04 March 2021
Visiongain has published a new report on Ascorbic Acid Market Report to 2031: Forecasts By Application (Food & Beverages, Chemicals, Personal Care, Pharma, Agriculture, Others), By Distribution Channel (Online Channels, Offline Channels) PLUS Profiles of Leading Ascorbic Acid Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
Global Ascorbic Acid market was valued at US$ XX million in 2020 and is projected to reach at a market value of US$ xx million by 2031. Ascorbic acid has a wide range of application in pharmaceutical, food & beverage and agriculture industry, which is driving growth of the market.
COVID-19 Impact on Ascorbic Acid Market
The coronavirus pandemic has resulted in slow down across various industrial manufacturing sectors and has disrupted the global demand for ascorbic acid. The government across various countries have imposed trade restrictions, social distancing norms and forced the manufacturing plants to work below their full capacity, which has declined the demand for ascorbic acid in the industrial sector. The disease has forced some of the manufacturing plants to shut shop owing to disruptions across the value chain of the industry. Most of the factories have stalled their production resulting into loss of orders for the companies that are manufacturing ascorbic acid. Additionally, market players in ascorbic acid industry are venturing into new business strategies to continue smooth operations at their factories. However, there has been piling up of stocks of ascorbic acid, with the notion among consumers that it helped in the treatment of coronavirus. But, there are no scientific evidences reporting its use in the treatment of COVID-19.
Health benefits associated with the consumption of ascorbic acid
Ascorbic acid or Vitamin C is a water-soluble vitamin that has several important functions such as maintaining healthy skin, bones, cartilage, and blood vessels. It helps in protecting the cells and keeping them healthy and also helps in healing wound. Ascorbic acid also helps in protecting against cardiovascular disease, skin wrinkling, eye diseases, immune system deficiencies and prenatal health problems. The increasing cases of cardiovascular diseases across globe owing to the shift of population towards sedentary lifestyle is promoting the demand for ascorbic acid. It also helps in preventing and treating scurvy, which is primarily found in countries suffering from malnutrition that leads to Vitamin C deficiency. Ascorbic acid being a rich source of nutrition is widely being used globally.
Major demand for ascorbic acid is driven by the food & beverage industry
The global population is increasing at a rapid pace leading to the escalating demand for food & beverages. Ascorbic acid is primarily used as an antioxidant in the food industry that slows the oxidation and preserves freshness and color. Increasing need form the food and beverage manufacturers to deliver a product that is more appealing to the consumers has propelled the demand for ascorbic acid in the industry. Additionally, ascorbic acid is a popular food additive and is widely being used in bakery for extending the shelf life of products, in the processing of beverages such as fruit juices. The demand for food & beverage is primarily propelled by the developing countries including Brazil, China and India as the economies of these nations are improving and more people are lifted into the middle class category. India is expected to be the fifth largest consumer of food & beverage by 2025 and the sector is supported by the vast agriculture sector in the country. The ever increasing demand from food & beverage industry is propelling the demand for ascorbic acid.
Increasing demand for cosmetics around the world with rising awareness of personal care among the consumers
There has been a considerable increase in the disposable income over past decade primarily from the middle income countries. The changing lifestyle, global economies and increasing awareness about personal care routine among the consumers primarily among the women is shoving the demand for cosmetics. The global beauty industry generates sale of US$ 500 Bn annually and is further expected to increase with the increasing young population that are interested in experimenting. Additionally, the consumers’ inclination towards anti-aging products, where ascorbic acid is widely being used is fuelling the demand. Players in the cosmetics industry are making investments in the research and development of new anti-aging products to fulfil the rising consumer demands. The rise in the cosmetics industry will gradually increase the sales of ascorbic acid in this sector during the forecast period.
Cost effective manufacturing options from the developing countries
Developing countries such as India and China offer cost effective manufacturing for the players in ascorbic acid market. Low cost production and research & development in the pharma industry is expected boost the overall market growth of ascorbic acid. Moreover, the Government of India is taking initiatives to strengthen the position of India’s pharmaceutical manufacturing sector. India is planning to set up a fund of approximately US$ 1.3 Bn to boost the companies to manufacture pharmaceutical ingredients domestically by the year 2023. Additionally, the ‘Make in India’ program undertaken by the country’s government also helped to boost the local manufacturing along with the policies designed to foreign companies to set up manufacturing plant in India. Similarly, ‘Made in China 2025’ initiative set up in 2015 by the Chinese government was to support innovations and manufacturing excellence across multiple sectors. The plans has helps to boost the R&D in pharma and domestic production of drugs, owing to availability to advanced technology and low cost labour. Lucrative opportunities from the developing economies is further expected to accentuate the demand of ascorbic acid.
Some of the companies profiled in the report include Northeast Pharmaceutical Group Co., Ltd, DSM, Bactolac Pharmaceutical, Inc, Shandong Luwei Pharmaceutical Co., Ltd., CSPC Pharmaceutical Group Limited, and Muby Chemicals among others. Strategies such as new product development, partnerships, mergers and acquisitions and expansion among others are being adopted by the key players in the market. For instance, in July 2019, DSM upgraded its Vitamin C manufacturing facility in China by shutting down it in summer 2019. The shutdown was intended to upgrade the facility in terms of quality, sustainability and safety.
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