North America Ascorbic Acid Market Value and Growth Report 2022 - 2027:
North America Ascorbic Acid Market is foreseen to expand with a considerable growth rate over the calculated time of 2022 - 2027.
Ascorbic acid is an essential nutrient for the body to function properly. The best sources of Ascorbic acid are vegetables, and fresh fruits, including Brussels sprouts, broccoli, green peppers, potatoes, melons, strawberries, kiwis, tomatoes, and citrus. Ascorbic acid is used to treat and prevent colds, skin infections, and complications during pregnancy. Additionally, ascorbic acid is applied to the skin, helping to protect against the sun, pollutants, and others.
Market Drivers and Restraints:
Increased Ascorbic acid consumption due to the prevention and cure of various health problems, including scurvy, wound healing, and improved immune system, is a major factor in the growth of the North American Ascorbic acid market. Due to the very low toxicity present in Ascorbic acid, excessive consumption without creating side effects is one of the growth factors of the local market. In addition, the growing consumer penchant for processed foods and the increased workforce are other factors that should support growth in the market during the forecast period. The growing demand for Ascorbic acid for food fortification in many applications, including ready meals, juices, and sports drinks, confectionery, functional foods and drinks, and baked goods, which are expected to drive the growth of the Ascorbic acid market in North America during the predicted period. Additionally, Ascorbic acid is widely used in pharmaceuticals, dietary supplements, pet food, cosmetics, and personal care industries, and the increasing demand for Ascorbic acid supplements, anti-aging cream, sun lotions, and other products is another factor believes it stimulates growth in the regional market. However, the high cost of manufacturing Ascorbic acid, along with increasing environmental regulations, are a few factors that could slow growth in the North America Ascorbic acid market.
The North America Ascorbic acid market 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 can be segmented into food and beverages, pharmaceuticals, chemicals, personal care, agriculture, and others. The food and beverage segment is expected to develop with a compound annual growth rate of 4.9% during the forecast period (2020-2025).
Impact of COVID-19 on North America Ascorbic acid Market
North America is the most affected continent due to the Covid-19 pandemic, with the highest number of victims and deceased in the USA. There has been a huge impact on the food & beverage sector in this area due to the shutdown in several provinces. The manufacturing units are closed and the supply chain was disrupted, which resulted in a decline in sales of ascorbic acid. The same trend is foreseen to continue for some time in the coming years.
The greatest impact of COVID-19 remains to be seen and it may be months, even years before the economy calms down. In addition to the problems that will affect all companies, food manufacturers and their suppliers will have other factors to consider. While restaurants and bars may be closed, people are still eating, and therefore high-quality food must always be produced, shipped, and supplied to the customer. Food safety remains the primary concern of all manufacturers, but should now include measures to stop the coronavirus. There is currently no evidence that the virus has been transmitted through food or food packaging, but there is evidence that it can remain viable on certain surfaces for a longer period of time. Normal food handling procedures should be sufficient to control COVID-19, provided social distancing and other measures are followed.
Geographically the North America Ascorbic acid market is segmented into US, Canada, Mexico and Rest of North America.
North America is expected to follow Asia-Pacific due to increasing demand from the pharmaceutical and cosmetic industry. Increasing demand for low-calorie sweeteners is expected to drive market growth in the next six years. 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. All these benefits are estimated to accelerate the North America ascorbic acid market in the future.
Merck KGaA had the largest share of the North America Ascorbic acid Market in terms of sales and revenue in 2020.
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 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
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
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