Overview:
Vitamin C, also known as ascorbic acid is primarily used as a dietary supplement, even though it finds application in other purposes as well. It has antioxidant properties which help keep tissues healthy, health wounds, and fight infections. As per the analysis of market Research Future (MRFR), the global vitamin C market is likely to showcase exponential growth and reach a significant valuation by the end of the forecast period of 2018-2023.
The global vitamin C market is growing in tandem with the growth of the vitamin supplements market. There has been an increased demand for food fortification in recent years. Vitamin C is being added as a functional ingredient in beverages and it is also being incorporated in food products through new vitamin delivery systems such as nutritional bars and gummies. The widespread incidence of vitamin deficiencies across the global has spurred the demand for vitamin C market. Disorders such as scurvy, follicular hyperkeratosis, swollen and inflamed gums, loosening of teeth, dryness of the mouth and eyes, loss of hair, and others have become widespread in recent years which has generated demand for vitamin C supplements. The3 global vitamin C market growth is stemmed from the growing application in diverse industries ranging from cosmetics, animal feed, to processed food industries.
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The pharmaceutical industry too utilizes vitamin C extensively owing to its multifunctional properties. They are popular in dietary supplements and have also gained traction in sports drink and functional beverages.
They are used as a preservative in multiple food products such as jams, jellies, cured meat products, bread, sauces, and others. Other factors boosting the growth of the market include consumer inclination to include vitamin C in their diet, availability of varied vitamin C products through e-commerce platforms and new product launches by key players. Vitamin C has also become an integral ingredient in various personal care products such as anti-aging cream, sunscreen lotions, and others.
Segmentation
The global vitamin C market has been segmented based on type, form, and application.
By type, the global vitamin C market has been segmented into sodium ascorbate, calcium ascorbate, potassium ascorbate, magnesium ascorbate, D-is ascorbic acid, and others. Sodium ascorbate is used as a reducing agent and has antioxidant properties due to which the segment is leading the market.
By form, the global vitamin C market has been segmented into tonic, tablet, and injection. The tablet segment is dominating the market.
By application, the global vitamin C market has been segmented into pharmaceutical, cosmetics, foods & beverages, and animal feed. The food & beverage segment is dominating the market. Vitamin C is widely used as a food preservative which can be credited for the growth of the segment.
Regional Analysis
By region, the global vitamin C market has been segmented into Europe, Asia Pacific (APAC), North America, and the Rest of the World (RoW).
APAC is dominating the global vitamin C market. Prevalence of vitamin deficiencies in the region, spreading consumer awareness about the health benefits of vitamin C and the easy availability of vitamin C products are driving the growth of the market. Animal feed industry is also a key growth driver which is generating substantial demand for vitamin C.
North America is a significant market driven by growing use of vitamin C in the cosmetics and food processing industry. The booming pharmaceutical industry in the region also favors the growth of the market. In addition, the US FDA supports the use of vitamin C which can stimulate demand within the market.
Europe market is driven by favorable government regulations which advocate the use of vitamin C as a food additive in the Food & Beverage industry.
Competitive Landscape
The key players in the global vitamin C market include Nutraceutics Inc., (U.S.), Nutraceutics Inc., (U.S.), Abbott Laboratories (U.S.), Bayer AG (Germany), Amway (U.S.), GlaxoSmithKline plc (U.K), Danisco (U.K), GlaxoSmithKline plc (U.K), and Abbott Laboratories (U.S.).
Industry Updates
February 2019- Researchers from Melbourne have found vitamin C efficient in the treatment of type 2 diabetes. Vitamin C has demonstrated insulin effects on cells and can be used to improve glucose levels in diabetes patients.
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