CHAPTER III

MARKET STUDY

I. GENERAL MARKET DESCRIPTION

Vitamin C serums are increasingly becoming popular due to their multifunctional
skincare benefits. They are strong antioxidants that prevent photodamage, lessen the production
of melanin, and reduce hyperpigmentation. Vitamin C also promotes the synthesis of collagen,
which enhances the firmness and texture of skin. Although Vitamin C has stability problems, it
remains a common treatment for a number of skin diseases, including melasma,
post-inflammatory hyperpigmentation, and aging, especially when combined with substances
like vitamin E or ferulic acid. These combinations increase efficacy and prolong shelf life (SPER
Market Research, 2024). All ages can benefit from Vitamin C serum, but young people are using
it more in their routines due to social media impact and a proactive attitude to skincare.
Nonetheless, the broad appeal across age groups contributes considerably to the increasing
demand for Vitamin C serums, which are now an essential in modern skincare (Grand View
Research, 2024).
​
​ The global Vitamin C serum market has shown growth momentum in recent years.
According to Business Research Insights (2025), the global market for Vitamin C serum was
estimated to be worth USD 1.51 billion (88.76 billion PHP) in 2025 and is expected to grow at a
compound annual growth rate (CAGR) of 7.6% from 2025 to 2035, reaching USD 1.62 billion
(95.22 billion PHP) in 2026 and USD 2.89 billion (169.87billion PHP) by 2035. In addition, the
market is highly segmented. By concentration, the 10%–20% market sector dominated in 2024,
making about 54.30% of total sales. This is because they have the perfect balance of potency and
safety. On the other hand, the market for Vitamin C serums with concentrations below 10% is
expected to grow at a CAGR of roughly 8.7% between 2024 and 2030. These lower
concentrations provide skincare advantages like antioxidant protection and mild brightening
effects, appealing to a wider range of consumers who are concerned about skin health without
the potential irritation that comes with higher concentrations. In the case of type segmentation,
the mass segment dominated the market, making about 45.95% in 2023 and the highest revenue
in 2024. While the market for luxury Vitamin C serums is predicted to increase at a CAGR of
over 8.1% from 2024 and 2030. Luxury skincare products are becoming increasingly popular as
high-net-worth and middle-class consumers become more willing to invest in high-end cosmetics
(SPER Market Research, 2024; Grand View Research, 2024).
 Figure 3.1 Global Vitamin C Serum Market Size, 2025 (Business Research Insights 2025)
​
​ The market for Vitamin C serum is distributed by pharmacies, specialty shops,
supermarkets and hypermarkets, online stores, and others. Having accounted for 48% of global
sales in 2024, online stores have become the most popular channel and are predicted to increase
at a CAGR of 8.8% between 2024 and 2030. This is driven by a wide range of products, the ease
of home delivery, and the consumers’ capacity to evaluate and compare costs and reviews.
E-commerce platforms and direct-to-consumer (DTC) websites are especially popular with urban
consumers and digital natives who appreciate transparency, customisation, and easy shopping
experiences. Meanwhile, in developed areas where people want to buy skincare goods alongside
their regular consumables, supermarkets and hypermarkets continue to play an important role.
They accounted for 33.95% of the market in 2024 for vitamin C serum sales. Customers who are
looking for professional guidance, genuine products, and access to high-end or
dermatologist-recommended brands prefer to shop at specialty shops and pharmacies. These
channels are particularly crucial for in-store promotions and the introduction of new products
because they let customers try things and get tailored suggestions (Patel, 2024; SPER Market
Research, 2024; Grand View Research, 2024).
 Figure 3.2 Vitamin C Serum Market Share by Distribution Channel (Grand View Research,
2024)

