Sorbic Acid Market: Introduction
In terms of value, the global sorbic acid market is anticipated to expand at a CAGR of ~5% from 2020 to 2030 and cross US$ 700 Mn by 2030. North America dominated the global sorbic acid market in terms of volume in 2019. It is estimated to be the leading region of the global sorbic acid market during the forecast period. The food & beverages industry is projected to offer lucrative opportunities to the sorbic acid market in the near future.
Sorbic Acid Market: Major Drivers and Restraints
The rise in food waste is projected to boost the demand for preservatives, thus driving the global sorbic acid market during the forecast period. Around 33% to 50% of all food produced globally is not eaten, as it is spoiled. Preservatives such as sorbic acid play a vital role in extending the shelf life of food and beverages.
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These preservatives help keep food and beverages fresh for a long time. This is expected to drive the global sorbic acid market in the near future. The increase in consumption of packaged food is anticipated to propel the demand for preservatives such as sorbic acid, as it helps keep food items fresh for a longer time. In March 2020, about 12% of consumers bought less fresh produce and more canned products in the U.S. This rise in preferences of packaged food and beverages has augmented the demand for preservatives. Several players have taken strategic initiatives, such as acquisitions, in order to expand their sorbic acid business, owing to high demand for sorbic acid in various food & beverages and pharmaceutical applications. This is also likely to boost the global sorbic acid market during the forecast period.
In January 2019, Celanese Corporation announced plans to expand the production of acetic acid from 1.3 million tons per annum to approximately 2 million tons per annum at its Clear Lake facility, the U.S., by 2021. Acetic acid is used as a raw material in the manufacture of sorbic acid. Through this move, the company aims to meet the increasing demand for sorbic acid among customers.
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Sorbic acid has several aide effects. Some these include diarrhea, dizziness or faintness, flushing or redness of skin, headache, and nausea or vomiting. These side effects can cause negative impact on the health of consumers, prompting them to prefer other products over sorbic acid. This is estimated to restrain the global sorbic acid market during the forecast period.
Sorbic Acid Market: Prominent Segments
Based on form, the powder segment held major share of the global sorbic acid market in 2019. This trend is anticipated to continue during the forecast period. In terms of application, the food & beverages segment constituted large share of more than 35% of the global sorbic acid market in 2019. This trend is estimated to continue during the forecast period. On the other hand, the pharmaceuticals segment is projected to expand at a rapid pace during the forecast period.
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Competition Landscape of Sorbic Acid Market
Key manufacturers operating in the global sorbic acid market include Celanese Corporation, Wanglong Tech Co., Ltd., Sorbic International PLC, Daicel Nanning Food Ingredients Co., Ltd., and Nantong Acetic Acid Chemical Co., Ltd.
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