The global sorbitol market size is expected to reach USD 2.49 billion by 2028 according to a new study by Polaris Market Research. The report “Sorbitol Market Share, Size, Trends, Industry Analysis Report, By Form (Liquid Sorbitol, Powder Sorbitol); By End-Use (Food & Beverage, Cosmetics & Personal Care, Pharmaceuticals, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The market is projected to witness growth over the forecast period owing to increasing demand for convenience food, growing concerns regarding health and wellness, and rising application in personal care and cosmetics products. The demand for this industry has also increased on account of growing disposable income of consumers, increasing health concerns, and rising awareness regarding nutrition and fitness. However, the global industry has been impacted by the COVID-19 outbreak due to disruption in supply chain, lockdown, halting of manufacturing activities, and limited availability of raw material and labor.
The demand for liquid sorbitol is expected to be high during the forecast period. The growth in the convenience food industry is expected to drive the market in this segment during the forecast period. Liquid sorbitol is used in food products for improved stability, mouthfeel, and increased shelf life. Growing use as an emulsifier, coupled with increasing demand from the cosmetics sector, are factors expected to provide numerous growth opportunities in the coming years.
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The end-user industries include food & beverage, cosmetics & personal care, pharmaceuticals, and others. The food and beverage industry uses this ingredient in various products such as dairy, baked goods, and confectionery. Increasing health concerns among adults as well as kids drive the growth of this segment. The demand for sorbitol from the personal care and cosmetics segment has increased over the years. Increasing consciousness towards physical appearance and fitness coupled with hectic lifestyle has increased the demand for in personal care and cosmetics segment.
Asia-Pacific is expected to exhibit significant growth during the forecast period. Rising disposable incomes, population growth, growing use in food products such as dairy and confectionery drives the industry growth in the region. The population in the region is gradually moving from traditional food groups to a range of healthier food options and is willing to spend more on food products offering high nutritional value.
Some of the major market participants include Kasyap Sweetners Ltd., ADM,Associated British Foods Plc, Cargill Incorporation, Ecogreen Oleochemicals, American International Foods Inc., Gulshan Polyols Ltd, Ingredion Incorporated, MOSSELMAN, Roquette Frères, Gujarat Ambuja Exports Ltd., SPI Pharma Inc., Sukhjit Starch & Chemicals Ltd., Tereos SCA, The Archer-Daniels-Midland Company.
Polaris Market Research has segmented the sorbitol market report on the basis of form, end-use, and region:
Sorbitol, Form Outlook (Revenue, USD Billion, 2016 – 2028)
Sorbitol, End-Use Outlook (Revenue, USD Billion, 2016 – 2028)
Sorbitol, Regional Outlook (Revenue, USD Billion, 2016 – 2028)