​ As for the regional contribution of Vitamin C serum, North America dominated the
Vitamin C Serum market with approximately 40% of the total revenue in 2023 and
approximately 38% of the global market share in 2024. The regional dominance is supported by
a developed retail infrastructure that facilitates both offline and online sales, significant
consumer expenditure on high-end skincare products, and general awareness of the advantages
of anti-aging products. Asia Pacific followed closely with 30% total revenue and is projected to
register the highest CAGR of 11.3%. The market for vitamin C serum is expanding at the fastest
rate in Asia Pacific as a result of growing customer interest in skincare products. This demand
has been fueled by the emergence of beauty trends from nations like South Korea and Japan,
where customers are looking for solutions to treat issues including aging indications, uneven skin
tone, and dullness. Moreover, Latin America and the Middle East & Africa accounted for 5%
and 5%, respectively. Demand dynamics are changing in these emerging countries as a result of
changing beauty standards, rising urbanization, and increased exposure to international skincare
trends. In these areas, demographic factors including a youthful population and an increase in the
number of women in the workforce, together with regulatory changes meant to guarantee product
safety and quality, are driving market expansion. Europe contributed 20% to the total revenue
(Data Bridge Market Research, 2024; Patel, 2024; Verified Market Reports, 2024).
 Figure 3.3 Global Vitamin C Serum Market By Regions (Data Bridge Market Research, 2024)

Local Market
​ The Vitamin C serum market in the Philippines is expanding rapidly, reflecting
worldwide trends while preserving specific local features. Due to the hot and humid tropical
climate, Filipino consumers are increasingly looking for skincare treatments that address sun
damage, hyperpigmentation, and whitening of the skin - all of which are important advantages of
Vitamin C. Social media influence, notably from Korean and local beauty trends, has a big
impact on demand, with young people and millennials actively implementing Vitamin C serums
into their everyday skin care routines (Euromonitor International, 2024). This is clearly evident
in the Accio studies, which focuses on Shopee's popular goods and identifies beauty items as
continuously surpassing electronics and fashion accessories, showing consumers' continued
interest in skincare on this major e-commerce site. Accio especially suggests Vitamin C serum as
a very relevant product, highlighting the expansion of skincare and associated items such as the
Garnier Vitamin C cleansing duo, demonstrating a tangible possibility for businesses to
capitalize on this current demand (Shopee Trending Products Philippines 2025: What’s Hot
Now?, 2025).

While complete market size data for Vitamin C serum in the Philippines is difficult to
find, industry studies indicate a strong growth in sales within the larger skincare category, with
Vitamin C products accounting for a sizable portion. Mobility Foresights forecasts a 12.1%
CAGR for the facial serum market in the Philippines between 2025 and 2031, showing a fast
developing industry with substantial potential. This expansion is driven by certain customer
demands, including a better understanding of "facial serum science," rising disposable incomes,
and a preference for high-efficacy, dermatologist-tested treatments. The report mentions key
substances driving demand, including hyaluronic acid, vitamin C, niacinamide, retinol, and
peptides, demonstrating a trend toward focused remedies for particular skin issues (Foresights,
n.d.). Overall, the Philippine Vitamin C serum market offers excellent potential for both local
and foreign businesses. The rising consumer knowledge of skincare advantages, along with the
country's tropical environment and the growing popularity of online shopping, is likely to fuel
market expansion in the future years.

II. MAJOR KEY PLAYERS

Key Players in Ascorbic Acid Production

Merck KGaA
Merck KGaA is a long-established German
science and technology company recognized for
its strong presence in pharmaceuticals, life
sciences, and specialty chemicals. Founded in
1668 and headquartered in Darmstadt, it is
considered the oldest operating pharmaceutical
and chemical company in the world. Merck
operates globally in more than sixty countries, supplying a wide range of high-quality materials
for research, medicine, and advanced industries. In the ascorbic acid market, Merck is known for
producing high-purity, research-grade vitamin C used in pharmaceutical formulations and
laboratory applications. While it is not a major bulk producer compared to large Chinese
manufacturers, Merck remains a key player due to its strict quality standards, regulatory
compliance, and reliable supply of specialty-grade ascorbic acid. Its reputation for scientific
leadership and innovation continues to support its strong position in the global chemical and
life-science sectors.

