Global Sorbitol Market Size is Estimated to Reach USD 2.70 billion in 2030, Growing at a CAGR of 6.67%: Straits Research
As a key preservative, additive, and sweetener in the food business; as a carrier in the pharmaceutical industry; and as an emulsion stabiliser in the cosmetics sector, its usage varies depending on the application areas. Because of this, the market would experience significant expansion in the years to come.
New York, United States, Dec. 21, 2023 (GLOBE NEWSWIRE) — Sugar alcohol is known as sorbitol, and it has been recognised as a possible critical chemical intermediary that can be derived from biomass resources. It is utilised in several sectors as a sweetener, humectant, sequestrant, texturizer, stabiliser, and bulking agent, including the food and beverage industry, the pharmaceutical industry, the cosmetics and personal care industry, and others. As a key preservative, additive, and sweetener in the food business; as a carrier in the pharmaceutical industry; and as an emulsion stabiliser in the cosmetics sector, its usage varies depending on the application areas. Because of this, the market would experience significant expansion in the years to come.
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Increased Diabetes Prevalence Provides Growth
According to Straits Research, “The sorbitol market size was valued at USD 1.51 billion in 2021 and is expected to reach USD 2.70 billion in 2030 expanding at a compound annual growth rate (CAGR) of 6.67% from 2022 to 2030.” The expansion of the sorbitol market is being fuelled by a rise in the number of consumers concerned about their health, an increase in the number of people diagnosed with diabetes, and an increase in consumer demand for sweets and processed goods. The WHO tell that the number of individuals living with diabetes has increased from 108 million in the year 1980 to 422 million in the year 2014. It was also discovered that the prevalence of diabetes has been increasing at a more rapid rate in middle-income and low-income nations, and it is anticipated that this would increase demand for sorbitol because it is used as a reduced-calorie alternative to sugar.
Consumption of chocolate confections will rise, driving market expansion
Sorbitol serves as a humectant, moisture-stabilizer, and texturizer, and is widely used in the manufacture of chocolate, baked products, and confectionery. The consumption of chocolate confectionery increased by 2% globally between 2013 and 2018, however it increased by 7.85% cumulatively in nations like China and India over the same time frame. Industry statistics show that between 2013 and 2018, the worldwide sales of baked products increased by 4.6 percent CAGR. In addition, sorbitol serves as a substitute feedstock for the production of propylene glycol, which finds use in a variety of products such unsaturated polyester resins, functional fluids, food and feed, cosmetics, and more.
As a nutritional supplement, many individuals are using sorbitol in their diets. It provides several nutritional advantages, which are contributing to the expansion of the sorbitol market. The increased level of awareness has resulted in a surge in demand for cosmetics and hygiene products that are made with organic or natural ingredients. It is also frequently utilised in the production of oral and dental care products, particularly in the United States.
Regional Overview of Sorbitol Market
In 2020, the Asia Pacific region led the market and generated more than 55.0 percent of global revenue. The region’s sorbitol market is being driven by rising numbers of consumer markets that are expanding quickly and consumers who are becoming more health concerned. Sorbitol is utilised extensively in a variety of products, including chocolates, baked goods, and confectionery.
Because the region’s food and beverage sector is well-established and constantly expanding and adapting to new ingredients, sorbitol is rapidly entering the market in Europe. Consumers in Europe use a significant amount of meat products in their diets. In Europe, processed meat products are the most popular food items.
- Increased Diabetes Prevalence will provide growth.
- Consumption of chocolate confections will rise, driving market expansion
- As a nutritional supplement, many individuals are using sorbitol in their diets. It provides several nutritional advantages, which are contributing to the expansion of the sorbitol market.
- Liquid dominated the market in terms of revenue in 2020, holding more than 77.0 percent of the market.
- In 2020, diabetic and dietetic food and drink dominated the market and generated more than 35.0 percent of worldwide revenue.
- In 2020, the food category dominated the market and brought in more than 35.0 percent of total sales.
- In 2020, the Asia Pacific region led the market and generated more than 55.0 percent of global revenue.
Competitors in Sorbitol Market
The major players in the sorbitol market are Roquette Frères (France), Cargill Inc. (US), Ingredion Incorporated (US), Tereos Starch & Sweeteners (France), and Archer Daniels Midland (US). The sorbitol producers will be able to combat the consequences of the unstable economy by entering adjacent sectors and pursuing new markets, which will result in a diverse company portfolio and a rise in revenue. SPI Pharma Inc. (US), Ecogreen Oleochemicals Pte. Ltd. (Singapore), Merck Group (Germany), Sukhjit Starch & Chemicals Ltd. (India), and Gulshan Polyols Ltd. are further significant suppliers of sorbitol (India).
Segmentation of Sorbitol Market
- Diabetic & Dietetic F&B
- Vitamin C
By End Use
- Personal Care
- North America
- Asia Pacific
- Latin America
- Middle East
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