Sorbic Acid Market to Cross Valuation of US$ 700 Mn by 2030

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.

𝐑𝐞𝐚𝐝 𝐑𝐞𝐩𝐨𝐫𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰 -https://www.transparencymarketresearch.com/sorbic-acid-market.html

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. 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.

𝐆𝐞𝐭 𝐏𝐃𝐅 𝐬𝐚𝐦𝐩𝐥𝐞 𝐟𝐨𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐚𝐧𝐝 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐈𝐧𝐭𝐞𝐥𝐥𝐢𝐠𝐞𝐧𝐜𝐞 -https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=78144

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.

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.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 -https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=78144

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.

𝐌𝐚𝐤𝐞 𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 -https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=78144

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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