Vitamin C Prices in India Continue to Rise Unabated
- 21-Sep-2021 6:48 PM
- Journalist: Jai Sen
Vitamin C prices in India take a steep rise in the second week of September after showing a gradual rising trend throughout the year. India has been witnessing an unrelenting growth in Vitamin C prices that rose from USD 6.88/kg in May to USD 7.02/kg in June, USD 7.11/kg in July, and USD 7.14/kg in August. In September, the prices showed an abrupt change that mounted to USD 8.02/kg.
The prolonged surging costs of Vitamin C have been impelled by the crunch of shipment containers at the ports resulting in severe freight congestion issues. The resulting freight charges have gone up at double and triple rates over the last few weeks which has created havoc among the domestic traders who are turning their heads to the government in the hope to see some respite.
Vitamin C (also known as ascorbic acid) is a vital nutrient with antioxidant properties. It is required in human diets to fulfil the absorption of iron, boost immunity and aid in the healing process. Its end-user industries span across pharmaceuticals, nutraceuticals, skin and personal care products. Asia Pacific region exhibits the largest Vitamin C market share with a dominant hold from China that contributes to 95% of the total global production. China also enjoys the position of being the largest Vitamin C exporter. India, on the other hand, is completely dependent on imports for the fulfilment of the domestic Vitamin C demand.
It is worth noticing, that recently the Directorate General of Trade Remedies, India has advocated the imposition of anti-dumping duty for 5 years on Vitamin C imports from China in order to maintain a fair market value of the prices. The probe on the anti-dumping of imported Vitamin C began following a petition filed in September 2020 by Bajaj Healthcare Ltd. The recommended anti-dumping charges will be USD 3.2/kg on Vitamin C (in all its forms) imports from CSPC Weisheng Pharmaceutical (Shijiazhuang) Co., Ltd. and USD 3.55/kg on Vitamin C imports from other Chinese producers.
As per ChemAnalyst, the demand for Vitamin C is expected to stay high amidst the increasing health awareness and rise in the use of skincare products within the population. In the wake of the continued rise in freight charges and the likelihood of the imposition of anti-dumping duty on China imports, Vitamin C prices are not expected to decline soon. The additional charges will eventually be passed on to the consumers who will have to endure the high inflation rates in the coming time.