Ascorbic acid is a source of nutrition for living organisms and is widely used in the food and pharmaceutical industries.
NEW YORK, USA, September 28, 2022 /EINPresswire.com/ — Ascorbic acid market 2022
Studying the market analysis of Ascorbic Acid Market focuses on the key elements and market dynamics of a particular market in this industry. Ascorbic Acid Market Research is an integral part of the industry analysis that focuses on aspects related to SWOT analysis. The research report analyzes the elements such as strengths, weaknesses, opportunities and threats of each individual manufacturing company.
Persistence Market Research has released a new study titled “Ascorbic Acid: Global Industry Analysis 2013-2017 and Forecast 2018-2028”. According to PMR analysis, the global market for ascorbic acid, which was valued at $997.3 million at the end of 2017, will exceed $1,700 million by the end of 2028 at a healthy 5.1% CAGR in 2018-2028.
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Rampant population growth has led to a global increase in demand for food. Thus, it is becoming more and more important for food industry participants to supplement food products with minerals and vitamins that meet daily nutrient intake requirements. To meet this growing demand for the inclusion of vitamins and minerals in dietary supplements, manufacturers have started using ascorbic acid as an important ingredient and thus the global ascorbic acid market is estimated to grow at a healthy CAGR during the forecast period.
World market of ascorbic acid: key dynamics
Ascorbic acid finds various uses in the food and pharmaceutical industries. In the food and beverage industry, ascorbic acid is used as a source of protein in various foods. The growing demand for food and beverages in emerging economies such as India and China is expected to drive the related market over the forecast period.
Between 2010 and 2016, the world’s population quadrupled. According to a recent study by the United Nations, the world population reached 7.5 billion in April 2017 and is expected to reach 9.7 billion by 2050. This population growth is expected to create huge demand. for food and beverages, which in turn will drive the global ascorbic acid market during the forecast period.
Vitamin C intake has doubled over the past few decades due to growing awareness of the health benefits of vitamin C. Ascorbic acid is a good source of vitamin C. As a result of these factors, the global market for ascorbic acid is expected to become profitable. growth over the forecast period.
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On the other hand, increasingly stringent environmental regulations and rising production costs for ascorbic acid are two important factors that will have a negative impact on the ascorbic acid market. These factors have reduced the margins of ascorbic acid producers, which will further hinder the growth of the global ascorbic acid market.
In addition, the availability of substitutes will become a key issue in the global ascorbic acid market. For example, in October 2018, DuPont introduced an alternative to ascorbic acid under the brand name GRINDAMYL SURE Bake for bakery applications.
Major players in the ascorbic acid market are focused on strategic developments. First of all, this may be due to the efforts made by companies to meet the growing demand for ascorbic acid from end-use industries.
Glanbia Nutritionals China (Suzhou) Co., Ltd. recently completed the acquisition of Grass Advantage LLC, a plant-based nutrition firm, to meet the growing demand for vitamins/ascorbic acid. In addition, the company announced the acquisition of Body & Fit, a leading online consumer-facing (DTC) business, with the aim of increasing market share in the nutrition segment.
CSPC Pharmaceutical Group Limited entered into an agreement with China’s Ouyi Pharmaceutical to sell ascorbic acid, antibiotics and product processing services.
Global Ascorbic Acid Market: Segmentation Analysis
It is estimated that Europe and East Asia together hold one fourth of the global ascorbic acid market share. In the East Asia region, China is a major consumer and is estimated to hold a significant share over the forecast period. China is projected to grow at a CAGR of 4.2% over the forecast period.
In terms of end-use segments, the food and beverage segment is estimated to account for approximately three quarters of market value in the global market and is projected to grow at a healthy pace over the forecast period.
Sigma-Aldrich Corporation (Merck)
Royal DSM NV
Northeast Pharmaceutical Group Ltd.
CSPC Pharmaceutical Group Limited
Shandong Luwei Pharmaceutical
North China Pharmaceutical Co. Ltd.
Glanbia Nutritionals China (Suzhou) Co., Ltd.
Chinese corporation BBCA Group
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