Foodchem International Corporation

Foodchem International Corporation is a
China-based global supplier of food
ingredients, known for producing and
exporting food-grade ascorbic acid used in
food, beverage, feed, and nutraceutical
applications. The company, established in 2006, offers ascorbic acid (vitamin C) as a high-purity
white crystalline powder with an assay of about 99–100.5%, meeting common international
food-additive standards. Foodchem markets itself as a one-stop solutions provider with extensive
supply-chain capabilities, including export distribution centers that enable large-volume
international shipments. Its long-standing experience in exporting vitamin C, combined with
wide product availability and competitive pricing, positions the company as a significant player
in the bulk ascorbic-acid market, particularly for manufacturers requiring industrial-scale
quantities of antioxidants and functional food additives.
DSM Nutritional Products
DSM, headquartered in Maastricht,
Netherlands, is a global science-based
company operating primarily in nutrition,
health, and materials. Through its
nutritional-products branch, DSM produces
vitamin C under the brand Quali®-C at a
facility located in Dalry, Scotland.
What distinguishes DSM’s ascorbic acid is its high quality: the company offers ultra-fine and
fine powder grades suitable for food, pharmaceutical, and personal-care applications, including
direct compression (tablets), capsules, fortified foods, and cosmetic formulations. Because Dalry
is reportedly the only vitamin C production site in the Western world, DSM’s supply chain is
uniquely positioned to serve markets seeking traceability, regulatory compliance, and high-purity
vitamin C outside Asia. In addition, DSM emphasizes sustainability: its Dalry plant has
implemented environmentally responsible manufacturing practices, and their vitamin C
reportedly has a lower carbon footprint compared to many alternative sources. This combination
of quality, reliability, and sustainability makes DSM a key reference point among global
ascorbic-acid suppliers, especially for manufacturers seeking premium, regulated-grade vitamin
C rather than commodity-level bulk supply.

BASF SE
BASF SE is a major global chemical- and
nutrition-ingredient producer whose Fine
Chemicals (or Nutrition & Health) business
includes production and supply of vitamins —
among them Ascorbic acid (vitamin C). The
company maintains integrated production: it
controls raw-material sourcing, synthesis, and
final packaging — which allows tighter quality
control, regulatory compliance, and
consistency in product supply. BASF’s vitamin C products cater to a wide array of uses: food
and beverage fortification, dietary supplements, pharmaceuticals, and cosmetics. Their portfolio
often includes not only plain ascorbic acid but also derivatives or salts (e.g., mineral ascorbates
or more stable vitamin C derivatives) for specialized applications, such as formulations in
cosmetics or products requiring enhanced stability. Historically, BASF has been counted among
the top vitamin producers globally — at one point described as the “second largest vitamins
producer worldwide.” This industrial capacity and legacy give BASF a strong presence in
markets requiring reliable, large-scale supply of vitamin C.
CSPC Pharmaceutical Group
CSPC Pharmaceutical Group,
headquartered in Hebei Province,
China, is widely regarded as the
world’s largest producer of
vitamin C, operating through its
key manufacturing arm CSPC
Weisheng Pharmaceutical (Shijiazhuang) Co., Ltd. in Shijiazhuang. The Shijiazhuang facility
alone covers over 226,000 m², employs more than 1,400 staff, and reportedly has an annual
production capacity for vitamin C products of up to 50,000 tons. CSPC produces a broad
portfolio of vitamin C–related products including pure ascorbic acid crystal powder, sodium
ascorbate, calcium ascorbate, coated and granulated vitamin C, serving applications across
pharmaceuticals, food, feed, health supplements, and industrial uses. Roughly 80 % of its output
is exported to more than 80 countries worldwide, giving the company a dominant position and
global reach in the vitamin C supply chain. Over decades, CSPC has combined large-scale
manufacturing capacity with strong R&D and export infrastructure, enabling it to meet both
high-volume bulk demand and varied product-format requirements across global markets.

Key Players in Skincare Manufacturing

L’Oréal Group
L’Oréal Group is the world’s largest cosmetics and skincare
manufacturer, operating across more than 150 countries. Its
strength lies in its diversified portfolio, which includes
mass-market, luxury, professional, and dermatology-focused
skincare brands such as CeraVe, La Roche-Posay, and Vichy.
The company invests heavily in research and innovation
through its global R&D centers, focusing on skin biology, aging
science, and advanced active ingredients. L’Oréal’s scale,
technological leadership, and strong brand strategy allow it to
dominate global skincare markets.

