, driven by UK, France, Italy, and Germany may, show significant gains during the forecast timeframe. Change in consumer lifestyle accompanied by eating habits and lack of exercise is likely to affect human health, and thereby resulting rise in number of cardiovascular disease and diabetes. Ascorbic acid is registered food additives in the EU Community and is classified as GRAS, which has resulted in increasing food & beverage sector in the region.
Asia Pacific led by Japan, India, and China vitamin C market size may witness fastest growth rate during the foreseeable future. Increasing consumer concentration towards fitness along with rise in supplement consumption should favour regional growth.
Wheat or corn are the ley raw materials used for manufacturing process. Fluctuating raw material costs may pose threat to demand supply gap and affect vitamin C market price trend. However, favourable government regulations by EPA and FDA regarding ascorbic acid usage in food & beverage may stimulate industry growth.
The global vitamin C market share is consolidated. Key companies operating in the market includes Amway, Abbott, Danisco, Bayer AG and Nutraceutics. Other prominent companies include BASF, DuPont, GlaxoSmithKline, and DSM.
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