The market accounted for USD 860.8 million in 2016 and is expected to reach USD 1103.15 million by 2023, registering a CAGR of 5.1% during the forecast period of 2018-2023.
Ascorbic acid, with its salt derivatives, and ascorbyl palmitate is classified as food additives by the European Community and registered as ‘Generally Recognized as Safe’ (GRAS) substance by the US Food & Drug Administration (FDA), which has accelerated the demand for ascorbic acid from food & beverages industry in the European region.
The global ascorbic acid market is expected to witness a high growth rate in the coming decade, owing to vitamin deficiency concerns caused due to changing lifestyles and dietary habits, around the world. Asia-Pacific is expected to be the fastest growing market for ascorbic acid, during the forecast period, due to the growing demand and the availability of low-cost manufacturing facilities in China. The North American and European markets are set to grow due to the rising health issues like diabetes which in turn is fueling the demand for ascorbic acid as a substitute for low-calorie sweetener.
Ascorbic acid, a common source of vitamin C, is used in various important end-use industries. The market is segmented based on end-user, into pharmaceuticals, food & beverages, personal care and others. Ascorbic acid finds a major application in the pharmaceutical industry with the manufacture of antioxidants. The food & beverage industry holds a major share and is growing at a high rate, owing to the rising health issues, thus, acting as a substitute for sweeteners. Asia-Pacific holds the largest market share.