Unilever
Unilever is a major multinational consumer-goods company known for
manufacturing affordable, high-volume skincare and personal-care products.
With brands like Dove, Vaseline, and Simple, the company focuses on gentle
formulations, sustainability, and wide market accessibility. Unilever is
recognized for its strong global supply chain and commitment to sustainable
sourcing, emissions reduction, and recyclable packaging, making it a key
player in mass-market skincare worldwide.
Procter & Gamble
P&G is a science-driven consumer goods company whose skincare
brands, including Olay and SK-II, are backed by decades of
dermatological and biochemical research. The company blends
consumer insights with advanced skin-science technologies to develop
anti-aging, brightening, and hydration-focused formulations. P&G’s
competitive advantage lies in strong R&D investment, premium
product positioning, and the development of active ingredients that
target cellular skin processes.

Estée Lauder
Estée Lauder is a global leader in luxury and
prestige skincare, with brands such as Estée
Lauder, Clinique, La Mer, and Origins. The
company prioritizes high-performance
formulations, anti-aging research, and luxury
consumer experience. Its products often incorporate
patented technologies and advanced active
ingredients. Strong branding, premium positioning,
and innovation in skin-repair science have made
Estée Lauder one of the most influential companies
in high-end skincare manufacturing.
Shiseido
Shiseido is one of the oldest and most respected
cosmetics manufacturers from Japan, known for
combining Eastern skincare philosophies with advanced
dermatological science. The company focuses on skin
barrier research, sensitive-skin formulations, and
anti-aging technologies. With brands like Shiseido,
Anessa, and Senka, it maintains a strong presence in
Asia and expanding influence globally. Shiseido’s
competitive edge is its deep expertise in skin physiology and long-standing reputation for
high-quality formulations.

Direct Competitors
Skinceuticals
SkinCeuticals is an American dermo-cosmetic
company founded in 1994 and now operating
under L’Oréal’s Active Cosmetics Division. The
brand is known for its research-driven approach
that integrates dermatology, antioxidant science, and clinical testing into product development.
Its flagship C E Ferulic serum reflects this scientific orientation, combining 15% L-ascorbic acid,
1% vitamin E, and 0.5% ferulic acid to provide synergistic antioxidant protection and visible
improvements in photodamage, discoloration, and skin texture. The formulation is recognized for
its stability and bioavailability, and it has become a benchmark in the skincare sector due to its
strong clinical history and consistent endorsement by dermatologists. Through this product,
SkinCeuticals demonstrates a model of professional-grade skincare that emphasizes validated
mechanisms of action and measurable dermal outcomes.

Sunday Riley

Sunday Riley is a U.S.-based luxury skincare

company founded in 2009, known for its
combination of botanical ingredients and
evidence-informed actives. The brand positions
itself in the prestige segment, focusing on
formulations that promise rapid cosmetic results
while maintaining consumer-friendly textures and
tolerability. Its C.E.O. 15% Vitamin C Brightening
Serum uses THD ascorbate, an oil-soluble and highly stable vitamin C derivative designed for
deeper skin penetration and reduced oxidation compared with pure L-ascorbic acid. Positioned as
a brightening and anti-aging product, it targets hyperpigmentation, dullness, and uneven tone.
The serum reflects Sunday Riley’s broader formulation philosophy: combining
stability-enhanced actives with supportive botanical ingredients to create products that balance
efficacy with a luxury sensorial profile.

Garnier – Bright Complete Vitamin C Serum

Garnier is a long-established French skincare and

haircare company founded in 1904 and currently
operating under L’Oréal’s Consumer Products
Division. With global distribution and strong presence
in Asian, European, and Latin American markets, the
brand emphasizes accessibility, affordability, and
dermatologically tested formulations. The Bright
Complete Vitamin C Serum is marketed as a
drugstore-level brightening product formulated for daily use to reduce dark spots, acne marks,
and dullness. It often uses stabilized vitamin C derivatives combined with lightweight vehicles to
suit humid and tropical climates, aligning with Garnier’s focus on region-specific consumer
needs. By coupling recognizable active ingredients with mass-market pricing, Garnier positions
the Bright Complete line as an accessible alternative to clinical-grade vitamin C products,
enabling broader adoption among general consumers.

​ Comparatively, the three brands differ in formulation stability, target market, and price
tier. SkinCeuticals uses pure L-ascorbic acid at low pH for maximum potency but requires strict
stabilization to prevent oxidation. Sunday Riley and Garnier favor derivative-based systems for
better shelf-life and gentler application, while The Ordinary offers both pure and derivative
forms at minimal cost. Their market positioning reflects these distinctions: SkinCeuticals
occupies a clinical premium niche, Sunday Riley aligns with prestige clean beauty, and Garnier
leads the mass-market brightening category. Collectively, they illustrate how formulation
chemistry and brand identity shape competition in the vitamin C serum industry.

