According to the latest market report published by Future Market Insights titled ‘Vitamin C Ingredients Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028’, the revenue generated from Vitamin C Ingredients has been estimated to be valued over US$ 2,081.2 Bn in 2018, which is projected to increase at a CAGR of 5.3% during the forecast period (2018-2028).
Rise in income levels has resulted in change in lifestyles including higher consumption of fast foods rich in carbohydrates and lesser nutrition in the emerging markets like Asian countries including China, India, and others. This scenario has compelled the consumers to depend on foods supplemented with vitamins essential for human body thereby encouraging higher sales of vitamin C and thereby by vitamin c ingredients. Advancements in technology has boosted higher availability of vitamin C ingredients with various forms and customizations suitable to a wide range of industries. Most of the vitamin C ingredients is consumed by food and beverage industry along with pharma industry.
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In food industry, due to its various functions in single ingredients like color enhancer, flavor enhancer, nutrition enhancer, anti-oxidant, emulsifier and preservative has boosted demand for vitamin C ingredients across various food and beverage applications. Multifunctional properties of vitamin C ingredients has also gained traction in the pharma industry specifically in the dietary supplements covering segments like dental health, digestive health, brain health, immune health, supports absorption of iron in the body, healthy skin, collagen formation and other health and wellness segments.
By Product Type, the global vitamin C ingredients market is segmented as 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 all these segments, ascorbic acid segment is estimated to account for 54% of market share, in the overall global vitamin C ingredients market, in 2018.
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A majority of the production of vitamin C ingredients is accounted for by Asia Pacific excluding Japan, specifically China. In 2018 and beyond, APEJ is expected to account for about 80,000 metric tonnes of vitamin C ingredients, generating a revenue of about US$ 950 Mn. The growth forecast for vitamin C ingredients in APEJ is also expected to be fairly lucrative, with the region estimated to grow at a CAGR of 6.9% between 2018 and 2028. This trend is attributed to rise in demand for various forms of vitamin C ingredients for exports in this region. On the other hand, North America, Western Europe and Japan are relatively stable markets and are likely to showcase moderate revenue growth for vitamin C ingredients. The market in the Middle East and Africa is estimated to account for a modest 3.6% share of the global vitamin C ingredients market in terms of revenue in 2028.
Key Producers of Vitamin C Ingredients
Some of the major companies operating in the global Vitamin C Ingredients market are 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.
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