Ascorbic Acid Market Poised to Rake in US$ 1,700 Mn by the end of 2028 - Persistence Market Research
NEW YORK, April 3, 2019 /PRNewswire/ -- Persistence Market Research has published a new research study titled "Ascorbic Acid: Global Industry Analysis 2013-2017 and Forecast 2018-2028". According to PMR analysis, the global Ascorbic Acid market that was valued at US$ 997.3 Mn at the end of 2017 will reach beyond US$ 1,700 Mn by the end of 2028, at a healthy CAGR of 5.1% over 2018-2028.
Rampant population growth has been leading to global increase in the demand for food. It has thus become increasingly important for food industry participants to supplement food products with minerals and vitamins that cater to daily requirements of nutrient intake. To meet this increasing demand for inclusion of vitamins and minerals in food supplements, manufacturers have started using Ascorbic Acid as an important ingredient and thus, the global Ascorbic Acid market is estimated to grow with healthy CAGR during the forecast period.
Global Ascorbic Acid Market: Key Dynamics
Ascorbic Acid finds various applications in food as well as pharmaceutical sectors. Within the food & beverage industry, Ascorbic Acid is utilized as a protein source in various food items. Growing demand for food and beverage products from emerging economies, such as India and China, is expected to drive the concerned market during the forecast period.
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The global population has quadrupled in between 2010 and 2016. As per a recent study by the United Nations, the global population reached 7.5 billion in April 2017 and is expected to reach 9.7 billion by 2050. This growth in population is anticipated to create huge demand for food & beverages products, which in turn, will drive the global Ascorbic Acid market during the forecast period.
The intake of vitamin C has doubled in the last few decades due to growing awareness about health benefits of vitamin C. Ascorbic Acid is a good source of vitamin C. As a result of these factors, the global Ascorbic Acid market is expected to witness lucrative growth throughout the forecast period.
On the flip side, increasingly strict environmental regulations and upsurge in manufacturing cost of Ascorbic Acid are two important factors that will have a negative impact on the Ascorbic Acid market. These factors have lowered the margins of Ascorbic Acid manufacturers, which will further hamper the growth of the global Ascorbic Acid market.
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Further, the presence of substitutes will prove to be a key challenge in the global Ascorbic Acid market. For instance, in October 2018, DuPont introduced an alternate to Ascorbic Acid under the brand name GRINDAMYL SURE Bake for bakery application.
Prominent players in the Ascorbic Acid market are focusing on strategic developments. This can primarily be attributed to the efforts being made by companies to meet the increasing 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 products firm, to meet the increased demand for vitamins/Ascorbic Acid. Further, the company announced acquisition of Body & Fit, a leading direct-to-consumer (DTC) online branded business to gain market share in the nutrition business segment.
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The CSPC Pharmaceutical Group Limited has entered an agreement with China-based Ouyi Pharmaceutical, over the sales of Ascorbic Acid, sales of an antibiotic, and product processing services.
Global Ascorbic Acid Market: Segmentation Analysis
Europe and East Asia, collectively, are estimated to hold one-fourth share in the global Ascorbic Acid market. In the East Asia region, China is a major consumer and is estimated to hold significant share during the forecast period. China is projected to grow at a CAGR of 4.2% during the forecast period.
In terms of end-use segments, the Food & Beverages segment is estimated to hold approximately three-fourth market value share in the global market and is projected to grow at a healthy growth rate during the forecast period.
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Global Ascorbic Acid Market: Key Participants
This report on the global Ascorbic Acid market studies some of the major players in the Ascorbic Acid market, such as Sigma-Aldrich Corporation (Merck), Koninklijke DSM N.V., Northeast Pharmaceutical Group Co., Ltd., CSPC Pharmaceutical Group Limited, MUBY CHEMICALS, Shandong Luwei Pharmaceutical, North China Pharmaceutical Co. Ltd, Glanbia Nutritionals China (Suzhou) Co., Ltd, LabChem Inc. and China BBCA Group Corporation, among others.
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