Indirect Competitors
Olay

Olay is a global skincare brand owned by Procter &

Gamble (P&G), one of the world’s largest consumer
goods companies. Originally founded in 1952 as “Oil of
Olay,” the brand has evolved into a leading player in
mass-market skincare, focusing on accessible
formulations supported by dermatological research.
Olay’s product development emphasizes anti-aging
solutions, hydration science, and ingredient safety, making it one of the most recognized brands
in the global drugstore segment. The Regenerist Retinol 24 Serum exemplifies Olay’s
research-based approach, combining retinol and retinyl propionate in a stabilized delivery system
designed to improve fine lines, uneven tone, and dullness without the irritation typically
associated with retinoids. The serum also features Olay’s proprietary moisturizing complexes to
enhance skin barrier tolerance. As an indirect competitor to vitamin C serums, the product offers
a different but overlapping benefit profile—targeting radiance, pigmentation, and aging through
retinoid-driven cellular turnover rather than antioxidant pathways.

The Ordinary (DECIEM)

The Ordinary is a brand under DECIEM, a Canadian

skincare company founded in 2013 and acquired
majority by The Estée Lauder Companies. DECIEM
built its reputation on transparency, minimalistic
formulations, and science-focused product
communication, positioning The Ordinary as a
disruptor within the skincare market. The brand prioritizes affordability while emphasizing
active ingredient concentrations, making evidence-based skincare accessible to a wider consumer
base. The Niacinamide 10% + Zinc 1% serum is one of its most recognized formulations,
developed to reduce visible congestion, dullness, uneven tone, and excess oil production.
Niacinamide provides brightening and barrier-support effects, while zinc PCA offers
sebum-regulating benefits. As an indirect competitor to vitamin C serums, this product targets
similar concerns—such as hyperpigmentation and radiance—but through pathways centered on
skin barrier reinforcement, oil control, and anti-inflammatory activity rather than ascorbic
acid–based antioxidant mechanisms.

III. DEMAND AND SUPPLY

Demand and Supply Literature Review
​ The market for vitamin C serum was estimated to be worth USD 1.47 billion in 2024 and
is projected to grow to USD 2.80 billion by 2032. It is expected to expand at a compound annual
growth rate (CAGR) of 7.40% between 2025 and 2032, mostly due to rising consumer demand
for skincare products with brightening and anti-aging properties. With a revenue share of 31.18%
in 2023, North America dominated the global vitamin C market, whereas Asia-Pacific is
projected to grow at the highest rate. In terms of market concentration, the 10%–20% segment
held a 54.28% revenue share in 2023. Additionally, in terms of market share, the mass sector
accounted for 45.95% in 2023 (Data Bridge Market Research, 2024; Grand View Research,
2024).

Several factors contribute to the growth of demand of the Vitamin C serum market,
including increased consumer demand for anti-aging skincare, advancements in formulation
stability, and a growing desire for natural and scientifically proven skincare ingredients. Vitamin
C serums are becoming more popular as part of everyday skincare routines as people become
more conscious of the skin issues caused by pollution and sun exposure. Influencer marketing,
social media-driven beauty trends, and the emergence of direct-to-consumer skincare firms have
all contributed significantly to the market's expansion and made vitamin C serums more widely
available to consumers worldwide. Additionally, in order to satisfy environmentally concerned
consumers, businesses have been prompted to create plant-based vitamin C substitutes by the
popularity of clean beauty and organic skincare products (Research and Markets, 2025). These
data suggest that the demand for vitamin C serum continues to develop gradually globally,
supported by both consumer interest and good market performance across regions and product
segments.

