Sorbic Acid Market Research Report: By Form (Powdered, Encapsulated), Application (Food & Beverages, Industrial Chemicals, Pharmaceuticals) â€“ Global Industry Analysis and Growth Forecast to 2030
Economic growth is leading to the increasing spending power of people, which is driving a shift in worldwide food consumption patterns. As a result, the sale of cheeses, wines, fresh produce, baked products, and refrigerated meats is rising. This is why the global sorbic acid market is predicted to grow from $347,661.0 thousand in 2019 to $521,126.7 thousand in 2030, at a 4.7% CAGR between 2020 and 2030.
This is because sorbic acid is used to prevent the growth of mold, which is one of the biggest reasons behind food spoilage. This is why the sorbic acid market is being particularly propelled by the increasing cheese and wine consumption. For instance, from 2018, worldwide cheese consumption rose by 2.3% to reach $114.1 billion in 2019. Similarly, compared to 241 million hectoliters in 2014, 246 million hectoliters of wine were drunk in 2018.
Despite the COVID-19 pandemic, the sorbic acid market hasn’t been impacted much. This is because of the significance of this compound in the food & beverages and pharmaceutical industries, which kept growing during the crisis. As food and medical drugs are considered essential commodities, their production and trade received support from governments worldwide, which kept driving the demand for sorbic acid.
Sorbic Acid Market Segmentation Analysis In the years to come, the faster growth in the sorbic acid market, on the basis of form, will be witnessed by the encapsulated bifurcation. The acid in this form can be directly mixed in food products while they are still in the dough stage. When used for baked goods, sorbic acid offers the advantage of not killing the yeast, which is important for the dough and the baked product to rise and become fluffy.
The food & beverages category held the largest share in the sorbic acid market in the past, based on application, as the compound is widely used in this industry to kill contaminating bacteria. This is why sorbic acid is added in substantial volumes to dried fruits, cheeses, pet foods, yogurt, soft drinks, dried meats, and baked goods to increase their shelf life.
Till now, Asia-Pacific (APAC) has been the largest sorbic acid market, and it is also expected to observe the fastest rise in the usage of this compound in the coming years. The growing food & beverages and pharmaceutical industries in Japan, China, India, South Korea, and Australia are leading to the increasing demand for sorbic acid. Moreover, as people in these countries prosper, the consumption of processed food will rise, thereby driving the market.
The most-prominent companies in the global sorbic acid market include Shandong Hongda Biotechnology Co. Ltd., Jinneng Science and Technology Company Ltd., APAC Chemical Corporation, RuGao ChangJiang Food Co. Ltd., Anmol Chemicals Group, Advanced Inorganics, Nantong Acetic Acid Chemical Co. Ltd., Celanese Corporation, Daicel Corporation, and Wanglong Tech Co. Ltd.
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