Vitamin C offers a plethora of health benefits. Capitalizing on spreading awareness about the same, vitamin C ingredients market players are looking to make a mark. Future Market Insights (FMI) has published a report on the topic. It predicts the market to surge at a steady CAGR of 5.3% between 2019 and 2028. It also pegged the market’s estimated valuation at US$ 2190.2 Mn in 2019.
Some of the key takeaways from the report are:
- In terms of product, the market includes ascorbic acid, sodium ascorbate, calcium ascorbate, ascorbic acid 90% granulation, ascorbic acid 95% granulation, ascorbic acid 97% granulation, coated vitamin C ingredients and others.
- Among product types, the ascorbic acid segment held the dominant 54% of the vitamin C ingredients market share in 2019.
- Asia Pacific excluding Japan, especially China can be credited for the maximum production of vitamin C ingredients.
- APEJ is expected to remain a fairly lucrative market for vitamin C ingredients. Between 2019 and 2028, the regional market is forecast to rise at an impressive 6.9% CAGR.
- North America, Western Europe, and Japan are expected to remain stable markets for vitamin C ingredients, clocking a steady pace of growth.
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Rising Health Awareness among Consumer Identified as Chief Growth Driver
Vitamin C ingredients offer multifunctional benefits perfectly suited for consumers in search of healthy foods hence, vitamin supplements. Vitamin C has become increasingly important in skincare. It is used for prevention of infections, healing of wounds, improving absorption of iron from food, reducing the risk of chronic diseases, and controlling blood pressure. Increasing knowledge about health benefits offered by vitamin C ingredients has made them highly relevant to modern lifestyle, which is a key factor impelling growth in the market.
Vitamin C Ingredients Aid in Disease Cure
Vitamin C is available in different sources, each with unique benefits. Vitamin C ingredients aid development, growth, and repaid of body tissues. Besides this, vitamin C ingredients boost the formation of collagen in body and helps in maintaining good cartilage, teeth, and bone health. Increasing awareness about the same will aid the market’s expansion in the coming years.
They also aid in the cure of degenerative diseases. This has been identified as one of the chief market drivers. Vitamin C contains nutrients that have been proposed, albeit not scientifically, to lower the risk of certain types of cancer, diabetes, cardiovascular diseases, cataracts, and age-related macular degeneration.
Recent Technological Advancements to Aid Growth
In the last couple of years, the market has witnessed several technological advancements especially in the ascorbic acid segment. These developments were intended to benefit manufacturers as they brought about improvements in vitamin C results. For instance, these developments were followed by advent of methods such as spray drying, spray chilling, spray cooling, fluidized bed coating, and extrusion to improve encapsulation. These methods helped achieving higher stability of vitamin C and positively influenced consumer acceptability for carrier foods.
Spurred by aforementioned advances, the market will witness increasing demand around the world. According to the report, Asia Pacific excluding Japan will emerge as the leading market for vitamin C ingredients. Meanwhile developed markets in North America, Western Europe, and Japan will exhibit moderate rate of growth.
“In addition to the aforementioned factors, the rise in disposable income of consumers and their changing lifestyle has greatly influenced the vitamin C ingredients market. The higher consumption of fast food in emerging markets has compelled consumers to look for food supplements. This has in turn encouraged the sales of vitamin C ingredients in this part of the world,” said a lead analyst at FMI.
Who is winning?
For the purpose of the study, the report profiles companies such as Foodchem International Corporation, Koninklijke DSM N.V., CSPC Pharmaceutical Group Limited, and Glanbia Nutritionals China (Suzhou) Co., Ltd, Northeast Pharmaceutical Group Co., Ltd., North China Pharmaceutical Co., Ltd., The TNN Development Limited, Hunan Sunshine Bio-Tech Co., Ltd, Microbelcaps, Wuhan Yuancheng Gongchuang Technology Co.,Ltd, Hangzhou Focus Corporation, Beijing Heronsbill Food Material Co.,Ltd, Curechem Group, Shandong Luwei Pharmaceutical Co., Ltd., Triveni Interchem Pvt. Ltd., Manav Drugs, Akhil Healthcare Private Limited, China BBCA Group Corporation, AB Mauri Lanka and Merck.
- Some of the leading multinational companies in the market have collaborated with local players in China to establish their presence in the country. This is one of the key vitamin C ingredient trends that is expected to prove vital. In addition to this, market players are expanding presence around the world through setting up new facilities and product launches. For instance, Foodchem International Corporation has established its office in Belgium in January 2018.
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Get Valuable Insights into Vitamin C Ingredients Market
Future Market Insights, in its new report, presents an unbiased analysis of the global vitamin C ingredients market, covering historical demand data and forecast figures for the period between 2018 and 2028. The study divulges compelling insights into growth witnessed in the market. On the basis of product type, the market is segmented into ascorbic acid, sodium ascorbate, calcium ascorbate, ascorbic acid 90% granulation, ascorbic acid 95% granulation, ascorbic acid 97% granulation, coated vitamin C and others. On the basis of form, it is segmented into powder, granules and others. Based on source, the market can be bifurcated into natural and synthetic. In terms of process, it is split between Reichstein process and two-stage fermentation process. On the basis of end use, the market covers food, beverages, cosmetics and personal care products, pharmaceuticals, and animal feed. Regional, the global vitamin C ingredients market covers North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and the MEA.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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