The global Ascorbic Acid Market, also known as vitamin C, experienced a substantial growth trajectory in 2020, with a market size reaching USD 1.09 billion. This growth is expected to continue, with a projected compound annual growth rate (CAGR) of 5.0% during the forecast period. Ascorbic acid is recognized for its potent antioxidant properties, playing a vital role in various metabolic functions and repair processes within the human body. Several key factors are contributing to the rising demand for ascorbic acid and driving market revenue growth.
One primary driver is the increasing emphasis on maintaining adequate daily intake of ascorbic acid, particularly among non-smokers, to reduce the risk of chronic diseases. Additionally, growing awareness of the therapeutic benefits of ascorbic acid in reducing serum cholesterol levels and preventing various types of cancer has further fueled demand. The market is also benefiting from the rising popularity of fresh leafy vegetable products and the increasing consumption of ascorbic acid to combat vitamin C deficiency. Moreover, ascorbic acid is essential for the development and maintenance of connective tissues, bone formation, wound healing, gum health, and immune system support.
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Pharmaceutical applications of ascorbic acid are also on the rise due to several factors. Vitamin C is indispensable in collagen fiber synthesis and serves as a robust reducer agent. It protects the body from free radical damage, making it an effective scavenger of oxidizing free radicals and harmful oxygen-derived species. Since humans cannot synthesize vitamin C due to the absence of a crucial enzyme, it must be obtained through dietary intake from sources like blackcurrants, citrus fruits, strawberries, broccoli, and other fresh vegetables. Vitamin C is involved in various metabolic functions, such as activating vitamin B, folic acid, converting cholesterol to bile acids, and converting tryptophan to serotonin. Its role in boosting immune function, reducing allergies, combating infections, and its use in the treatment and prevention of conditions like diabetes, the common cold, heart diseases, and cataracts has led to increased demand for vitamin C supplements.
Ascorbic acid's role extends to dermatology, where it is used to treat and slow down skin changes caused by photoaging and hyperpigmentation. The cosmetic industry has witnessed a surge in the use of vitamin C in products aimed at providing skin with brightness and a radiant glow. The increasing popularity of such products has become another driving factor for market growth. However, it's worth noting that excessive intake of ascorbic acid can lead to side effects like diarrhea, nausea, vomiting, and skin redness, which could slightly impede market growth.
Market Dynamics:
Driver: Increasing RD activities for exploring ascorbic acid's anti-cancer properties Recent research has rekindled interest in ascorbic acid as a potential anti-cancer agent. Studies have revealed different results between oral and intravenous administration of ascorbic acid against cancer cells. Ascorbic acid has shown promise in reducing the incidence of various malignancies by enhancing extracellular collagen production and strengthening the extracellular matrix. Laboratory results have also indicated the toxicity of ascorbic acid to many cancer cell lines, inducing cell death. Combining vitamin C with chemotherapy can be beneficial due to its positive impact on tissue repair, immune health, and detoxification. Cancer patients, in particular, are more susceptible to developing scurvy, and intravenous vitamin C can help mitigate this risk. Increased investment in research on intravenous ascorbate as a cancer therapy is expected to drive market revenue growth.
Restraint: Concerns about adverse effects While ascorbic acid is generally considered non-toxic, high doses can lead to gastrointestinal disturbances or diarrhea. Some research suggests that combining vitamin C supplementation with other drugs can have adverse effects and may interfere with the diagnosis of certain diseases in laboratory tests. Excessive consumption of ascorbic acid can elevate oxalate levels in the kidneys, potentially leading to kidney stones. Other adverse effects include headaches, flushing, nausea, or vomiting. Vitamin C supplementation is contraindicated in individuals with blood disorders such as thalassemia, sickle cell disease, and G6PD deficiency. These factors could limit the adoption of vitamin C supplementation or IV ascorbate therapy to some extent during the forecast period.
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Key Takeaways:
Type Outlook: The global ascorbic acid market is categorized by type into sodium ascorbate, calcium ascorbate, potassium ascorbate, magnesium ascorbate, and others. Sodium ascorbate holds the largest revenue share, driven by its use as a food antioxidant, acidity regulator, and its cytotoxic activity on various malignant cell lines. It is also widely used in nutritional supplements and bakery applications.
Grade Outlook: The market can be divided into pharmaceutical grade and food grade. Food grade ascorbic acid is expected to grow significantly due to its use in fortified food and beverages, as a food additive and acidity regulator, and its role as the main source of vitamin C in supplements.
Form Outlook: The market's form segment comprises tablets, tonics, and injections. Tablets are expected to dominate, primarily driven by oral consumption of ascorbic acid to prevent or treat vitamin C deficiency and the availability of over-the-counter dietary supplements. The injection segment is expected to see rapid growth due to the increasing use of intravenous ascorbic acid in treating various conditions.
Application Outlook: Applications for ascorbic acid include pharmaceuticals and nutraceuticals, food and beverages, personal care, and others. Food and beverages lead the pack, with the use of ascorbic acid as an additive, preservative, and antioxidant. The rising demand for fortified food and beverages and the growth of the food industry are driving this segment.
Regional Outlook: North America holds a significant revenue share, driven by the pharmaceutical and cosmetic industries, increasing consumer awareness of the medical benefits of ascorbic acid, and the prevalence of chronic diseases. Asia Pacific is expected to experience rapid growth due to increased manufacturing of vitamin C, rising investment in RD, a growing food and beverage industry, changing lifestyles, and a high incidence of vitamin deficiencies. Europe is also expected to see steady growth, with ascorbic acid's use in cosmetics and pharmaceuticals and regulatory approval for higher dietary levels of ascorbic acid.
Competitive Landscape: The global ascorbic acid market features numerous players operating at global and regional levels. Key players are actively engaged in product development and strategic alliances to meet the growing global demand. Notable companies include CSPC Pharmaceutical Group, Koninklijke DSM N.V., Northeast Pharmaceutical Group Co., Ltd., Shandong Luwei Pharmaceutical Co. Ltd., Bactolac Pharmaceutical Inc., Shandong Tianli Pharmaceutical Co., Ltd., GlaxoSmithKline Plc., North China Pharmaceutical Company Ltd., Zhengzhou Tuoyang, Anhui Tiger Biotech Co. Ltd., Blagden Speciality Chemicals Ltd., Henan Xinxiang Huaxing Biological Pharmaceuticals Co. Ltd., and BASF SE.
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