Analysis of Potential Impact of COVID-19 on Ascorbates Market
Ascorbates are salts or minerals of ascorbic acid. In other words, ascorbates are iterations of vitamin C. Ascorbates have been known to exhibit multiple beneficial properties and therefore is used in a plethora of products. The main purpose ascorbates are utilized for, is as a dietary supplement in case of vitamin C deficiency and as a food additive. Apart from its use as a food additive, ascorbates are also used in cosmetics. In cosmetics, ascorbates play the role of antioxidants, making ascorbates an essential part of almost all skincare products. The most dominant forms of ascorbates available in the market are sodium ascorbate and calcium ascorbate.
Sodium ascorbate and calcium ascorbate are used in a number of products ranging from nutritional supplements, foodstuff, beverages, pharmaceutical products, and cosmetics. Since ascorbates are recognized as GRAS (generally recognized as safe) by the AFDA (American food and drug administration) it is safer than conventional chemical preservatives. Consumer awareness about clean label products has urged the manufacturers to look for alternative preservation methods. This has led to many manufacturers opting for ascorbates as a preservative in their food products. Ascorbates take hold over the pharmaceutical industries as well by their inclusion in vitamin and minerals and supplements as sodium ascorbate, ferrous ascorbate, calcium ascorbate etc.
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A steady growth in world population is leading to a rise in demand for food products, indicating a proportionate growth in demand for ascorbates market as well
Food and beverage sector is the largest consumer of ascorbates as food preservatives. The world population is on a constant rise, and it is an almost ubiquitous assertion that the food production worldwide is going to increase in proportion too. FAO (Food and agricultural organization of the United States) has issued a forecast on world food production stating, ‘to support the rise in population by 2050, the food production must be increased by 70%.’ With processed food being a sustainable option for storing food products and an incline towards natural additives, ascorbate requirement in the market is also anticipated to grow at a steady pace.
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Increased disposable income, fashion trends, social media influence driving the demand for cosmetics higher, in turn surging the demand for ascorbates in the market
Ascorbates such as sodium ascorbate, calcium ascorbate are used in cosmetic products, especially skincare and makeup as antioxidants. An increase in demand for cosmetics increases the demand for ascorbates in the market. The skincare segment of the cosmetics market has been established to be the fastest growing among all, and cosmetics market as a whole has exhibited constant growth in demand from around the globe. The growth is especially steadier in emerging markets with a higher number of youth and social media influences.
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Global Ascorbates Market: Segmentation
By type-
- Sodium ascorbate
- Calcium ascorbate
- Potassium ascorbate
By end-use-
- Food and beverages
- Pharmaceuticals
- Cosmetics
By form-
- Powder
- Tablets
- Others
Global Ascorbates Market: Key Players
Some of the key market players in the global ascorbate market include The nature’s bounty co. Ltd., Foodchem International Corporation, NOW foods, Cytoplan Ltd, Superior Supplement Manufacturing Inc., Koninklijke DSM N.V., Pfizer, Inc., Bronson nutritionals LLC, Merck KGaA etc.
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