AUSTIN, July 18, 2024 (GLOBE NEWSWIRE) — Social Media Insider RReports pictureEstimate Vitamin C Market Size It is expected to reach USD 1.89 billion in 2023 and USD 2.99 billion by 2032, growing at a CAGR of 5.23% over the forecast period 2024-2032.
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The increasing incidence of cardiovascular disease is a major factor driving the vitamin C market. This is due to vitamin C’s potential benefits for heart health. Vitamin C’s antioxidant properties act as a barrier, scavenging free radicals that harm cells and promote the development of CVD. Additionally, vitamin C may contribute to blood pressure regulation and increased nitric oxide synthesis, two processes that are essential for maintaining good circulation and lowering the risk of heart attack and stroke.
Demand for vitamin C is driven by the expansion of the local pharmaceutical industry. For example, the India Brand Equity Foundation reports that the country’s pharmaceutical industry grew from 13.7% in July 2020 to 17.7% in August 2021.
Growing interest in cardiovascular disease prevention and personal care is leading to market expansion. There is an increasing trend for consumers to purchase vitamin C fortified foods and supplements for heart and skin health. This will significantly expand the market for vitamin C supplements and dietary products fortified with nutrients for heart health. Food and pharmaceutical companies have a great opportunity to create cutting-edge vitamin C solutions to meet the growing demand for heart health.
For example, in 2022, Firmeich will merge with Royal DSM, with combined revenues of more than US$12.58 billion and DSM-Firmenich consisting of four business divisions: Food & Beverages, Health & Nutrition, Animal Nutrition and Fragrance & Beauty.
Vitamin C Market Report Scope:
| Report Attributes | detail |
| Market size in 2023 | US$1.89 billion |
| Market size by 2032 | US$2.99 billion |
| Average annual growth rate | 5.23% between 2024 and 2032 |
| Base year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Main growth drivers |
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Segment Analysis
By grade level
The premium segment accounted for the largest market share of around 72.22% in the grade segment in 2023. Premium grade Vitamin C is of high quality and is used in a variety of applications due to its superior quality and consistency. This includes industries such as pharmaceuticals, personal care products, and cosmetics, where ensuring the efficiency and safety of the product is paramount. Premium grade Vitamin C has also carved a niche for itself in special applications such as food fortification for at-risk populations such as infants and the elderly, and in research activities.
By distribution channel
The offline segment held the largest market share in the vitamin C market, accounting for the largest market share of approximately 81.56% in 2023. The reason is that ascorbic acid is distributed offline through a network of producers, who manufacture the acid in liquid or powder form, and suppliers, who act as intermediaries between producers and end-user industries. Manufacturers often supply ascorbic acid as a white crystalline powder that dissolves in water.
By end use
Pharmaceuticals account for the largest market share in the application segment at around 60.38%. This is due to the increasing use of Vitamin C as an ingredient in tablets, pills, and capsules. Low levels of Vitamin C can lead to scurvy and symptoms such as weakness, joint pain, fatigue, rashes, and tooth loss. Additionally, it acts as an antioxidant, promotes the body’s ability to heal wounds, improves iron absorption from plant-based diets, and strengthens the immune system.
Recent trends indicate technological advances and investments
- In June 2023, DSM-Firmenich launched a comprehensive review and restructuring of its Vitamins business unit. This strategic move is a direct response to a confluence of current market trends and conditions. In particular, the company is taking action in light of a notable decline in global demand for vitamins.
- In 2021, First Base Skincare introduced Double Dose Superpower Organic Vitamin C Serum, an anti-aging serum that increases collagen production and moisture to prevent wrinkles from forming, and is confirmed by clinical studies to be safe and effective for all skin types.
Asia Pacific dominated the market and held the largest market share of approximately 38.22% in 2023 due to the rapid development of the Vitamin C market.
Asia Pacific will dominate the market, accounting for the largest market share of around 38.22% in 2023. This is due to changing eating habits, increasing consumption of instant foods, and increasing proportion of working women who require healthy foods rich in vitamins. Asia Pacific is one of the largest pharmaceutical markets in the world, and countries such as India, Japan, and China have standards in various fields such as generic drug manufacturing, vaccine development, and other services. Hence, increasing usage of Vitamin C will drive the market growth.
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Highlights:
- Increasing use in various applications such as food & beverages, pharmaceuticals, etc. is increasing the global demand for Vitamin C, driving the market growth.
- The offline segment accounted for the largest market share (around 81.56%) of Vitamin C in 2023.
- Companies focusing on launching products across various applications are driving the market growth.
- Asia Pacific dominated the vitamin C market during the forecast period, owing to changing eating habits and increasing consumption of vitamin C foods.
Table of Contents – Main Points
1.First of all
2. Industry Flowchart
3. Research Methods
4. Market Trends
5. Porter’s Five Forces Model
6. Plague Analysis
7. Vitamin C Market Segmentation by Grade
8. Vitamin C Market Segmentation by Distribution Channel
9. Vitamin C Market Segmentation by End Use
10. Regional Analysis
11. Company Profile
12. Competitive Environment
13. Use Cases and Best Practices
14. Conclusion
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