Sorbic Acid Market Research Report Detailed Analysis On The Basis Of Application, Latest Trend, Region and Growth Forecast to 2030

The pharmaceutical industry consumes a considerable volume of sorbic acid for preserving liquid and solid pharmaceutical formulations. The addition of sorbic acid in pharmaceutical products allows them to be opened and closed multiple times until their expiry, as every interaction with the external environment raises the contamination risk. Thus, the burgeoning demand for pharmaceutical products, owing to the surging incidence of chronic and lifestyle-related diseases, will augment the consumption of this compound in the forthcoming years.

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Moreover, the increasing demand for processed food, on account of the changing food consumption pattern, will assist the sorbic acid market in exhibiting a CAGR of 4.7% during 2020–2030. According to P&S Intelligence, the market revenue will rise from $347,661.0 thousand in 2019 to $521,126.7 thousand by 2030. Food and beverage companies use sorbic acid as a food preservative due to its high efficiency in mitigating the growth of mold, which may spoil and contaminate food items. As a result, it is being increasingly used in wines, refrigerated meats, cheeses, fresh produce, and baked products, as it does not affect the flavor of the final product.

Nowadays, sorbic acid producers, such as Shandong Kunda Biotechnology Co. Ltd., Jinneng Science & Technology Co. Ltd., Nantong Acetic Acid Co. Ltd., Daicel Nanning Food Ingredients Co. Ltd., and Ningbo Wanglong Tech Co. Ltd., are shifting their manufacturing base from Western countries to China and other Asia-Pacific (APAC) nations, due to the stringent environmental norms, high labor costs, small profit margins, and expensive raw materials in Europe and North America. As compared to Western countries, Asia-Pacific (APAC) nations offer cheaper labor and affordable raw materials.

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Geographically, the APAC region dominated the sorbic acid market in the preceding years, and it is also expected to consume sorbic acid at the fastest rate in the forthcoming years. This can be credited to the flourishing pharmaceutical industry in India and China and the strengthening food and beverage industry in South Korea, Australia, and Japan. Additionally, the rising preference for processed food products, owing to the mounting disposable income of people, will facilitate the consumption of sorbic acid in the region.

Thus, the expanding pharmaceutical industry and rising consumption of processed food items will fuel the usage of this chemical worldwide.

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This release was published on openPR.