Austin, July 18, 2024 (GLOBE NEWSWIRE) -- The SNS Insider Report Estimates the Vitamin C Market Size at USD 1.89 billion in 2023 and is expected to reach USD 2.99 billion by 2032 and grow at a CAGR of 5.23% over the forecast period 2024-2032.
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The growing incidence of cardiovascular illnesses is a major factor propelling the market for vitamin C. This is motivated by the possible advantages that vitamin C may have for heart health. The antioxidant qualities of vitamin C serve as a barrier, scavenging free radicals that harm cells and aid in the emergence of CVDs. Moreover, it might contribute to blood pressure regulation and increased nitric oxide synthesis, two processes that are critical for preserving good circulation and lowering the risk of heart attack and stroke.
The need for vitamin C is driven by the local pharmaceutical industry's expansion. For example, the India Brand Equity Foundation reports that the country's pharmaceutical industry grew from 13.7% in July 2020 to 17.7% in August 2021.
The growing attention to cardiovascular disease prevention and personal care is translating into market expansion. For heart and skin health, consumers are more inclined to buy vitamin C-fortified food products and supplements. This will cause the market for vitamin C supplements and dietary products that are fortified with nutrients to grow significantly in heart health. Food and pharmaceutical firms have a fantastic chance to create cutting-edge vitamin C solutions that meet the increasing demand for heart health.
For instance, in 2022, Firmeich merged with Royal DSM with combined revenues of over USD 12.58 billion, DSM-Firmenich comprises four business units: food and beverage, health and nutrition, animal nutrition, and fragrance and beauty.
Vitamin C Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.89 billion |
| Market Size by 2032 | USD 2.99 billion |
| CAGR | 5.23% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
By Grade
The premium segment held the largest market share approx. 72.22.% in grade segment in 2023. Premium-grade vitamin C has better quality and is used for applications for its good quality and consistency. This includes pharmaceuticals, personal care products, and cosmetics, industries where ensuring product efficiency and safety is of the utmost importance. Premium-grade vitamin C also carves out a niche in specialized applications like food fortification for at-risk populations such as infants and the elderly, as well as in research activities.
By Distribution Channel
The offline segment held the largest market share for Vitamin C market and accounted for largest market share is approx. 81.56% in 2023. The reason for this is because ascorbic acid is distributed offline through a network of producers that create the acid in liquid or powder form, and suppliers who serve as middlemen between producers and end-user industries. Manufacturers often supply ascorbic acid as a white, crystalline powder that is soluble in water.
By End-use
The pharmaceutical held the largest market of approx. 60.38% in application segment. This is explained by its increasing use as a component of vitamin c tablets, pills or capsules intended to prevent or cure low vitamin C levels, which can lead to scurvy and its symptoms, which include weakness, joint pain, fatigue, rashes, and tooth loss. Additionally, it functions as an antioxidant, promoting the body's ability to mend wounds, improve the body's absorption of iron from plant-based diets, and strengthen the immune system.
Recent Developments Showcase Technological Advancements and Investment
- June 2023, DSM-Firmenich, initiated a comprehensive review and restructuring of its vitamin business unit. This strategic move is a direct response to a confluence of current market trends and conditions. In particular, the company is taking action in light of a noticeable decline in global vitamin demand.
- In 2021, Double Dose Superpower Organic Vitamin C serum was introduced by First Base Skincare. It is an anti-aging serum that increases collagen production and moisture to stop wrinkles from forming. Clinical research has verified that it is secure and efficient for all skin types.
Asia Pacific dominated the market and held the largest market share approx. 38.22% in 2023 driven by rapid development in the Vitamin C market
Asia Pacific dominated the market and held the largest market share approx. 38.22% in 2023. This is owing to the shifting dietary habits, with a rising consumption of convenience foods, and a growing proportion of working women who require more vitamin-containing healthy food products. Asia-Pacific is one of the biggest pharmaceutical markets globally, with nations like India, Japan, and China has the standard in a variety of areas like v generic medication manufacturing, vaccine development, and other services. Therefore, an increase in the usage of vitamin C drives market growth.
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Key Takeaways:
- The global Vitamin C demand rising due to the increase in its usage in various applications such as food & beverage, pharmaceutical, and many more driving the market growth.
- The offline segment held the largest market share of Vitamin C around 81.56% share in 2023.
- The companies focused on launching the product in various applications drive the market growth.
- Asia Pacific dominated the vitamin C market in the forecast period. Due to shifting dietary habits and increasing the consumption of vitamin C food products.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Vitamin C Market Segmentation, By Grade
8. Vitamin C Market Segmentation, By Distribution Channel
9. Vitamin C Market Segmentation, By End-use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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