The global sorbic acid market is expected to generate higher growth revenue over the next seven years. The market is subject to witness a substantial growth due to the anti-fungal and anti-decomposition properties associated with sorbic acid. Increasing adoption of sorbic acid in medicines, grains, toothpaste and cosmetics products due to its anti-fungal properties is expected to drive market demand over the forecast period.
Application of sorbic acid include tobacco, latex, animal feed, paper and pesticides manufacturing. Rising demand for sorbic acid from wine industry due to its ability to negate the foul smell of ether in the alcohol is anticipated to boost the growth of sorbic acid over the next seven years. Globally, the market is predicted to grow at CAGR of 5.1% in the forecast period, providing numerous opportunities for market players to invest for research and development in the sorbic acid market.
Sorbic acid, also referred as 2, 4-hexadienoic acid, is naturally occurring organic compound that is extensively used as food preservative. Sorbic acid is commonly identified as an unsaturated fatty acid that exhibits inhibitory effects against molds, yeasts, and bacteria. Sorbic acid prevents growth of food borne pathogens. These factors are expected to stimulate market demand for sorbic acid from food & beverages industry.
Higher approval rate for regular use of sorbic acid from regional and international authorities such as The U.S. Food and Drug Administration is projected to positively impact market expansion in the upcoming years. Recent studies showcases sorbic acid is safe for regular use and not linked to cancer or other major health problems. However, allergic reaction among consumers to sorbic acid is expected to limit market growth to a certain extent.
The market is broadly categorized into three major segments based on the application type such as food & beverage sector, industrial chemicals industry and pharmaceuticals. The food & beverage sector is considered as one of the fastest growing segment in the sorbic acid market with substantial revenue generation in the last few years. Growing popularity of sorbic acid in the food & beverage segment is attributed to the enhance shelf life of the product and changing food habits. The pharmaceutical segment has also witnessed substantial growth owing to the unique properties associated with sorbic acid.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in food & beverages industry, changing lifestyle, increase in the number of research & development activities in the region and existence of well-established industrial infrastructure.
Asia-Pacific region is predicted to hold major market share in the sorbic acid market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with strong economic growth, changing food habits, increasing demand for packaged food products, rising per capita income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the sorbic acid market are Eastman Co., Solvay S.A., Celanese Co., Pt Halim Sakti Pratama Ltd., Qingdao Kaison Chemicals Co., Ltd., Suzhou-Chem, Inc., Avatar Co., KIC Chemicals, Inc., Prinova USA Co., Continental Chemical USA Ltd., Rose Foodstuff Chemistry Co., Ltd., Seidler Chemical Co., Inc., and Wego Chemical & Mineral Co.
• Food & Beverage
• North America
• Asia Pacific
• Middle East and Africa
• South America
• Jiangbei Additive
• Nantong Acetic Acid Chemical
• Van Chemical
• Wanglong Group
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Key Questions Answered in this Report
• What will the market size be in 2023?
• What are the key factors driving the global sorbic acid/potassium sorbate market?
• What are the challenges to market growth?
• Who are the key players in the sorbic acid/potassium sorbate market?
• What are the market opportunities and threats faced by the key players?
Research Support Specialist, USA