Vitamin C Market Size to be Valued at $1.34 billion by 2023
The Vitamin C market experienced a significant rise in September 2020 and is expected to touch the $1.34 billion mark by 2023 with a CAGR growth of 5-6 percent.
Vitamin C is used in various industries, mainly pharmaceuticals, followed by cosmetics, animal feed, processed food industries. It has dominated these markets for years, and the leading supplier of Vitamin C has been China. China caters to more than 60 percent of the Vitamin C demand worldwide, and the most Vitamin C demand hails from North America.
In 2019 the demand for Vitamin C dropped, which went to an all-time high in mid-2020 when COVID-19 hit the world as there was a sudden need for immunity boosters, Vitamin tablets, dietary supplies, all of which require Vitamin C as a key ingredient. The current global Vitamin C market covers a supply of 140-150 kilo tons annually. As the health industry has become busy and sensitive during this pandemic,
Vitamin suppliers, pharma companies, and healthcare professionals need to realize the importance of Vitamin C, which is required for collagen biosynthesis and protein metabolism, as well as in preventing CVD diseases, reducing chemotherapy effects, and combating tumors.
Despite such high demand for Vitamin C, there are very few manufacturers and countries supplying it. In North America, Vitamin C manufacturers are less in number and demand is the most. During COVID-19, there has been major pressure on China to meet the demand graph. This has subsequently resulted in an increase in the price point of vitamin C, causing relevant stakeholders to scout for manufacturers out of China.
Another catch here, pointed by Beroe, is that even though there might be various Vitamin C supplier companies, but only the ones in China and DSM can supply all three Vitamin C types which are - USDMF, CEP, JDMF. Most Vitamin C suppliers can manufacture food or feed grade Vitamin C, but only selective companies in China and DSM can supply pharma-grade Vitamin C, which is the need of the hour. Another factor contributing to the Vitamin C market price increase is its raw material and production cost. The key raw materials used to produce Vitamin C are Sorbitol, Potassium Permanganate, and Acetone, which contribute to 73 percent of the total production cost. There is a demand in price and supply for these raw materials as well.
Overall, the Vitamin C market analysis expects a rising trend line in terms of price and demand as many countries are now facing the second wave of the pandemic and people worldwide are getting habituated to Vitamin tablets and Vitamin-based diets. There are hardly any substitutes for Vitamin C in the pharma market as the potent antioxidant properties of Vitamin C cannot be replaced by other compounds. The Vitamin C market is highly competitive even among manufacturers in China as the major ones manage 50-60 percent of the supply-demand. But with the demand for Vitamin C rising, many new players are anticipated to enter the market.
- The Vitamin C Market experienced a high rise in September 2020 due to Covid19 but has been declining since November 2020.
- The Vitamin C Market is expected to grow again at a CAGR of 5-6 percent by 2023.
- There are limited suppliers of the pharma-grade Vitamin C type, many of who are are located in China.
- China supplies more than 60 percent of the Vitamin C demand worldwide and the most Vitamin C demand comes from North America.
- An increase in Vitamin C demand has resulted in its price point going up. This has also increased the demand and price of its three key raw materials.
Related Insights:View All
Get more stories like this
Subscirbe for more news,updates and insights from Beroe