USD 1.65 billion
Vitamin C Market Size, Share, Growth Analysis, By Source(Natural and Synthetic), By Application(Food & beverages, Pharmaceuticals, Cosmetics, Animal feed), By Process(Reichstein Process, Two-stage Fermentation Process), By Product Type(Powder, tablets, capsules, gummies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35I2110 |
Region:
Global |
Published Date: July, 2024
Pages:
251
|Tables:
117
|Figures:
79
Vitamin C Market Insights
Vitamin C Market size was valued at USD 1.74 billion in 2022 and is poised to grow from USD 1.84 billion in 2023 to USD 2.82 billion by 2031, growing at a CAGR of 5.50% in the forecast period (2024-2031).
Global vitamin C market is expected to grow owing to the increased use of vitamin C in various food products or as a supplement. Apart from preventing various types of heart diseases, it is also essential for healing the cells in the body. With an increasing demand for vitamin C supplements or even food products rich in vitamin C, the market is expected to grow in the coming years.
Vitamin C is a useful nutrient that is in high demand in both industrialized and developing countries. It is an important component of food supplements, and governments are taking many steps to increase the supply of such foods, which are particularly beneficial to populations in the developing world. Also, major players in the market increase their investment in research and development activities. The increasing use of vitamin C as a functional product in the pharmaceutical and medical industries is expected to increase market demand. However, high cost and rising environmental regulations hamper the growth of global market.
US Vitamin C Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural
Fastest Growth
Natural
Growth Rate
5.5% CAGR
Global vitamin C market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Vitamin C Market Segmental Analysis
Global vitamin C market is segmented on the basis of source, application, process, product type, and region. On the basis of source, global market is segmented into natural and synthetic. On the basis of application, global arket is segmented into, food & beverages, pharmaceuticals, cosmetics and animal feed. By Process, the market is segmented into Reichstein Process, Two-stage Fermentation Process. By Product Type, the market is segmented into Powder, tablets, capsules, gummies, and liquids. On the basis of region, global market is divided into North America, Europe, Asia Pacific and MEA.
Vitamin C Market Analysis by Source
On the basis of source, global vitamin C market is segmented into natural and synthetic. The natural sources segment is expected to dominate the growth of global market and is expected to grow at the fastest CAGR during the forecast period. There are many citrus fruits such as lemons, oranges, tomatoes, green peppers, and papayas that are high in vitamin C. Juices and green leafy vegetables are also good sources of vitamin C. Kiwi fruits and berries are also rich sources of these nutrients. Instead of synthetic products, consumers are turning to natural products. This is one of the major factors driving the growth of the natural segment in the market.
Vitamin C Market Analysis by Application
On the basis of application, global vitamin C market is segmented into, food & beverages, pharmaceuticals, cosmetics and animal feed. The global market is dominated by the food and beverages segment. Increasing consumption of vitamin C in various processed foods, as well as soft drinks, is expected to fuel market growth. Due to increasing awareness of the health benefits, the demand for vitamin C in various food products is increasing worldwide. Apart from the food and beverage industry, the cosmetics industry is also expected to grow during the forecast period.
In the pharmaceutical industry, the use of vitamin C in different forms is increasing for various facial applications as well as for the manufacture of supplements. There is a growing demand in the pharmaceutical industry for the use of vitamin C for the development of various medicinal products that are beneficial for bones and skin. The increasing use of vitamin C in the pharmaceutical industry is due to its ability to heal severe wounds.
Global vitamin C market size by source, 2022 (%)
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Vitamin C Market Regional Insights
On the basis of region, global vitamin C market is divided into North America, Europe, Asia Pacific and MEA. Asia Pacific dominated the global market with over 40% share and is expected to witness significant growth during the forecast period. This is due to increasing consumer awareness of health, fitness, and wellness and increasing spending on dietary supplements. Increased consumption of red meat and seafood products that require preservatives such as sodium benzoate or sorbates has increased the demand for vitamin C from countries such as China, Japan, South Korea, and India.
North America is expected to grow at a significant CAGR during the forecast period. Growing demand for various pharmaceutical and cosmetic products which contain vitamin C is expected to drive the market in North America. Due to an increase in disposable income, the demand for vitamin C in various forms is increasing. North America is growing rapidly due to the increasing use of vitamin C in various cosmetics in the form of moisturizers or serums. It is widely used in the treatment of cancer patients as it helps in reducing inflammation. It is a great antioxidant and is used in personal care products.
Europe accounts for a significant share of the global market. An increasing aging population, along with rising healthcare costs, drives the pharmaceutical industry, resulting in increased demand for pharmaceuticals, especially vitamin C supplements.
