Global Ascorbic Acid Market is Set for a Moderate Growth and is Expected to Reach USD 1083.8 Million by 2021
Deerfield Beach, FL -- (SBWIRE) -- 05/01/2017 -- According to the report, the global ascorbic acid market was around 150.2-kilo tons in 2015. The global ascorbic acid market revenue accounted for USD 820.4 million in 2015 and is expected to reach USD 1083.8 million by 2021, growing at a CAGR of around 4.8% between 2016 and 2021.
Zion Market Research has published a new report titled "Ascorbic Acid Market for Pharmaceutical, Food & Beverages, Personal Care, and Other End-user Industries: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021."
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The global Ascorbic Acid market is expected to witness moderate growth over the forecast period on account of increasing demand from pharmaceutical industry. The majority of ascorbic acid manufactured is used as an antioxidant. The major end-user industries of ascorbic acid are pharmaceuticals, food & beverages, personal care, and others. The pharmaceutical industry is the largest consumer of ascorbic acid. Vitamin C helps to recycle vitamin E. About one-third of the total production of ascorbic acid is used for vitamin preparations in the pharmaceutical industry. The rest is mainly applied as an additive to food and feed to enhance product quality and stability. Ascorbic acid added to foodstuffs during processing or before packing protects color, aroma, and nutrient content. The usage of ascorbic acid in food & beverages industry is expected to grow at a healthy CAGR during the forecast period.
Ascorbic acid production is hugely dependent on the availability of raw material. Thus, any fluctuation in availability and prices of raw material can severely affect the ascorbic acid market. This is expected to curb the growth of the ascorbic acid market over the years. However, investments in research and development by major industry players coupled along with exponential technological advancements in the pharmaceutical industry is expected to act as a major opportunity for ascorbic acid market.
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In terms of geography, Asia-Pacific was the largest consumer of ascorbic acid in 2015. The consumption in Asia-Pacific is expected to grow at a rapid pace mainly due to the availability of low-cost manufacturing facilities in China. China is the largest consumer and producer of ascorbic acid. Moreover, the ever-increasing demand for food and health supplements primarily in Asia Pacific is expected to boost the demand for ascorbic acid in this region. Europe and North America also consume ascorbic acid on large scale. The demand for ascorbic acid in this region is also expected to grow in coming years as a result of increasing demand from personal care and food & beverages end-user industry. Ascorbic Acid demand is increasing in emerging nations such as Brazil, India, and China.
Some of the key players in the market include DSM, DuPont, BASF SE, Northeast Pharmaceutical Group, Shandong Luwei Pharmaceutical, Bactolac Pharmaceutical Inc, CSPC Pharmaceutical Group, Hebei Welcome Pharmaceutical Co, North China Pharmaceutical Group, Dishman Group, Aland Nutraceuticals Group, NBTY Inc., GlaxoSmithKline Plc. and others.
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