Meticulous Research®—a leading global market research company, published a research report titled, ‘Sorbitol Market Size by Form (Powder, Liquid), by Function (Sweetener, Humectant, Bulking Agent, Flavoring Agent), by Application (Food & Beverage, Pharmaceuticals, Personal Care) - Global Forecast to 2030’.
According to this latest publication from Meticulous Research®, the global sorbitol market is expected to register a CAGR of 3.4% from 2023 to 2030 to reach $2.39 billion by 2030. This market is driven by the rising consumer demand for low-calorie and healthy food products, increasing health problems due to the consumption of sugar-based products, growing demand from the pharmaceutical industry, and the growing personal care and cosmetics market. Additionally, emerging markets provide significant growth opportunities for sorbitol manufacturers. However, side effects due to the overconsumption of sorbitol and stringent regulations and international quality standards for sorbitol restrain the growth of the global sorbitol market to some extent.
The global sorbitol market is segmented based on form, function, application, and geography. The study also evaluates industry competitors and analyses the market at a country level.
Based on form, the global sorbitol market is mainly segmented into syrup/liquid and powder/crystal. The liquid segment is expected to account for the larger share of the global sorbitol market in 2023. The large market share of this segment is attributed to its ease of use, better handling and transport, and wide range of applications. This segment is also expected to register the highest CAGR during the forecast period due to its exceptional functional properties, such as excellent flow properties and uniform mixing concentration, which help maintain the constant weight of pharmaceutical and cosmetic products.
Based on function, the global sorbitol market is mainly segmented into sweeteners, humectants, bulking agents, flavoring agents, and other functions. The sweetener segment is expected to account for the largest share of the global sorbitol market in 2023. The leading position of this segment is attributed to the growing inclination toward low-calorie products, high demand for convenience and processed foods, and increased preference for natural products. This segment is expected to register the highest CAGR during the forecast period.
Based on application, the global sorbitol market is mainly segmented into personal care, food and beverage, pharmaceuticals, and other applications. The personal care segment is expected to account for the largest share of the global sorbitol market in 2023. The demand for sorbitol in the personal care industry is primarily driven by its excellent functionalities, such as humectant, thickener, and flavoring agent; increased use of organic cosmetic products; and high demand for skincare products. This segment is expected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing expenditure on personal care, the rising consciousness of consumers about their appearance, and increasing demand for innovative products.
Geographically, Asia-Pacific is expected to account for the largest share of the global sorbitol market in 2023. The large share of this region is attributed to the high availability of raw materials, increased health-conscious consumers, and evolving food and beverage sector. This region is also slated to register the fastest growth during the forecast period. The rapid growth of this region is mainly attributed to the rising investments in the personal care sector and rising purchasing power parity.
The key players operating in the global sorbitol market are Roquette Frères S.A. (France), Cargill, Incorporated (U.S.), Ingredion Incorporated (U.S.), Archer Daniels Midland Company (U.S.), SPI Pharma, Inc. (U.S.), Sayaji Industries Limited (India), Gulshan Polyols Limited (India), ECOGREEN OLEOCHEMICALS (SINGAPORE) PTE LTD (Singapore), Merck Group (Germany), The Sukhjit Starch & Chemicals Ltd (India), B Food Science Co. Ltd (Japan), and Mitsubishi Corporation (Japan).
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