Ascorbyl Palmitate Market

Ascorbyl Palmitate Market

The global sales of ascorbyl palmitate are slated to grow at a robust CAGR of around 6.0% during the forecast period between 2022 and 2032. Growth in the market is driven by rising adoption of ascorbyl palmitate across diverse end-use verticals such as food and beverage industry, pharmaceutical industry and personal care & cosmetic industry.

Ascorbyl Palmitate is a fat-soluble form of ascorbic acid (vitamin C) formed from ascorbic acid and palmitic acid. It finds its application across various end-use verticals particularly food and beverage industry, personal care and cosmetics, animal feed, and pharmaceutical industry.

Over the last few years ascorbyl palmitate has gained wider popularity as an ideal food additive used across food industry because it acts as a powerful antioxidant and can fight free radicals more effectively than most other antioxidants. It has been found that addition of ascorbyl palmitate in products such as natural oils, fragrances, processed foods etc. protects color, prevents oxidation and improves the nutritional value of the products.

Ascorbyl palmitate has been approved for use as a food additive by various regulatory organizations such as the Food and Drug Administration (FDA). Growing adoption of ascorbyl palmitate as a food additive is anticipated to boost market growth during the forecast period.

Similarly, ascorbyl palmitate is used for the preparation of several personal care and cosmetic products such as shampoos, lotions, anti-aging creams, sun-protection creams etc. It also finds application in dietary supplements, pharmaceuticals, and animal feeds due to its antioxidant property.

Which are Some Major Factors Spurring the Growth of Ascorbyl Palmitate Market

Increasing adoption of ascorbyl palmitate across various industries such as food and beverages, pharmaceuticals, and personal care and cosmetics due to its antioxidant and preservative properties is one of the major factors boosting the growth of ascorbyl palmitate market.

Ascorbyl palmitate has become a commonly used additive in food items, cosmetics, and personal care products due to its antioxidant property. It is usually more stable than some water-soluble forms of vitamin C, which makes it ideal for usage across various applications.

With rapidly growing population, increasing disposable income and changing lifestyle, demand for processed food products is on the rise worldwide. People are spending large amounts on purchasing processed food items which is directly spurring the growth of ascorbyl palmitate market.

Various processed food manufacturing companies are increasingly using ascorbyl palmitate as a key ingredient in their products for maintaining the quality and the nutritional value of products. The addition of ascorbyl palmitate prevents the oxidation of the food products, increases stability, and helps to maintain nutritional value as well. Thus, increasing production and consumption of processed food products is expected to generate lucrative sales prospects for ascorbyl palmitate during the forecast period.

Similarly, rising adoption of ascorbyl palmitate for manufacturing dietary supplements, drugs, cosmetics, and personal care products will continue to serve as a driver for the ascorbyl palmitate market.

Ascorbyl palmitate protects the active ingredients of drugs from oxidative damage and significantly increases their shelf life. It is also being used in personal care and cosmetics products to protect against lipid peroxidation.

Furthermore, increasing investments by manufacturers in research and development activities coupled with growing consumer inclinations towards natural preservatives will further expand the ascorbyl palmitate market during the upcoming period.

What are the Challenges Faced by the Ascorbyl Palmitate Industry

Despite numerous end uses of ascorbyl palmitate, there are various factors that are giving tough competition to market growth. Some of these factors are the presence of a variety of preservatives and dietary supplements and poor penetration of ascorbyl palmitate in low economies.

Why is Asia-Pacific Emerging as an Opportunistic Ascorbyl Palmitate Market

According to Future Market Insights, the Asia Pacific ascorbyl palmitate market is expected to grow at a relatively higher CAGR during the forecast period from 2022 to 2032, owing to the robust expansion of food and personal care industries, rapid urbanization, exploding population, and growing consumer awareness.

Similarly, rising influence of social media coupled with growing demand for dietary supplementals in countries like India and China is positively impacting the Asia Pacific ascorbyl palmitate market and the trend is likely to continue during the assessment period.

Nandini Roy Choudhury

Principal Consultant

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What is the Demand Outlook for the North America Ascorbyl Palmitate Market

The North America ascorbyl palmitate market is anticipated to grow at a considerable pace during the forecast period from 2022 to 2032, owing to the rapid expansion of end use verticals across countries like the United States and Canada and growing popularity of ascorbyl palmitate as an ideal antioxidant food additive.

Demand for ascorbyl palmitate is especially rising in Canada and the United States due to growing consumer inclination towards natural preservatives and rising demand for functional food products and health supplements.

Market Competition

Some of the key participants present in the global ascorbyl palmitate market include Koninklijke DSM N.V., Penta International Corporation, A to Z Nutrition International Inc., Yasho Industries, Pacific Rainbow International, Inc., Spectrum Chemical Mfg. Corp., and NOW Foods among others.

These leading manufacturers are adopting various organic and inorganic growth strategies such as new product launches, partnerships, mergers, acquisitions etc. to increase their customer bases and gain a competitive edge in the market.

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Scope of Report

Key Segments Profiled in the Ascorbyl Palmitate Industry Survey

By Form:

• Powder
• Liquid

By Grade:

• Pharmaceutical Grade
• Food Grade

By End Use:

• Food and Beverage Industry
• Personal Care and Cosmetic Industry
• Dietary Supplement Industry
• Others (Pharmaceutical Industry, etc.)

By Distribution Channel:

• Direct Sales/B2B
• Indirect Sales/B2C
• Hypermarkets/ Supermarkets
• Convenience Stores
• Mass Grocery Retailers
• Specialty Stores
• Online Retailing

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa