The global vitamin C market size was valued at USD 2.11 billion in 2023 and is predicted to surpass around USD 3.56 billion by 2032, growing at a CAGR of 6% from 2023 to 2032.
Key Point:
- The amount of vitamin C generated in the Chinese markets happens to be 94% as compared to the globe.
- By application the food and beverages industry garnered larger market share 60% in 2022.
- In 2022, pharmaceuticals application segment accounted market share of around 20% and animal feed accounted 7.2%.
- The North American region accounted larger market share 49% in 2022.
- By source, the natural segment hit largest revenue share 65% in 2022 while synthetic segment garnered 36%.
The North American region has dominated the market in terms of revenue in the recent year period due to an increased use or a growing demand from the pharmaceutical and cosmetics industry the market is expected to grow well in the coming years. In the developed nations like North America and Europe there is a high amount of disposable income which will increase the purchasing power and lead to a growth of the vitamin C market in these regions.
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In the developing nations of the Asia Pacific region the market is expected to have a faster growth during the forecast period. In the nations like India China and Japan the market will grow well. As there is a growing awareness among the consumers regarding the benefits of vitamins 3 the market shall grow in the coming years. Outbreak of the pandemic and the amount of antioxidants present in the vitamin C supplements is expected to drive the market growth across the globe.
The report highlights
- Based on format, the tablet segment is expected to dominate the market in the coming years. This segment is cost effective and it also has a longer shelf life. Tablets are easy to store add tablets are also very convenient for consumption.
- Based on type, the score big acid segment will dominate the market in the coming years as the vitamin C in this format is easily absorbed in the body and it remains in the body for a longer period of time. It also happens to be a cost effective product and hence the market is expected to grow in the coming years. There’s an increased use of ascorbic acid in many industries like the Pharmaceutical industry as well as the food and beverages sectors.
- Based on source, the natural segment is expected to have a larger market share in the coming years due to a growing awareness regarding the health benefits of this source. The synthetic segment will also grow in the coming years do to a wide use of this source in the production of various products.
- Based on application, the food and beverages segment will dominate the market in the coming years. There is a large amount of sales of the food and beverages that contain vitamin C. Apart from vitamin C being offered in the food and beverages industry there is an increased use in the Pharmaceutical industry to provide various tablets and tonics that contain vitamin C. As there are many health benefits associated with vitamin C there are also many benefits offered by vitamin C for the skin, therefore there is an increase in the demand for products that contain vitamin C in order to enhance the skin.
- Based on region, the North American and the European market will have a good growth in the coming years. During the pandemic there has been an increase in the demand for vitamin C supplements due to its high content of antioxidants which help in increasing the immunity of a person to fight the virus.
Vitamin C Market Scope
| Report Coverage | Details |
| Market Size by 2032 | USD 3.56 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6% |
| Pharmaceuticals Application Segment Share in 2022 | 20% |
| North American Market Share in 2022 | 49% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2033 |
| Segments Covered | Type, Source, Process, Application, Form, Geography |
Vitamin C Market Dynamics
Drivers
As vitamin C happens to be an extremely miraculous ingredient which helps in curing many health diseases the market for vitamin C is expected to grow well in the coming here. As vitamin C is used in healing many wounds and deficiency diseases the market is expected to grow. Excessive consumption of vitamin C does not cause any toxic effect and this also happens to be a driver for the growth of the market. During the pandemic in order to increase the immunity there was a growth in the demand for vitamin C supplements across the globe. there is an increased use of vitamin C inconvenience foods, confectionery items, juices etc the growing demand for vitamin C in the food and beverages segment will also drive the market in the coming years. Increasing urbanization and the availability of disposable income will also lead to the growth of the market.
Restraints
The vitamin C market had gone down during the pandemic due to the restrictions imposed on various nations. COVID-19 had a negative impact on the vitamin C market do 2 restrained movement. Due to an increase in the regulations associated with the environment the vitamin C market shall be hampered. The amount of taxes which are charged on the international business of vitamin C They shall be a slow growth of the market. As the manufacturing cost of vitamin C is is high and it happens to be a restraint in the growth of the market.
Opportunities
Increased concerns regarding the health especially after the pandemic have created a larger demand and provided for better opportunities for the growth of the market. Britta mincey also helps in boosting the immunity of the people and due to these reasons the market is expected to grow in the coming years. There’s a large number of people for the consumption of vitamin C in different formats the revenue generated in this market is expected to grow in the coming years. It is extremely useful for different cardiovascular diseases and it can also be used for treating cancer. As there is an increase in the number of startups entering the market the market is expected to grow in the coming years. Due to an increase in the number of various lifestyle diseases the consumption of vitamin C is expected to increase in the coming years.
Challenges
There are linguistic barriers which affect the international growth of any market happiness to be a major challenge for the growth of the market. Another challenge for the growth of the market is the expansion to different regions. Another very important challenge which hampers the growth of the market to a great extent is the protection of patent of various products.
Read Also: ePharmacy Market Size to Hit US$ 256 Bn by 2032
Vitamin C Market Companies
- Beijing Heronsbill Food Material Co.,Ltd (China)
- Duchefa Biochemie (Netherland)
- Medibro Corporation Limited (China)
- ADM (US)
- Sanofi (France)
- Bayer AG (Germany) Chemizo Enterprise (India)
- Foodchem International Corporation (China)
- Mudanjiang High-Tech Biochemical Co. Ltd. (China)
- Amway India Enterprises Pvt. Ltd (India)
- CSPC Pharmaceutical Group Limited (China)
- Glanbia plc (Ireland)
- Northeast Pharmaceutical Group Co.,Ltd. (China)
- The TNN Development Limited (China)
- Microbelcaps (Belgium)
- DSM (Netherlands)
- DuPont (US)
Segments covered in the report
By Type
- Calcium Ascorbate
- Sodium Ascorbate
- Magnesium Ascorbate
- Coated Vitamin C
- Potassium Ascorbate
- D-Isoascorbic Acid
- Ascorbic Acid
- Others
By Source
- Natural
- Synthetic
By Process
- Two-stage Fermentation Process
- Reichstein Process
By Application
- Food and Beverages
- Pharmaceutical
- Cosmetics
- Animal feed
By Form
- Tablet
- Syrups
- Injections
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Philippines
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
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