As for the demand and supply locally, the Philippines relied heavily on imports to meet
the demand for Vitamin C serum. The Philippines imported 283 shipments of Vitamin C serums
between April 2024 and March 2025, according to Volza's Philippines Import data. 62 foreign
exporters supplied these imports to 62 purchasers in the Philippines, representing a 29% growth
rate over the previous 12 months. During this time, the Philippines imported 21 shipments of
Vitamin C serums in March 2025 alone. This represents a 34% sequential increase from
February 2025 and a 36.4% year-over-year decline from March 2024. The Philippines, with
1,023 shipments, is the third-largest importer of Vitamin C serums worldwide, behind Vietnam
and Kazakhstan. The largest suppliers are India, the United States, and South Korea, which
account for 53% of total Vitamin C Serum imports in the Philippines (Volza, 2025). In addition,
Filipina cosmetics imports are expected to reach $1.3 billion by 2026, an average annual increase
of 3.2%. Since 2001, demand has increased by 5.9% each year, and the country ranked 29th in
2021, trailing only India with $1.04 billion. Meanwhile, Filipina cosmetics exports are expected
to fall 2.1% year on year on average to $83 million by 2026. Since 2001, supply has declined by
17.7% each year, and the country ranked 61st in 2021, trailing just Chile with $94 million
(ReportLinker, 2021).

This data clearly shows that the Philippine market for Vitamin C serum is currently
undersupplied by domestic manufacturing, presenting a huge opportunity for import substitution.
The Philippines’ status as the world’s third largest importer and the significant volume of imports
demonstrate a consistent and substantial domestic demand that is now being met by international
suppliers from countries such as South Korea, the United States, and India. The conclusion that
there is a significant domestic manufacturing gap is further supported by the strong growth in
overall Filipina cosmetics imports, which are forecast to reach $1.3 billion by 2026, in contrast to
the long-term decline in local exports. Therefore, there is a strong financial and strategic
rationale for establishing a local plant to produce Vitamin C serum given this ongoing and
increasing dependency on foreign supply. In addition to capitalizing on strong local demand and
reducing the risks of reliance on unstable global supply networks, such a facility would
immediately address the large supply-demand gap.
 Figure 3.4 Vitamin C Serum Market, 2018-2030 (Grand View Research, 2024)

​ The proponents used Figure 3.4 to estimate both the historical global and local demand
and supply of Vitamin C serum. This was done by visually approximating the market size each
year from bar heights and segment proportions since numeric data were not publicly available.
The yearly global market size (in USD billions) for each area is shown in this graph from 2018 to
2030. Anchors were labeled values (such as $1.4 billion in 2024, $1.5 billion in 2025, and $2.1
billion in 2030), while other years were estimated proportionately depending on bar height.
Additionally, a graphic approximation of the Asia-Pacific section was made using its
proportionate contribution in each bar, which enabled the proponents to estimate the regional
market value relevant to the Philippine context. These values were then used to calculate the
annual supply in MT by dividing the projected average wholesale price per MT of Vitamin C
serums to determine the quantity provided. For the demand projection, the annual supply was
divided by 95-97% coverage factor. This is based on the assumption that industry trends
typically show active supply covering approximately 95-97% of annual demand in mature
consumer markets. Market studies on cosmetics from Grand View Research and regional supply
chain studies from ReportLinker, which show how coverage works and how much a country like
the Philippines depends on imports, back up this method. The proponents were able to create a
reasonable and plausible estimate of the local and global supply and demand for Vitamin C
serum during the study period by using this methodology.

Historical Data and Projections

The Table 3.1 shows the historical global trends in demand and supply for Vitamin C
serum from 2016 to 2025, as well as their respective global market projections. Due to the
limited availability of particular data for the Philippines, local demand and supply trends are
shown using data from the Asia Pacific market, which serves as a useful regional proxy.
Examining the historical statistics, a strong rising trend in worldwide demand is seen, with a
continuous growth every year. The increase in demand may be due to a number of factors,
including growing awareness of skincare advantages, increasing financial resources in
developing nations (especially in the Asia Pacific area), and the influence of social media trends
that promote skincare products. While supply of this product has grown continuously over the
years, data show that it continually drops behind rising demand, showing a persistent supply gap,
particularly in the rapidly developing Asia Pacific region. This gap suggests a possible
opportunity to increase production capacity, optimize supply chain logistics, and overcome
technological or resource limitations in order to better meet the region's growing demand. The
increased market share suggests that Vitamin C serum is becoming more popular and accepted as
a vital skincare product throughout the world.
 Meanwhile, the projected data shows the product's estimated global and local demand
and supply trends from 2026 to 2056. According to the estimates, demand will continue to rise,
increasing the supply-demand imbalance. This clear gap highlights the need for innovations,
such as establishing additional manufacturing plant facilities, simplifying distribution networks,
and perhaps inventing more sustainable and cost-effective production processes, to fulfill the
expanding worldwide demand for Vitamin C serum. Furthermore, acknowledging the individual
complexities of the Asia-Pacific market will be critical in addressing the local supply-demand
gap. Analyzing aspects such as customer preferences, regulatory frameworks, and distribution
routes in the Asia Pacific area will be critical for organizations trying to benefit in this expanding
market. The forecasted data emphasizes the significance of advance planning and deliberate
investments to guarantee that supply can keep up with the expected growth in demand over the
next several decades.

