Global Vitamin C Market is expected to grow at a CAGR of 4.6% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Vitamin C Market by Type (Potassium Ascorbate, Magnesium Ascorbate, Calcium Ascorbate, Sodium Ascorbate, D-Isoascorbic Acid, Others), Form (Tablet, Injection, Tonic), Applications (Foods & Beverages, Pharmaceutical & Nutraceutical, Cosmetics, Animal Feed, Others), Regions, and Global Forecast 2020-2027.
The global vitamin C market is expected to grow from USD 1.3 billion in 2019 to USD 1.8 billion by 2027, at a CAGR of 4.6% during the forecast period 2020-2027. The Asia-Pacific region stands as a promising market for vitamin C and is expected to grow at the highest CAGR during the forecast period. An increasing population, which leads to rising consumption of vitamin C supplements & products is the major driving factor for market growth. The North American region holds the largest market share due to its usage in burgeoning sectors like cosmetics and pharmaceuticals.
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Key players in the global vitamin C market are Abbott Laboratories, CSPC Pharma, North China Pharma, DuPont, Ningxia Qiyuan, Koninklijke DSM N.V., Henan Huaxing, Shandong Luwei, Nutraceutics Corp., Bayer AG, Danisco, Anhui Tiger, Zhengzhou Tuoyang, Shandong Tianli, GlaxoSmithKline plc and Amway among others. Key companies are mainly focusing on developing new products, forming partnerships, and joint ventures to gain significant market share in the vitamin C market.
A new opportunity has emerged in the market for vitamin C manufacturers. The global pandemic of Covid-19 has increased consumption of vitamin C due to the belief of its immunity-boosting effects in fighting the novel coronavirus.
The type segment includes potassium ascorbate, magnesium ascorbate, calcium ascorbate, sodium ascorbate, D-isoascorbic acid, and others. The sodium ascorbate segment is anticipated to dominate the market with the maximum revenue share within the type segment because of its applications as reducing agents and antioxidants. The form segment includes tablet, injection and tonic. The tablet segment is projected to hold a significant share due to its longer shelf life over other forms. On the basis of application, the market has been divided into foods & beverages, pharmaceutical & nutraceutical, cosmetics, animal feed, and others. Due to the presence of vitamin C in many foods and drinks, the foods & beverages sub-segment is forecasted to hold the majority of the market share. A restraint for market growth in this industry is the excess consumption of vitamin C leading to G.I. diseases.
About the report:
The global vitamin C market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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