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Sorbitol Industry Analysis: Size, Future Trends, and Growth Forecast
Sorbitol Global Market Report 2024
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According to The Business Research Company's, The sorbitol market size has grown strongly in recent years. It will grow from $1.71 billion in 2023 to $1.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increased use of sorbitol in personal care, economic growth, increased disposable incomes in developing, Increased use of sorbitol as an excipient in pharmaceutical formulations, use of sorbitol in industrial applications..
The sorbitol market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to growing emphasis on sustainability, continued growth in health and wellness, growing use of sorbitol in pharmaceutical formulations as an excipient, continued regulatory support, rising consumer preference for natural and plant-based sweeteners. Major trends in the forecast period include expansion in personal care and cosmetics, growth in pharmaceuticals, technological advancements, growth in emerging markets, innovation in food and beverage products.
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Market Drivers and Trends:
The increasing prevalence of diabetes is expected to propel the growth of the sorbitol market going forward. Diabetes is a chronic medical condition characterized by high blood sugar levels due to the body's inability to produce enough insulin or effectively use the insulin it produces. The rising obesity rates, sedentary lifestyles, unhealthy diets, and an aging population are the factors that impact the diabetes market. Sorbitol's low glycemic index and reduced calorie content make it a preferred sugar substitute in diabetic-friendly products, helping individuals with diabetes manage their blood sugar levels while enjoying sweet treats. For instance, in July 2021, according to the report published by the International Diabetes Federation, a Belgium-based authoritative source of evidence on the prevalence of diabetes, there were 537 million adults aged 20-79 living with diabetes, representing a prevalence of 1 in 10 individuals. Moreover, projections indicate that this figure will escalate to 643 million by 2030 and surge further to 783 million by 2045. Therefore, the increasing prevalence of diabetes will drive the growth of the sorbitol market.
Major companies operating in the sorbitol market are focusing on developing multiple sorbitol forms such as sorbitol powder, to cater to evolving consumer preferences and capitalize on the expanding applications of sorbitol across various industries. Sorbitol powder is a sugar substitute derived from glucose commonly used in food, cosmetics, and pharmaceuticals for its sweetness and humectant properties. For instance, in March 2022, Sunar Misir, a Turkey-based corn-based ingredient manufacturer, launched Sunsorb, a specialized sorbitol powder tailored for versatile applications, delivering a refreshing sensation ideal for sugar-free chewing gum. Its cooling effect enhances freshness while ensuring optimal texture in tableting processes, yielding firm tablets suitable for confectionery and pharmaceutical use. With exceptional tableting properties, Sunsorb Powder is a preferred choice for pharmaceutical-grade effervescent, chewable, and swallowable tablets and a reliable binder in lozenges and pellets.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cargill Incorporated, Archer Daniels Midland Company, Merck KGaA, DuPont de Nemours Inc., Ingredion Incorporated, Tereos SA, Roquette Frères, Sigma-Aldrich Co. LLC., Luzhou Group, Dancheng Caixin Sugar Industry Co. Ltd., Futaste Pharmaceutical Co. Ltd., Ecogreen Oleochemicals, PT Sorini Agro Asia Corporindo Tbk, Sorini Agro Asia Corporindo Tbk, Gulshan Polyols Ltd., Spectrum Chemical Manufacturing Corp, SPI Pharma, TCI Chemicals Pvt. Ltd., Sukhjit Starch & Chemicals Ltd., Kasyap Sweeteners Ltd., B Food Science Co. Ltd, American International Foods Inc, Mitsubishi Shoji Foodtech Co. Ltd., Ueno Fine Chemicals, Qingyuan Foods
Sorbitol Market 2024 Key Insights:
• The sorbitol market size is expected to see strong growth in the next few years. It will grow to $2.39 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Sorbitol Market Growth Fueled By Rising Diabetes Prevalence
• Innovative Product Developments Drive Sorbitol Market Growth
• North America was the largest region in the sorbitol market in 2023
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