Figure 3.5 Historical Global Demand and Supply of Vitamin C Serum

​ Figure 3.5 presents the historical global demand and supply of Vitamin C serum from
2016 to 2025. Over the decade, both supply and demand have shown a consistent upward trend,
which is indicative of the increasing demand for skincare products globally. The graph shows a
continuous supply gap in the market since demand is constantly marginally higher than supply.
 Figure 3.6 Historical Local Demand and Supply of Vitamin C Serum
​
​ Figure 3.6 presents the historical local demand and supply of Vitamin C serum in the
Philippines from 2016 to 2025. The increasing interest in skincare products domestically is
driving a continued upward trend in both demand and supply in the market. Despite the growth
in production, local demand continues to outpace available supply, leading to a noticeable and
ongoing market shortage.
 Figure 3.7 Global Projection of Vitamin C Serum

​ Figure 3.7 shows the global projection of the demand and supply of Vitamin C serum
from 2026 to 2056. The demand and supply both increase steadily over the 30-year period, with
demand consistently slightly higher than the supply. This clearly indicates a growing and
persistently tight market for Vitamin C serum.
 Figure 3.8 Local Projection of Vitamin C Serum

​ Figure 3.8 shows the local projection of the demand and supply of Vitamin C serum in
the Philippines from 2026 to 2056. Over the course of the 30-year forecast period, there has been
a continuous and growing supply gap as local demand increases gradually while local supply
develops more slowly.

Table 3.1 Global and Local Historical Data and Projected Data for Vitamin C Serum

Local Historical Data for Vitamin C Serum

Global Historical Data for Vitamin C Serum
(Based on Asia Pacififc Marlet)

Global Local
Global Supply Local Supply
Year Demand Year Demand
(Tonnes) (Tonnes)
(Tonnes) (Tonnes)
2016 2368.44 2250.02 2016 500.01 450.00
2017 2812.53 2700.03 2017 666.67 600.01
2018 3092.81 3000.03 2018 1000.01 900.01
2019 3315.82 3150.03 2019 1033.34 930.01
2020 3218.78 3090.03 2020 1000.01 900.01
2021 3402.10 3300.03 2021 1066.68 960.01
2022 3631.62 3450.03 2022 1133.34 1020.01
 2023 3750.04 3600.04 2023 1200.01 1080.01
2024 4329.94 4200.04 2024 1400.01 1260.01
2025 4736.89 4500.05 2025 1500.02 1350.01
Source Grand View Research Source Grand View Research
Projected Data Projected Data
Global Local
Global Supply Local Supply
Year Demand Year Demand
(Tonnes) (Tonnes)
(Tonnes) (Tonnes)
2026 4906.74 4681.05 2026 1566.68 1433.45
2027 5076.77 4837.65 2027 1660.62 1475.72
2028 5251.99 4998.69 2028 1754.56 1518.00
2029 5432.43 5164.15 2029 1848.50 1560.27
2030 5618.07 5334.05 2030 1942.44 1602.54
2031 5808.91 5508.38 2031 2036.38 1644.82
2032 6004.96 5687.15 2032 2130.32 1687.09
2033 6206.21 5870.34 2033 2224.26 1729.36
2034 6412.67 6057.97 2034 2318.21 1771.64
2035 6624.34 6250.03 2035 2412.15 1813.91
2036 6841.21 6446.52 2036 2506.09 1856.18
2037 7063.28 6647.44 2037 2600.03 1898.46
2038 7290.56 6852.80 2038 2693.97 1940.73
2039 7523.04 7062.58 2039 2787.91 1983.00
2040 7760.73 7276.80 2040 2881.85 2025.28
2041 8003.63 7495.45 2041 2975.79 2067.55
2042 8251.73 7718.53 2042 3069.73 2109.82
2043 8505.03 7946.05 2043 3163.67 2152.10
2044 8763.54 8177.99 2044 3257.61 2194.37
2045 9027.26 8414.37 2045 3351.55 2236.64
2046 9296.18 8655.18 2046 3445.49 2278.91
2047 9570.30 8900.42 2047 3539.43 2321.19
2048 9849.63 9150.09 2048 3633.37 2363.46
2049 10134.17 9404.20 2049 3727.31 2405.73
2050 10423.91 9662.73 2050 3821.25 2448.01
2051 10718.85 9925.70 2051 3915.19 2490.28
2051 11019.00 10193.10 2051 4009.13 2532.55
2053 11324.35 10464.93 2053 4103.07 2574.83
2054 11634.91 10741.20 2054 4197.01 2617.10
2055 11950.68 11021.89 2055 4290.95 2659.37
 2056 12271.65 11307.02 2056 4384.89 2701.65
Standard Deviation Standard Deviation
ASL 74.16 66.57 ASL 36.16 32.54
AGC 76.89 66.25 AGC 44.5 40.05
SSL 56.86 54.16 SSL 28.53 25.68
SP 49.21 48.76 SP 34.70 24.13
Market Share
TAP 4.84
GAP 284.01
%MS 1.71%

