Market Overview
The global market trend analysis predicts that the vitamin C market will be valued at USD 10.9 Billion in 2022 and is expected to reach USD 13.2 Billion by 2030, registering a CAGR of 2.88% during the forecast period.
Vitamin C can protect the body against various ailments such as cardiovascular disease, health problems, and eye diseases, among others. Lemon, orange, kiwifruit, and other vitamin C-rich fruits and vegetables are readily available on the market and offer a variety of health benefits to the target customers.
Vitamin C had several rise and fall in the industry due to the COVID-19 shutdown period. The production of tablets and liquids has been harmed due to the COVID-19. It affects the vitamin c supplement market's sales channel, resulting in lower market growth and income due to the distribution channels' stupendous working. The Powdered Vitamin C Market manufacturing stores have closed, and there has been a shortage of staff and ingredients due to shipping disruptions introduced by the pandemic.
Vitamin C has a rising significance in the food and beverage business, is linked to the industry's rapid growth and, as a result, its increased demand as a preservative. Vitamin C renders the absorption of iron in the body, making it an important ingredient in iron-processed meals. In the meantime, it is critical to stabilising micronutrients in the body. Importantly, the US Food and Drug Administration has made the inclusion of micronutrient meals fortification necessary to provide nutritious food to the global population.
Market Segmentation
The vitamin C market has the following market segments:
Type
● Sodium Ascorbate
● Calcium Ascorbate
● Potassium Ascorbate
● Magnesium Ascorbate
● Ascorbic Acid 90% Granulation
● D-Isoascorbic Acid
● Ascorbic Acid 95% Granulation
● Ascorbic Acid 97% Granulation
● Coated Vitamin C
● Others
The vitamin C market is segmented into sodium ascorbate, calcium ascorbate, potassium ascorbate, magnesium ascorbate, and ascorbic acid with 90% granulation, D-isascorbic acid, ascorbic acid with 95% granulation, ascorbic acid 97% granulation, coated vitamin C, and others.
Source
● Natural
● Synthetic
The vitamin C market is segmented into natural and synthetic based on the source.
Process
● Reichstein Process
● Two-stage Fermentation Process
The process segment of the vitamin C market is segmented into the Reichstein process and the two-stage fermentation process.
Form
● Tonic
● Tablet
● Granules
● Injection
The vitamin C market is segmented into tonics, tablets, granules, and injections based on form.
Application
● Pharmaceutical
● Cosmetics
● Food and Beverage
● Animal Feed
Regional Analysis
North America dominates the vitamin C market in terms of market share and revenue and will continue to flourish its dominance during the forecast period. It is because of the rising level of disposable income and rising demand from the cosmetic industry in these regions.
On the other hand, Asia-Pacific is projected to exhibit the highest growth rate during the forecast period of 2022 to 2029 due to the growing demand for vitamin C products and increasing awareness about the advantages of vitamin C in this region.
Industry News
Key players such as Northeast Pharmaceutical Group Co., The TNN Development Limited, and others carry out research development activities to innovate vitamin C ingredients with increased application in the food beverage industry and improve the quality of existing vitamin C ingredients to offer better health solutions to consumers. Key manufacturers are also carrying out various expansion strategies to increase their market presence by partnering with different manufacturers in the food beverage and pharmaceutical industries around the globe.
The Key Vitamin C Market Players such as GlaxoSmithKline plc (UK), Bayer AG (Germany), Koninklijke DSM N.V. (Netherlands), Amway (US), and others, are seeking to increase market demand by funding RD initiatives.
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