Vitamin C Market to witness a CAGR growth of 2.48% during the forecast period
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 size
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 size 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 size. 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 size 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 size has been segmented based on type, form, and application.
By type, the global vitamin
C market size 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 size has been segmented into tonic, tablet, and injection. The tablet
segment is dominating the market.
By application, the
global vitamin C market size 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 size 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 size. 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 size 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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Researchers are Studying Covid19 and its Impact on Various Industry Verticals
and wherever required we will be considering Covid19 Footprints for Better
Analysis of Market and Industries. Cordially get in Touch for More Details.
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