IV. TARGET MARKET

​ The proposed commercial-scale production plant for vitamin C serum from Moringa
oleifera leaves in Pavia, Iloilo and aims to serve the personal care and cosmetics industries. This
initiative is propelled by the increasing demand for natural, effective, and stable skincare
products. The consumer inclination towards antioxidant-rich serums with established
effectiveness indicates a robust market potential, especially for formulations that feature stable
derivatives like ascorbic acid 2-glucoside (AA2G). The global market for vitamin C serum was
valued at approximately USD 1.35 billion in 2024 and is projected to experience a compound
annual growth rate (CAGR) of 7.7% from 2025 to 2030, highlighting significant growth
prospects. AA2G improves product stability, allows for a controlled release of vitamin C, and
offers brightening, antioxidant, and anti-aging advantages that appeal to the premium skincare
sector.

Target markets primarily encompass clean-label, vegan, and environmentally friendly

beauty segments, along with the pharmaceutical and nutraceutical industries that seek high-purity
vitamin C serums for topical use. These consumers seek serums which can lessen pigmentation,
encourage collagen synthesis, and offer protection against UV damage effects, facilitated by
AA2G.

Focusing on this defined customer base ensures optimal resource allocation and aligns
production with market demand, strengthening competitive advantage through advanced vitamin
C formulations. The location in Pavia, Iloilo provides access to abundant Moringa biomass and
cost-effective logistics to serve expanding urban markets. This positioning enables the plant to
capitalize on the growing global demand for natural, stable, and efficacious vitamin C serums
incorporating AA2G, aligned with current skincare trends and future expansion potential.

V. MARKETING STRATEGY
​
​ The marketing strategy for producing the vitamin C serum will concentrate on
differentiating the product apart through its unique formulation that includes stable AA2G and
natural Moringa oleifera extracts, emphasizing effectiveness, purity, and sustainability. Digital
platforms, especially social media, will be utilized to boost brand awareness and effectively
engage the target audience. The strategy involves producing captivating video content, executing
targeted advertisements, and launching email campaigns aimed at the personal care, cosmetics,
and nutraceutical industries, while also maintaining a professional image on LinkedIn to connect
with industry figures.

An SEO-focused dedicated website will improve product visibility, while participating in

trade shows and conferences will create opportunities for networking with prospective customers
and industry collaborators. The branding and packaging will emphasize eco-friendly and
clean-label attributes to appeal to environmentally aware consumers. Regularly tracking market
trends and embracing innovations will ensure ongoing promotional success, helping to maximize
market penetration, customer loyalty, and profitability in alignment with business goals. This
comprehensive approach connects technical product features with business objectives, ensuring
efficient and profitable access to the market.