increasing prevalence of vitamin c deficiency is driving the Ascorbic Acid Market
Technavio analyzes that the Ascorbic Acid Market is expected to grow at a CAGR of 5.16% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 379.16 million.There are various factors that contribute to the growth of the market. The ascorbic acid market is experiencing significant growth due to the increasing prevalence of vitamin C deficiency worldwide. Vitamin C, also known as ascorbic acid, is an essential nutrient that plays a crucial role in the maintenance of various body functions, including the production of collagen, the repair of damaged tissues, and the enhancement of immune function. Deficiency of this vital nutrient can lead to scurvy, a condition characterized by fatigue, joint pain, and skin hemorrhages, among other symptoms. With the rising awareness of the importance of vitamin C for overall health and well-being, the demand for ascorbic acid is expected to continue its upward trajectory in the coming years.
In the realm of skin care and health, powdered ascorbic acid holds significant value as a key ingredient in various applications. This vitamin C form is extensively utilized in the production of dietary supplements and vitamin formulations, driven by the increasing consumer preference for nutritional supplements. Consumers seek out these supplements for immune system support, antioxidant benefits, and overall well-being. In the food and beverage industry, powdered ascorbic acid functions as a versatile additive and nutrient fortifier. It is incorporated into a wide array of products, including beverages, baked goods, dairy items, and processed foods, to enhance their nutritional value and prolong their shelf life. With the growing trend towards clean label and green food products, the demand for fortified foods and beverages containing powdered ascorbic acid continues to rise. This essential nutrient plays a crucial role in wound healing, preventing infections, combating chronic diseases, and supporting the production of collagen, cartilage, bones, and teeth. Additionally, it is linked to reduced stroke risk and improved cardiovascular health.
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Ascorbic Acid Market Segmentation
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Ascorbic acid, also known as Vitamin C, is a white-colored, crystalline, soluble in water, solid form of a vitamin essential for healthy tissues in the body. It acts as an antioxidant, protecting cells from damage caused by free radicals. Found in foods and supplements, it boosts immune health, aids in iron absorption, and plays a role in collagen formation. In food and beverages, it functions as a preservative, emulsifying agent, flavor essence, stabilizer, and antioxidant food ingredient. It is widely used in soft drinks, flavored sodas, and pharmaceuticals.
The global ascorbic acid market, identified as a segment of the larger commodity chemicals market, is a significant component of the global chemicals industry. This market caters primarily to the production of industrial and basic chemicals, encompassing sectors such as plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. Notably, the market excludes companies producing diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. Key growth drivers for the commodity chemicals market include the increasing demand for plastic packaging, which is the most widely used material in the global packaging industry, and the role of ascorbic acid as a vital antioxidant in various applications, such as food and supplements, collagen formation, immune health, and iron absorption. Additionally, ascorbic acid's function as a free radical scavenger further bolsters its importance in various industries, particularly in the production of zinc supplements and other health-related products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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