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

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 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. '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.', '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.'

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.

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.

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.