LONDON–(BUSINESS WIRE)–#AscorbicAcidMarket–The global ascorbic acid market is expected to post a CAGR of almost 5% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Ascorbic acid is widely used as an additive in F&B products. Factors such as rapid urbanization, changing lifestyles, and improving living standards have increased the demand for on-the-go food products. The consumption of convenience beverages such as fruit juices and carbonated drinks has significantly increased in local food chain outlets. During the forecast period, a significant number of people are expected to migrate to urban and semi-urban areas, particularly in Africa and Asia. With the rise in urbanization, the demand for convenience food is expected to increase which in turn will drive the growth of the global ascorbic acid market during the forecast period.
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As per Technavio, the increasing popularity of organic food additives will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Ascorbic Acid Market: Increasing Popularity of Organic Food Additives
Growing health consciousness among consumers, especially in developed countries, has increased the demand for beverages with less or no sugar content. This is prompting F&B companies to introduce healthier alternatives by using organic food additives. In addition, the growing popularity of clean label products has increased the use of organic flavoring agents such as ascorbic acid. Therefore, the rising demand for organic food additives is expected to boost the growth of the global ascorbic acid market during the forecast period.
“Rising demand for ascorbic acid from emerging applications such as metal finishing and the increasing use of ascorbic acid in animal feed will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Ascorbic Acid Market: Segmentation Analysis
This market report segments the global ascorbic acid market by geography (APAC, Europe, MEA, North America, and South America) and end-user (pharmaceutical, food and beverages, personal care, and others).
The European region led the market in 2019, followed by North America, APAC, South America, and MEA respectively. However, during the forecast period, the North American region is expected to witness the maximum incremental growth. This is due to the growing demand for skincare and personal care products in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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