Vitamin C Market Analysis:
The global vitamin C market is anticipated to grow at a remarkable CAGR during the forecast period (2023-2030), as per the new Market Research Future (MRFR) report. Vitamin C is an essential nutrient for health as it helps in forming and maintaining skin, bones, and blood vessels. It occurs naturally both in fruits as well as vegetables, but today vitamin C supplements are also available.
Vitamin C Market Size was prized at USD 10.9 billion in 2022. The vitamin C market industry is projected to grow from USD 11.2 Billion in 2023 to USD 13.2 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 2.88% during the forecast period (2023 – 2030).
Vitamin C plays a pivotal role in various bodily functions which include the production of L-carnitine, collagen, and some neurotransmitters. It offers a long list of benefits. Vitamin C is a strong antioxidant, lowers blood pressure, boosts the immune system, increases iron absorption, maintains healthy hair and skin, helps in weight loss, and is good for mental and physical health.
Various factors are propelling the vitamin C market growth. These factors in accordance to the MRFR report, include the strong application of vitamin C in processed food industries, animal feed, pharmaceutical, and cosmetics, growing demand for dietary supplement, and increasing use as a preservative in food & beverages. Additional factors pushing market growth include increasing incidences of skin-related diseases, and growing demand for sunscreen lotions, anti-aging creams, and other forms of bio-based cosmetic products.
The MRFR report provides a complete segmental analysis of the vitamin C market on the basis of type, form, and application.
Based on type, the vitamin C market is segmented into D-is ascorbic acid, magnesium ascorbate, potassium ascorbate, calcium ascorbate sodium ascorbate, and others. Of these, the sodium ascorbate segment will have the largest share in the market over the forecast period owing to its wide use as a reducing agent. It contains antioxidant properties.
Based on form, the vitamin C market is segmented into injection, tablet, and tonic. Of these, the tablet segment will dominate the market over the forecast period.
Based on application, the vitamin C market is segmented into animal feed, food and beverages, cosmetics, and pharmaceutical. Of these, the food and beverage segment will lead the market over the forecast period. This is owing to its wide use in food preservatives in the food and beverage industry.
By region, the vitamin C market report covers the latest trends and growth opportunities across North America, the Asia Pacific, Europe, and the Rest of the World. Of these, APAC will dominate the market during the forecast period. This is on account of the prevalence of vitamin deficiencies, easy availability of products containing vitamin C, growing animal feed industry, and consumer awareness regarding the health benefits of vitamin C.
The vitamin C market in North America is predicted to have favorable growth over the forecast period. This is on account of its growing use in the food processing and cosmetics industry, booming pharmaceutical industry, and US FDA support for the use of vitamin C.
The vitamin C market in Europe is predicted to have a notable growth over the forecast period. This is owing to favorable regulations laid down by the government that advocates the usage of vitamin C in the Food and Beverage industry as food additives.
The vitamin C market in the Rest of the World is predicted to have a steady growth over the forecast period.
The Key Vitamin C Market Players report include Abbott Laboratories (US), GlaxoSmithKline plc (UK), Danisco (UK), GlaxoSmithKline plc (UK), Amway (US), Bayer AG (Germany), Abbott Laboratories (US), Nutraceutics Inc., (US), and Nutraceutics Inc., (US), among others. Key players have incorporated various strategies in order to strengthen their position in the market such as partnerships, expansions, mergers and acquisitions, product launches, research and development, and more.
August 2019: Perfectly Posh has come up with its first line of vanity supplements to offer men and women that ultimate pampering experience. The product line includes So Perky Energy Drink Mix, Happy Dance Mood Enhancing Hard Candy, and Very Sleepy Gumdrops. The So Perky Energy Drink Mix contains natural caffeine from green coffee along with peppermint, vitamin C and B to help skin appear revitalized and also increase energy levels.
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