June 22, 2024
Sorbitol Market

The Global Sorbitol Market rising towards Expanding applications by 2024

The global sorbitol market is primarily driven by its high demand from various end-use industries such as food & beverages, personal care, pharmaceuticals, and others. Sorbitol is a sugar alcohol that is widely used as a humectant, sweetener, and texturizer in various food products and cosmetics. It provides smooth texture and prevents crystallization in products. The increasing usage of sorbitol in dental care products and various pharmaceutical applications owing to its anticariogenic properties is also fueling the market growth.

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 Demand 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 Chemica. The rising demand for reduced sugar and sugar-free products among health-conscious consumers is propelling the demand for sorbitol. Key players are focusing on new product launches to gain a competitive edge in the market.

Growing demand in the food & beverages industry for low-calorie foods is a major factor driving the sorbitol market. Sorbitol is widely used as a sugar substitute and humectant in candies, chewing gums, baked products, dairy products, drinks, and others. It enhances the texture and shelf-life of products. Expanding health and wellness trends are also fueling the usage of sorbitol in various sugar-free and reduced sugar foods.

The global market is expanding with growth in emerging economies of Asia Pacific and Latin America. increasing per capita disposable income and health awareness in developing countries is supporting the sales of processed foods with fewer calories and sugar content. Easy availability and aggressive marketing strategies by key players have augmented the demand in Asia Pacific countries like China and India. Collaboration with local food companies is helping global players to penetrate untapped regional markets.

Market key trends

The increasing demand for reduced sugar and sugar-free products is a major trend influencing the sorbitol market. Key players are focusing on developing all-natural, clean label, and organic sugar-alcohols to meet sustainable and healthy attributes. Development of innovative texturizing and bulking agents with isomaltulose and erythritol blends is also gaining traction. Another key trend is the rise of sorbitol applications in oral care products owing to its antibacterial and moisture retention properties. Its use in mouthwashes, toothpastes, breath fresheners, and dental floss is contributing to market revenues significantly.

Porter’s Analysis

Threat of new entrants: Sorbitol market requires large capital investments and scale of economies to compete effectively with established players deterring new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and established suppliers, however availability of customized solutions reduces impact.

Bargaining power of suppliers: Key raw material corn starch provide suppliers with some bargaining power though long term supply contracts mitigate impact.

Threat of new substitutes: Substitutes like maltitol, xylitol, erythritol pose threat but sorbitol maintains edge due to widespread applications and functional advantages.

Competitive rivalry: Market dominated by few large players results in high competition on pricing and new product development.

Geographical Regions in terms of value

North America accounts for around 30% value share currently led by the US owing to strong demand from food and pharmaceutical industries in the region. APEJ is the second largest market concentrated in China and India attributable to burgeoning food processing industries.

Fastest growing region

Latin America estimated to expand at the fastest CAGR through 2027 majorly contributed by Brazil. Wide acceptance in dairy, bakery and confectionery products coupled with rising health awareness is steering growth in the region.

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