Large-scale Pharmaceutical Production To Augment Sorbic Acid Use in Future

The World Health Organization (WHO) 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 (AIHW) 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 (APAC) 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.

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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.

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.

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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.

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