Product ID: SQMIG35I2112
Global Sorbitol Market Size, Share, Growth Analysis, By Product(Liquid and Crystal), By Application(Oral Care, Vitamin C), By End User(Personal Care, Chemical) - Industry Forecast 2024-2031
Report ID:
SQMIG35I2112 |
Region:
Global |
Published Date: April, 2024
Pages:
219
|
Tables:
91 |
Figures:
77
Global Sorbitol Market Insights
Global Sorbitol Market size was valued at USD 2.19 Billion in 2022 and is poised to grow from USD 2.29 Billion in 2023 to USD 3.25 Billion by 2031, at a CAGR of 4.47% during the forecast period (2024-2031).
The market is anticipated to expand significantly over the forecast period as a result of the rise in consumption of diabetic and dietetic foods and drinks. Due to its growing demand as a sugar substitute in consumer food products, it is anticipated that demand for the product would rise over the coming years. Due to its slower rate of absorption relative to other sugar alcohols and consequently reduced risk of dental issues such cavities and tooth decay, sorbitol is also being used in oral care products more frequently. The advantages of the same are predicted to promote industry expansion over the forecast period. Furthermore, the trend of shifting production capacities to the Asia-Pacific region due to low labor and production costs has led to low costs for sorbitol, which have led to an increase in demand for non-food applications.
The market's major driver is the growing demand for nutritive sweeteners from the food and beverage industry. The FDA and the U.S. Department of Agriculture (USD approval)'s for the use of the product in medications and bakery foods is expected to further push the industry in the United States. Due to the presence of one of the largest pharmaceutical industries, sorbitol is also used as a humectant in pharmaceutical products, which helps drive the expansion of the product in the country.
The demand for sorbitol, an intermediate product, is strongly influenced by the demand for finished products in the industries that utilize it. In India, China, and Brazil, there is a large supply of starch sources like corn and potatoes, which is expected to be helpful for its production over the forecast period. Also, it is expected that there will be additional raw material providers in China and India as a result of the expansion of the agricultural industry, which is being aided by low labor costs and rising global demand.
The increase in popularity of biofuels and the backing of governmental bodies are expected to increase the number of manufacturers during the coming years. It is anticipated that sorbitol demand will increase over the forecast period as a result of the substance's growing applications and research, particularly in industrialized countries like North America and Europe.
US Sorbitol Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Sorbitol Market Report Snapshots
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