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Vitamin C Market Size, Share, and Forecast 2030
4 months ago
3 min read

Vitamin C Market Size, Share, and Forecast 2030

The global vitamin C market size is projected to reach USD 15.7 billion by 2030 and registering a CAGR of 6.32% from 2022 to 2030.

Vitamin C Market Size 2022 to 2030

The North American region has dominated the market in terms of revenue in the recent year period due to an increased use or a growing demand from the pharmaceutical and cosmetics industry the market is expected to grow well in the coming years. In the developed nations like North America and Europe there is a high amount of disposable income which will increase the purchasing power and lead to a growth of the vitamin C market in these regions.

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In the developing nations of the Asia Pacific region the market is expected to have a faster growth during the forecast period. In the nations like India China and Japan the market will grow well. As there is a growing awareness among the consumers regarding the benefits of vitamins 3 the market shall grow in the coming years. Outbreak of the pandemic and the amount of antioxidants present in the vitamin C supplements is expected to drive the market growth across the globe.

Key Takeaways:

  • In 2021, food and beverages application segment represented 59% market share in 2021

  • In 2021, pharmaceuticals application segment garnered 20% revenue share

  • In 2021, animal feed application segment accounted 6.4% revenue share

  • In 2021, the North American region had garnered 48% revenue share

  • In 2021, the natural source segment accounted 64% revenue share

  • In 2021, synthetic source segment accounted market share of around 36%

Market dynamics

Drivers

As vitamin C happens to be an extremely miraculous ingredient which helps in curing many health diseases the market for vitamin C is expected to grow well in the coming here. As vitamin C is used in healing many wounds and deficiency diseases the market is expected to grow. Excessive consumption of vitamin C does not cause any toxic effect and this also happens to be a driver for the growth of the market. During the pandemic in order to increase the immunity there was a growth in the demand for vitamin C supplements across the globe. there is an increased use of vitamin C inconvenience foods, confectionery items, juices etc the growing demand for vitamin C in the food and beverages segment will also drive the market in the coming years. Increasing urbanization and the availability of disposable income will also lead to the growth of the market.

Restraints

The vitamin C market had gone down during the pandemic due to the restrictions imposed on various nations. COVID-19 had a negative impact on the vitamin C market do 2 restrained movement. Due to an increase in the regulations associated with the environment the vitamin C market shall be hampered. The amount of taxes which are charged on the international business of vitamin C They shall be a slow growth of the market. As the manufacturing cost of vitamin C is is high and it happens to be a restraint in the growth of the market.

Opportunities

Increased concerns regarding the health especially after the pandemic have created a larger demand and provided for better opportunities for the growth of the market. Britta mincey also helps in boosting the immunity of the people and due to these reasons the market is expected to grow in the coming years. There's a large number of people for the consumption of vitamin C in different formats the revenue generated in this market is expected to grow in the coming years. It is extremely useful for different cardiovascular diseases and it can also be used for treating cancer. As there is an increase in the number of startups entering the market the market is expected to grow in the coming years. Due to an increase in the number of various lifestyle diseases the consumption of vitamin C is expected to increase in the coming years.

Challenges

There are linguistic barriers which affect the international growth of any market happiness to be a major challenge for the growth of the market. Another challenge for the growth of the market is the expansion to different regions. Another very important challenge which hampers the growth of the market to a great extent is the protection of patent of various products.

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