Latin America Ascorbic Acid Market Growth Report 2021-2026:
Latin America Ascorbic Acid Market is estimated to develop with a moderate compound annual growth rate throughout the foreseen period of 2021-2026.
Ascorbic acid is used in the human and animal food industry to improve the stability and quality of products. It is mainly used as an antioxidant in food and prevents microbial growth. It is used as a preservative in jams, jellies, sauces, bread and salty meat products. The shift in consumer preferences towards healthy food consumption has led to an increase in the size of the ascorbic acid market. Increased consumption of processed foods due to a hectic lifestyle that compromises the quality of nutritional foods. However, the increased demand for fortified food products due to their health benefits is affecting the size of theascorbic acid market. Ascorbic acid is present in the aquatic diet of fish and shrimp and acts as a stimulator of immunity. Collagen retains the bones or muscles of fish or shrimp that are used to heal wounds and reduce the harmful effects of toxic chemicals.
Blagden published about the launch of NV Ascorbic Acid, which aims to decrease wrinkles, whiten skin, and promote hydration, among others and this product has improved the existing portfolio of this company.
Market Drivers and Restraints:
The expansion of the Latin American ascorbic acid market is primarily due to a large reach in the cosmetics, pharmaceuticals, animal and processed food sectors. It is found mainly in fruits, vegetables and is used as a dietary supplement. It is used to protect against cardiovascular disease, eye problems, impaired immune systems, skin wrinkles, and prenatal health problems. Ascorbic acid is soluble in water in nature and cannot be stored in the body. Ascorbic acid is a natural antioxidant that protects cells from free radical damage when exposed to air pollution and UV rays. It is necessary for the biosynthesis of collagen and participates in the metabolism of proteins. Increased consumer spending on tablets or medications, as well as increased health awareness, will drive growth in the Latin American industry. Most pharmaceutical companies prescribe ascorbic acid because it prevents cardiovascular disease, reduces the ill effects of chemotherapy, and destroys tumors. In addition, it accelerates wound healing and improves the elasticity of the skin. The cosmetic or personal care market could see significant gains in the coming years, acting as good news for this industry. The rise in anti-aging creams, sunscreen lotions, and other biologics due to variable climate dynamics is expected to fuel demand for ascorbic acid in Latin America.
The Latin American market for ascorbic acid can be segmented by grade, application, and region.
Depending on the grade of the product, the market can be divided into two segments, food and pharmaceutical, and industrial.
Depending on the application, the market is divided into food and beverages, pharmaceuticals, chemicals, personal care, agriculture, and others. The food and beverage segment is expected to develop at a considerable compound annual growth rate of about 5% during the calculated period (2020-2025).
Impact of COVID-19 on Latin America Ascorbic Acid Market:
The greatest impact of COVID-19 remains to be seen and it may be months, even years before the economy calms down. They will have to be creative in their approach, for example, repackaging into larger multi-service packages or offering fewer SKUs. Mondelez, Tyson Foods, Unilever, Nestlé, Brands like Campbell Soup and, among others, have increased front-line worker wages or added other benefits like child care or coronavirus testing coverage to provide some reassurance due to pressure on companies to increase production in recent weeks. Emerging brands, on the other hand, will need to focus their budgets on increasing online sales if they don't already have a large retail presence, and look for ways to support the larger food ecosystem with messages of support and inclusion. Many food manufacturers have overseas production facilities in China, Italy, and other places where COVID-19 has hampered the workforce and thus savings. And because the timetable for a significant dissipation of the epidemic is so uncertain, manufacturers, distributors, and retailers must prepare to engage in significant innovations in their current focus, considering redirecting to alternative or local offering locations, and increased emphasis on inventory management.
The Latin America Ascorbic Acid market has been divided into Mexico, Brazil, Peru, Chile, and the rest of Latin America. Latin America is one of the emerging regions, which will generate significant opportunities over the outlook period due to the increasing demand for cosmetic products. Ascorbic acid is a potent antioxidant and finds its use in anti-aging creams and in a wide variety of medical applications for patients with cancer, heart disease, and scurvy. In addition, niche applications for ascorbic acid include preservatives, reducers in photographic developer solutions, and catfish diets.
DSM had the largest share of the Latin America Ascorbic acid market in terms of sales and revenue in 2019.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Ascorbic Acid Market, By Grade
6.1.1 Food and Pharmaceutical
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Ascorbic Acid Market, By Application
6.2.2 Personal Care
6.2.5 Food and Beverages
6.2.6 Market Size Estimations & Forecasts (2019-2024)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 Latin America
7.2.1 By Country
188.8.131.52 Rest of Latin America
7.2.2 By Grade
7.2.3 By Application
8. Key Player Analysis
8.1 GlaxoSmithKline Plc
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.3 Shandong Luwei Pharmaceutical
8.5 Aland Nutraceuticals Group
8.6 Dishman Group
8.7 North China Pharmaceutical Group
8.8 Hebei Welcome Pharmaceutical Co
8.9 Northeast Pharmaceutical Group
8.10 BASF SE
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures