NEW YORK, Dec. 22, 2022 (GLOBE NEWSWIRE) -- There are some interesting takeaways from IndexBox's recent report on the global sorbitol market.
Market Outlook
The global sorbitol market is expected to reach USD 339 million by 2030, from USD 270 million in 2022, at a CAGR of 2.9% during the forecast period. The increasing demand for low-calorie and sugar-free food & beverage products is the major factor driving the growth of the sorbitol market.
Sorbitol is a sugar alcohol with a sweet taste that is widely used as a sugar substitute in food & beverages, pharmaceuticals, and personal care products. It is also used as a humectant, emollient, and lubricant in cosmetics and personal care products. Sorbitol occurs naturally in fruits and berries and is commercially produced from glucose syrup derived from corn starch.
The global sorbitol market is facing a few restraints that are slowing down its growth. The primary restraint is the availability of substitutes, such as xylitol and mannitol, which are more widely used in food and beverage applications. Additionally, the production of sorbitol requires expensive raw materials, such as glucose syrup, which can also be used to produce other sweeteners such as fructose. This increases the cost of sorbitol production and limits its use to high-end applications.
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The growing awareness among consumers regarding the health hazards posed by consuming excess sugar has led to an increase in the demand for low-calorie and sugar-free food products globally. This has resulted in significant growth of the sorbitol market over the past few years. Additionally, sorbitol is widely used in various personal care & cosmetics applications. This is another major factor driving the market.
Market Trends
The market is anticipated to witness significant growth over the forecast period on account of its growing applications in various industries such as food & beverage, pharmaceuticals, cosmetics, and others.
In terms of application, the food & beverage segment held the largest share of the global sorbitol market and is expected to maintain its dominance over the forecast period. Sorbitol is used as a sweetener in various food items such as confectioneries, desserts, bakery products, and chewing gums. Moreover, it is also used as a humectant and texturizer in baked goods and frozen desserts.
The cosmetics industry is another major consumer of sorbitol due to its hydrating properties. It is used in various skincare and hair care products such as lotions, creams, conditioners, shampoos, etc. In addition, sorbitol is also used as a filler in various cosmetic products. Moreover, sorbitol is also used in the manufacturing of dental care products such as toothpaste and mouthwash. Sorbitol is used as a binder in tablet formulations and also finds application in cough syrups and ointments.
Market Restraints
The global sorbitol market is expected to grow at a moderate pace during the forecast period. The market is hindered by various factors such as stringent regulations, volatile raw material prices, and health concerns associated with the consumption of sugar alcohols.
Stringent regulations regarding the use of sugar alcohols in food and beverage products are restraining the growth of the sorbitol market. Sugar alcohols are classified as GRAS (generally recognized as safe) ingredients by the US FDA. However, their use is restricted to a maximum level of 10% by weight in food products in the European Union. This is limiting the use of sorbitol in food and beverage applications, thereby restraining the growth of the sorbitol market.
The prices of raw materials used for manufacturing sorbitol are highly volatile. This is due to fluctuations in crude oil prices, which have a direct impact on the prices of corn syrup and glucose syrups. These fluctuations make it difficult for manufacturers to plan their production activities and are thus restraining the growth of the sorbitol market.
There are health concerns associated with the consumption of sugar alcohols such as sorbitol. These sugar alcohols are not completely absorbed by the body and can cause digestive problems such as bloating, diarrhea, and gas. This is deterring consumers from using products containing sorbitol, thereby restraining the growth of the market.
Market Consumption by Country
In terms of consumption, China is the leading sorbitol market globally, followed by the United States and India. Sorbitol is extensively used in food & beverage applications in China owing to its low-calorie content and sweet taste. The country's confectionery industry is also a major consumer of sorbitol. In India, sorbitol finds application in many industries such as pharmaceuticals, cosmetics & personal care, and food & beverage.
The other major consumers of sorbitol include Germany, Japan, Brazil, and Mexico. Mexico's demand for sorbitol is driven by the country's growing food & beverage industry. Brazil's cosmetics & personal care industry is another significant contributor to the country's sorbitol consumption.
Market Challenges
The global sorbitol market faces a number of challenges. The first is the high cost of raw materials. Sorbitol is derived from corn syrup, which is a costly feedstock. The second challenge is the volatile nature of the sorbitol market. Prices can fluctuate significantly, depending on global demand and supply conditions.
Third, there is stiff competition from other substitutes such as xylitol and mannitol. These substitutes are cheaper and have similar functionality. Fourth, the global sorbitol market is also affected by stringent regulation regarding its use in food and beverage products. In Europe and North America, for instance, sorbitol can only be used in limited quantities in food and beverage products due to its laxative effect.
Despite these challenges, the global sorbitol market is expected to grow at a healthy pace in the coming years. Increasing demand from developing countries such as China and India, coupled with expanding applications in various industries, will drive market growth.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Cargill Incorporated, Archer Daniels Midland Company, Ingredion Incorporated, Tate & Lyle PLC, Roquette Frères, SPI Chemicals Co., Ltd., Gulshan Polyols Ltd., Merck KGaA, Mitsubishi Chemical Corporation, BENEO GmbH, JK Sucralose Inc., Pure Circle Limited, Zibo Huarui Bioengineering Co., Ltd., ADM City, Chemical Associates, Inc., Corn Products International, Inc., Daito Chemical Industries Ltd
Sources
World - Sorbitol - Market Analysis, Forecast, Size, Trends and Insights
EU - Sorbitol - Market Analysis, Forecast, Size, Trends and Insights
Asia - Sorbitol - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Sorbitol - Market Analysis, Forecast, Size, Trends and Insights