Global vitamin C market size by geography, 2022-2030
- Largest
- Fastest
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Vitamin C Market Dynamics
Vitamin C Market Driver
Increased use of vitamin C
- The use of vitamin C is increasing due to its ability to prevent and cure numerous health conditions such as scurvy, wound healing, and boosting the immune system. This is the primary factor driving the growth of the market. Due to low toxicity of vitamin C, it has no negative effects from consuming too much, and this is one of the major factors driving the growth of global market.
Emerging demand for vitamin C for food fortification
- Increasing demand for vitamin C for food fortification in various applications such as convenience foods, juices, sports drinks, confectionery, functional food and beverages, and bakery items is likely to drive the growth of the global market. Also, increasing urbanization and rising disposable income will expand the growth of the market. Also, increasing awareness about the benefits associated with vitamin C and increasing consumer trend toward processed foods has fuelled the growth of the global market.
Vitamin C Market Restraint
- Increased competition: The market is highly competitive, and new players are entering the market all the time. As competition increases, prices may be driven down, and profit margins may become tighter.
- Health concerns: While vitamin C is generally considered safe, there have been concerns about the safety of certain forms of vitamin C, such as synthetic ascorbic acid. This could lead to decreased demand for these forms of vitamin C.
- Changes in consumer preferences: Consumers are becoming increasingly interested in natural and organic products, and may prefer to get their vitamin C from natural sources like fruits and vegetables rather than supplements. This could lead to decreased demand for vitamin C supplements.
- Economic downturns: During economic downturns, consumers may be less willing to spend money on non-essential products like vitamin supplements, which could lead to decreased demand for these products.
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Vitamin C Market Competitive Landscape
Global vitamin C market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global virtual clinical trials market.
For example, Products made with natural vitamin C ingredients are available from NutriScience Innovations LLC. These products contain vitamin C acerola extract, which is made from vitamin C rich acerola fruit. The business offers it for use in pharmaceutical products to improve the body's immune system.
Vitamin C Market Top Player's Company Profiles
- DSM Nutritional Products AG
- CSPC Pharmaceutical Group Limited
- Northeast Pharmaceutical Group Co., Ltd.
- BASF SE
- China BBCA Group Corporation
- Merck KGaA
- Glanbia plc
- Adisseo France SAS
- Hangzhou Focus Corporation
- Shandong Luwei Pharmaceutical Co., Ltd.
- Foodchem International Corporation
- Koninklijke DSM N.V.
- Shandong Tianli Pharmaceutical Co., Ltd.
- Dishman Netherlands B.V.
- CSPS Pharmaceutical Group Limited
- Shandong Xinhua Pharmaceutical Co., Ltd.
- Northeast Pharmaceutical Group Co., Ltd.
- Aland (Jiangsu) Nutraceutical Co., Ltd.
- Shandong Runxin Biotechnology Co., Ltd.
- Chongqing Huabang Pharmaceutical Co., Ltd.
Vitamin C Market Recent Developments
- In 2021, Krating Daeng, a TCH Group brand, collaborated with DHC, Japan's largest food supplement company, to cater to Thailand's vitamin C market.
- In June 2021, Cipla Health Ltd. introduced a new product named Maxirich C+ Zinc in order to fulfil consumer demand. Maxirich C+ Zinc is a rich source of vitamin C in the chewable form.
Vitamin C Key Market Trends
- Growing consumer preference for nutritional supplements is a key trend in the vitamin C market. Consumers have become more aware of the benefits of high-quality food, which contributes to excellent health and has high nutritional value. Consumers are seeking high-quality products out of their interest in food, without compromising on the nutritional value and taste of the food. Vitamin C ingredients meet this demand by adding flavour to food. These ingredients provide a nice sour flavour, which enhances many food products such as jams, jellies, candies, and fruit juices.
Vitamin C Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our global vitamin C market analysis, by source segment the natural sources segment is expected to dominate the growth of global market and is expected to grow at the fastest CAGR during the forecast period. Instead of synthetic products, consumers are turning to natural products. This is one of the major factors driving the growth of the natural segment in the market. By region, Asia Pacific dominates the global market with over 40% share and is expected to witness significant growth during the forecast period. However, high cost of vitamin C and rising environmental regulations hamper the growth of global market.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 1.74 billion |
| Market size value in 2031 | USD 2.82 billion |
| Growth Rate | 5.50% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Vitamin C Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Vitamin C Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Vitamin C Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Vitamin C Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Vitamin C Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Vitamin C Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Vitamin C Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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