The global Sorbitol Market size is predicted to reach USD 1,928.3 million by 2026, exhibiting a CAGR of 5.54% during the forecast period. The increasing prevalence of diabetes around the world is one of the key factors expected to propel growth of the market, says Fortune Business Insights™ in a report, titled “Sorbitol Market Size, Share and Global Trend By Type (Liquid/Syrupy and Powder/Crystal), Application (Food & Beverages, Personal Care & Cosmetics, Pharmaceuticals, and Others), and Geography Forecast 2019-2026” the market size stood USD 1,244.5 million in 2018. The growing demand for confectionery & processed products will encourage the growth of the market in the forthcoming years.
As per the report, the increasing incidences of diabetes will contribute positively to the Sorbitol Market growth. According to WHO, the number of people with diabetes has risen from 108 million in 1980 to 422 million in 2014. Furthermore, the growing cases of Type 2 diabetes in middle and low-income developing nations is expected to fuel demand for sorbitol as it is used as a reduced-calorie alternative to sugar. This factor will, in turn, aid the expansion of the market in the forthcoming years.
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The report offers insights into the prevailing trends of the market. It provides an in-depth analysis of the Sorbitol Market size with regard to aspects such as leading products and applications. Additionally, it classifies the market based on regional demographics and highlights leading regions. Besides, it also covers the latest industry developments and sheds light on a few of the significant activities such as mergers and acquisitions, company collaborations, and product launches.
List of the Major Players in the Global Sorbitol Market Include;
- Archer Daniels Midland Company
- Cargill, Incorporated.
- Ingredion Incorporated
- Roquette Frères
- Tereos Starch & Sweeteners s.a.s
- Pfizer Inc.
- SPI Pharma
- Lonza Inc.
- Merck KGaA
- Tate & Lyle
Increasing Consumption of Confectionery and Baked Goods to Spur Growth Opportunities
Sorbitol is mainly used in the production of confectionery, baked goods, and chocolate as it functions as a humectant, moisture-stabilizer, and texturizer. The growing inclination of people towards baked and confectionery food items will steer the demand for sorbitol. For instance, Sorbitol utilizes sugar alcohol, provides one-third fewer calories than sugar, and 60% more sweetness intensity as compared to sucrose.
Furthermore, Sorbitol has a wide range of applications in the pharmaceutical, chemical, cosmetics, food, beverage, plastics, and other industries. Sorbitol 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. These factors together will create lucrative sales opportunities for the market in the foreseeable future.
Agreement Between Lupin and Aptissen S.A. will Facilitate Growth Opportunities
The collaboration between Lupin and Aptissen S.A. is predicted to foster the growth of the market in the foreseeable future. For instance, May 2019: Lupin and Aptissen S.A. entered into a definitive distribution agreement under which Aptissen has granted Lupin the exclusive rights to market, distribute, and sell the current Aptissen products in Canada. Furthermore, the acquisition of Indonesian Sorbitol Giant Sorini by Cargill is expected to boost the Sorbitol Market trends in the foreseeable future. For instance, Cargill acquires Indonesian Sorbitol Giant Sorini (T Sorini Agro Asia Corporindo Tbk) for USD 244 million. Sorini is one of the leading producer and supplier of sorbitol, operates seven manufacturing facilities located in Indonesia’s East Java and Lampung provinces
Presence of Leading Players will Stimulate Growth in Asia Pacific
The market in Asia Pacific is expected to grow rapidly during the forecast period owing to the presence of significant manufacturers of starch sweeteners and sorbitol in the region. Also, the cosmetics and personal care industry is flourishing in the region. This factor will fuel demand for sorbitol as it serves as a humectant and emulsion stabilizer. Sorbitol has its application in lotions, creams, shampoos, and hair conditioners. In North America, the USA is one of the leading consumers of sorbitol. The growth witnessed in the region is also attributed to the growing utilization of sorbitol in oral-care products, primarily toothpaste.
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