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Region : Global | Latest Update: Aug, 2019 | Published Date: May, 2019 | Report ID: FBI100206| Status : Published
The Global Sorbitol Market was valued at US$ 1,244.5 Million in 2018 and is projected to reach US$ 1,928.3 Million by the end of 2026, exhibiting a CAGR of 5.54% in the forecast period (2019-2026). Sorbitol is a sugar alcohol and is identified as a potential key chemical intermediate from biomass resources. Sorbitol is used as sweetener, humectant, sequestrant, texturizer, stabilizer, and bulking agent in various industries such as food & beverage, pharmaceuticals, cosmetics & personal care, etc. Sorbitol varies with the application areas as it is majorly used as preservative, additive, and sweetener in the food industry, as a carrier in the pharmaceutical industry and as an emulsion stabilizer in cosmetics.
Increase in health-conscious consumers, rise in incidences of diabetes, and growth in demand for confectionery & processed products is driving the sorbitol market. According to WHO, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. It also revealed that diabetes prevalence has been rising more rapidly in middle- and low-income countries and the same is projected to drive the demand for sorbitol as it is used as a reduced-calorie alternative to sugar.
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Sorbitol is significantly used in the production of confectionery, baked goods, and chocolate as it functions as a humectant, moisture-stabilizer, and texturizer. Global chocolate confectionery consumption witnessed a CAGR growth of 2% during the period from 2013 to 2018, while the same in countries such as India and China witnessed a cumulative growth of 7.85% during the same period. According to data from the industry, global sales of baked goods witnessed a CAGR growth of 4.6% during the period from 2013 to 2018. Sorbitol also acts as an alternative feedstock for the production of propylene glycol which has various application areas such as unsaturated polyester resins, functional fluids, food & feed, cosmetics, etc. Therefore, a wide range of applications of sorbitol in the pharmaceutical, chemical, cosmetics, food, beverage, plastics, and other industries helping the market to grow rapidly.
Sorbitol mainly utilizes sugar alcohol, provides one-third fewer calories than sugar and 60% more sweetness intensity as compared to sucrose. The safety profile of sorbitol is generally recognized by the World Health Organization, the European Union, and the designated authorities of Australia, Canada, Japan as well as the U.S. Food and Drug Administration (FDA). The Joint FAO/WHO Expert Committee on Food Additives has not provided the upper limit of sorbitol as a dietary intake - the FDA notes that the sorbitol used in food should not exceed the levels of good manufacturing practices.
The excess of sorbitol is known to create gastrointestinal discomfort - the potential laxative effects of sorbitol negatively impact its sales growth. Nonetheless, the positive effects of sorbitol in oral health and blood sugar management outweigh its limitation. The volatility in prices of basic raw materials is one of the major challenges in global sorbitol market. Adherence to international quality standards, price competition, and serious consequences of losing a single large contract have a high level of impact on the sorbitol producing companies.
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Liquid or Syrupy Form of Sorbitol is Dominating in Global Marketplace – Functional Improvement will Drive the Future Sales of Sorbitol irrespective of the Form
Liquid form accounts the majority of the market share in global sorbitol market due to advancements in the production process, ease of use, and low manufacturing costs. Crystalline sorbitol is a sugar-free sweetener used primarily in the production of sugarless gum, candy, specialty foods, and pharmaceuticals.
Commercially, sorbitol is generally available and marketed in the form of 70% solution –polyhydric alcohol with colorless to faint yellowish appearance. Moreover, liquid sorbitol remains mostly inert to humidity fluctuations. The aqueous solution of sorbitol replicates many properties of glycols and glycerol, thus acting as a suitable substitute. Sorbitol liquid is also a good humectant and water stabilizer which enable its utilization in the gelatin capsule industry, and cosmetic emulsions. The future growth trajectory of sorbitol will depend on the functional improvement that will result in its effective utilization through a plethora of application sectors.
Starch-rich materials such as corn, wheat, potato, and cassava are majorly used as raw material for the production of sorbitol and corn source accounts for major market share.
Food and beverages domain is leading the application segment of sorbitol, which acts as a nutritive sweetener providing dietary energy of 2.4–2.6 kilocalories per gram. Sorbitol is known to confer sweet, cool and pleasant taste to the food products in which it is incorporated. Food manufacturers and processors are capitalizing on sweetening, texturizing, moisturizing, and softening abilities of sorbitol to improve the overall organoleptic profile of processed foods.
Some of the important functional characteristics of sorbitol are humectant effect, bodying agent, and crystallization-inhibitor apart from serving as a sweetener. Sorbitol is also increasingly utilized with xylitol to provide synergistic effects. It finds major application in flavor concentrates, chewing gum, icings and toppings, beverages, and special dietary foods.
Rapid Growth of Personal Care & Cosmetics Industry to Drive the Market in Asia Pacific
The Asia Pacific sorbitol market is leading in global scenario owing to the presence of China, which harbors one of the largest production of Vitamin C utilizing significant quantities of sorbitol. The region also has an Indonesian market, which is home to the second-largest producer of starch sweeteners and sorbitol. The cosmetics and personal care industry of the region is also one of the leading application areas of sorbitol. In the cosmetics sector, sorbitol provides strong competition to propylene glycol and glycerine because it serves as a humectant and emulsion stabilizer - this property facilitates its utilization in lotions, creams, shampoos, and hair conditioners.
North America sorbitol market is also performing decently with the U.S. as leading consumers – the utilization of sorbitol in the non-food industries is also significantly contributing to its regional sales. Sorbitol has long been utilized in oral-care products, primarily toothpaste. It helps in preventing oral cavity, and thus it finds increasing application in sugar-free chewing gum.
Asia Pacific Sorbitol Market, 2018
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Moderately Consolidated Industry Structure in Global Sorbitol Market
Sorbitol act as a promising business investment segment for the companies involved in glucose chemical derivatives production business across the world. Technological advancements in the production process and high demand from the growing end-use industries have attracted the majority of the market player’s investment in the production of sorbitol. However, Cargill, ADM, and Roquette Frères are the largest market players accounts for major share in the sorbitol market and other key players include SPI Pharma Inc., Ingredion Inc., Tereos Starch & Sweeteners s.a.s, Pfizer Inc., SPI Pharma, Lonza Inc., Merck KGaA, Tate & Lyle, and others.
The global sorbitol market remains largely fragmented due to the presence of key global giants such as Cargill, Incorporated., Ingredion Incorporated, Roquette Frères, is making it consolidated in the key markets of Western Europe and North America.
Natural sweeteners are gaining traction, especially from last half a decade - Sugar alcohols such as sorbitol and maltitol occupies a lion share of natural sweeteners market. The low glycemic index properties of sorbitol make it an ingredient of choice for products designed for specific dietary purposes.
The report provides qualitative and quantitative insights on the sorbitol market and a detailed analysis of market size and growth rate for all possible segments in the market. The market is segmented by type, application, and geography. Based on type, the global sorbitol market is categorized into liquid sorbitol and powder or crystal sorbitol. Food & beverages, personal care & cosmetics, pharmaceuticals, and others are the key applications covered in the study. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, South America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are the overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, and key industry trends.
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· Food & Beverages
· Personal Care & Cosmetics
· North America (U.S., Canada, and Mexico)
· Europe (Germany, France, Italy, Spain, U.K., Russia, and Rest of Europe)
· Asia Pacific (China, India, Australia, Japan, and Rest of Asia Pacific)
· South America (Brazil, Argentina and Rest of South America)
· Rest of the Middle East & Africa (South Africa, UAE, and Rest of ME&A)