Global Sorbic Acid Industry Trends, Business Strategies, Regional Outlook, Challenges and Forecast Report 2030

The World Health Organization states that the per capita health expenditure of India increased from $69.32 in 2017 to $72.835 in 2018. Furthermore, the Australian Institute of Health and Welfare estimates that the total health spending of Australia surged from $183.2 billion in 2016-2017 to $185.4 billion in 2017-2018. The surging health expenditure in the Asia-Pacific region will result in the high-volume consumption of pharmaceutical products, owing to which, the usage of sorbic acid will rise considerably as it is extensively used as an antimicrobial preservative by pharmaceutical companies.

Additionally, the changing food consumption patterns of people will also help the sorbic acid market progress at 4.7% CAGR during the forecast period (2020-2030). According to P&S Intelligence, the sorbic acid market was valued at $347,661.0 thousand in 2019, and it will generate $521,126.7 thousand revenue by 2030. Sorbic acid is largely used as a food preservative due to its high efficiency in inhibiting mold growth, which may spoil the food products. The addition of sorbic acid does not alter the flavor of final products, owing to which it is widely used in cheeses, wines, refrigerated meats, and fresh produce.

Get the sample pages of this report: https://www.psmarketresearch.com/market-analysis/sorbic-acid-market/report-sample

Currently, sorbic acid producers are shifting their production base from European and North American countries to China due to the presence of stringent environmental norms in these nations. Moreover, the high labor cost, small profit margins, and availability of expensive raw materials in Europe and North America are also compelling sorbic acid producers to shift their manufacturing facilities to China. Besides, the strong economic growth in this APAC country is also supporting the development of such production plants.

The form segment of the sorbic acid market is bifurcated into encapsulated and powdered. Under this segment, the powdered category held the larger market share in 2019 due to the simpler manufacturing process of powdered sorbic acid, as compared to the encapsulated form. The powdered form of this acid can be added to any type of processed food or drink. Whereas, the encapsulated category is expected to witness faster growth in the forecast years as encapsulated sorbic acid is directly added to food items in the dough form to preserve them without killing the yeast.

Key producers of both forms of sorbic acid are APAC Chemical Corporation, Anmol Chemicals Group, Advanced Inorganics, Celanese Corporation, Daicel Corporation, Jinneng Science and Technology Company Ltd., Nantong Acetic Acid Chemical Co. Ltd., RuGao ChangJiang Food Co. Ltd., Shandong Hongda Biotechnology Co. Ltd., and Wanglong Tech Co. Ltd. In the coming years, food and beverage companies will be one of the prominent users of sorbic acid offered by these companies, owing to the low toxicity of the compound.

Browse full report at: https://www.psmarketresearch.com/market-analysis/sorbic-acid-market

Globally, the APAC sorbic acid market generated the highest revenue during the historical period (2014-2019), and it is also projected to demonstrate the fastest growth during the forecast period. This can be owed to the presence of a strong food and beverage sector in Australia, Japan, and South Korea and the robust growth of the pharmaceutical industry in India and China. Moreover, the increasing consumption of processed food items, on account of the mounting disposable income of the people, will also contribute to the market growth in the region.

Thus, the booming pharmaceutical sector and rising shift toward processed food products will propel the consumption of sorbic acid in the foreseeable future.

Browse more reports:

Glutamic Acid Industry Report - https://www.psmarketresearch.com/press-release/glutamic-acid-market

Fatty Acid Esters Industry Report - https://www.psmarketresearch.com/press-release/fatty-acid-esters-market

Contact:
P&S Intelligence
Phone: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com
Blog: https://chemicalmaterialsnews.blogspot.com

About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.