Vitamin C Market Size, Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1480
Vitamin C Market size will showcase excellent growth numbers over the span of 2021 to 2027 driven by the escalating demand for vitamin C supplements, drinks, and food items. The growth is attributed to its ability to help in repairing the damaged cells in the body. A Healthline report suggests that vitamin C deficiency still affects over 7% of the U.S population.
Vitamin C is a popular food additive and ingredient that boasts of diverse applications in various industries. It is naturally found in some fruits and vegetables and acts as an essential nutrient in human diets. Industrially, it is used across pharmaceuticals, nutraceuticals, cosmetic and personal care, and other sectors.
The prominence of vitamin C in food and beverages segment can be associated with a stellar growth of the industry and its subsequent rise in demand as a preservative. Vitamin C generally helps in enhancing iron absorption in bodies which makes it a vital additive in iron processed foods. Meanwhile, it also plays an indispensable role in stabilizing the micronutrients. Importantly, the U.S Food and Drug Agency makes it mandatory for micronutrient food fortification in order to offer nutritious food products to the global population.
The Food Safety and Standards Authority of India (FSSAI), had in 2020, declared 6 staple vitamin C rich foods that were deemed to support immunity and best suited for healthy skin including Gooseberry (Amla), Capsicum, Orange, Guava, Lemon, and Papaya. This decision came on heels of the massive outbreak of coronavirus pandemic during mid-2020 in the Indian subcontinent and all around the world. A suitable and proper intake of these foods is expected to charge up the level of vitamin C in the body, thereby gradually reducing the impact of COVID.
With regards to applications in the pharmaceuticals industry, vitamin C is increasingly used for various healthcare purposes like in cancer patients for improving nutrient deficiencies and reducing inflammation. Rising consumer inclination towards vitamin C tablets is set to augment the business statistics of the vitamin C market across the pharmaceutical sector
In terms of its use in personal care products and cosmetics, vitamin C is a strong antioxidant that can neutralize free radicals. Due to its antioxidant properties, the ingredient supports the skin’s natural regeneration process. Moreover, lower concentrations of vitamin C are also good for skin, offering cumulative benefits in leave-on products like eye creams, moisturizers, and serums. In fact, numerous researches have demonstrated that concentrations as low as 0.6% provide anti-ageing and antioxidant benefits to the skin.
Considering the regional aspects, Vitamin C market is set to gain massive growth from Asia Pacific region, especially from the Chinese markets. The country remains to be one of the largest exporters of Vitamin C products. In fact, 95% of this is produced in China. This apart, one of the finest vitamin C fruits, Yuzu, which has almost three times as much vitamin C as lemon, is cultivated in abundance in Asian countries.
Various skincare product leaders are stepping up to include a robust range of vitamin C serums and products in their portfolio to cater to huge public demand worldwide. For instance, TruSkin had in December 2020, announced releasing its $44 holiday bundle comprising of much-loved vitamin C serum, a daily vitamin C face moisturizer, an organic cotton cosmetic bag and peptide eye gel. The deal was expected to come to the global markets by Christmas 2020.
Abbott Laboratories, Amway, Nutraceutics Corp., Bayer AG, BASF, Danisco, and GlaxoSmithKline are among some of the prominent leaders in vitamin C market space that are amplifying their strategies to bolster the overall growth in the coming years.
In 2018, Abbott Laboratories had launched Ensure Max Protein for consumers over 50 years of age, looking to suffice the normal requirement of protein in human body. The novel product is a 150-calroie beverage with 30 grams of protein and all nine essential amino acids and vitamins like C, D, and E.
Meanwhile, Bayer AG, had in 2020, raised its plans of acquiring vitamin and health supplement company Care/of for a valuation of $225 million. Apparently, the deal marks an important milestone for both of these companies.
Impact of COVID-19 on vitamin C market expansion
Worldwide, coronavirus pandemic has undeniably created roadblocks in various industries given mandatory lockdown policies. However, the infection spread has undoubtedly fostered the demand for vitamin C, in turn impelling the growth statistics.
Increased doses of vitamin C for treating COVID-19 are estimated to benefit some populations, although investigators exploring its potential in aging cite that key factors in effectiveness include levels of the natural channel needed to get the vitamin inside human cells.
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