June 16, 2024
Sorbitol Market

Sorbitol Market is Estimated to Witness High Growth Owing to Increasing Demand from Food and Beverage Industry

The sorbitol market has been gaining increased momentum globally over the recent years owing to its widespread applications across diverse industry verticals such as food & beverage, pharmaceuticals and personal care among others. Sorbitol is a sugar alcohol predominantly used as a low-calorie sweetener and humectant in various food products including bakery, confectionery, jams and jellies, among others. It helps retain moisture and provides texture and body to baked goods and candies. Further, growing health consciousness among consumers has been driving the demand for low sugar alternatives like sorbitol.

The Global sorbitol market is estimated to be valued at US$ 1.89 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Sorbitol Market Growth are American International Foods, Inc., ADM, Cargill Incorporated, DuPont, Gulshan Polyols Ltd., Merck KGaA, Ecogreen Oleochemicals GmbH, Qinhuangdao Lihua Starch Co., Ltd., Roquette Frères, SPI Pharma, Tereos, Ingredion Incorporated, Kasyap Sweeteners, Ltd., Vizag Chemicals, CDH Fine Chemical, Gayatri bioorganics, and Silverline Chemical.

The food and beverage industry offers lucrative growth opportunities for sorbitol owing to rising demand for low-calorie sweeteners and sugar substitutes. Additionally, growing health-consciousness is further propelling product demand across various food and beverage applications.

Globally, North America and Europe dominate the sorbitol market owing to stringent regulations regarding sugar consumption. However, Asia Pacific is expected to witness the fastest growth over the forecast period attributed to increasing disposable incomes and shifting consumer preference towards low-calorie food options.

Market Drivers

A key driver for the sorbitol market is the increasing demand from the food and beverage industry. Sorbitol is widely used as a humectant, sweetener and thickening agent across bakery, confectionery, jams & jellies and several other food applications owing to its low calories content as compared to sugar and other properties. Growing health awareness among consumers regarding sugar consumption is further propelling the adoption of sorbitol globally. Additionally, rising disposable incomes of consumers in developing countries is also expected to fuel the market growth over the forecast period.

PEST Analysis

Political: The growth of the global Sorbitol market will depend on various government policies related to the usage and availability of the product across industries and applications. Key regulations regarding manufacturing standards will need to be adhered to.

Economic: Rising disposable incomes and growing economies will contribute to increased spending on end-use industries like food, pharmaceuticals etc. Fluctuations in raw material prices can impact production costs.

Social: Growing health awareness among consumers is driving demand for nutritive and low-calorie food ingredients like Sorbitol. Increasing lifestyle diseases also contribute to demand from pharmaceutical applications.

Technological: Advances in extraction and purification methods help improve yields and product consistency. New production technologies aid cost reduction and efficiency. Developments in end-use applications open up new growth avenues.

Geographical concentration

In terms of value, the Sorbitol market is concentrated in regions with developed economies and food processing industries like North America and Europe. This is due to higher demand from confectionery, oral care, food and beverage sectors in countries like the U.S, Germany, U.K, and France. Asia Pacific is also a major market bolstered by rising incomes and industrialization in China and India.

Fastest growing region

The Asia Pacific region excluding Japan is expected to witness the fastest compound annual growth rate for the Sorbitol market during the forecast period. Factors such as rapid economic development, growing health awareness, expanding manufacturing capacities and increasing consumption in nations like China and India will drive the growth. Rapid urbanization and developing end-use industries offer significant opportunities for market expansion in the coming years.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it