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Sorbates Market 2024-2033 - Size, Growth, Key Trends & Competitive Outlook
Sorbates Market
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According to The Business Research Company's, The sorbates market size has grown strongly in recent years. It will grow from $261.07 billion in 2023 to $279.31 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to consumer demand for longer shelf life, increased demand for processed and convenience foods, expansion of the food and beverage industry, growing awareness about food safety and preservation, rise in demand for natural and clean-label food products.
The sorbates market size is expected to see strong growth in the next few years. It will grow to $370.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing demand for natural and organic food products, growing demand for food preservatives in developing countries, increasing demand for frozen and packaged food products, e-commerce and direct-to-consumer sales, emerging markets. Major trends in the forecast period include technological advancements in food preservation techniques, research and development to create innovative sorbate solutions, customization of sorbate, clean label preservatives, sustainable packaging solutions.
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Market Drivers and Trends:
An increase in the consumption of processed food across the globe is driving the growth of the sorbates market. Due to busy lives, changing eating patterns of the global population, and the spread of the COVID-19 pandemic, demand for packaged and ready-to-eat food is increasing. Sorbates are used in processed foods to keep them fresh for longer periods. For instance, according to the Fast-Food Statistics 2021 report, in the US, 23% of the adults eat fast food meals three or more times a week while 34% of children aged 2 to 19 years eat fast food daily and 80% of Americans visit a fast-food outlet once a month. Therefore, the increasing consumption of processed food is expected to drive the demand for sorbates the over coming years.
Players in the sorbates market are focusing on the development of new technologies to cope with market challenges. Sorbate is an important preservative in food products, but these compounds can also have genotoxic effects, causing health risks to their consumers. Hence to determine the concentrations of sorbate in food items such as mustard, ketchup, and tomato sauce, players are developing new techniques. For instance, in July 2021, the Department of Food Science and Technology in Brazil developed a capillary electrophoresis technique to determine the concentrations of sorbate and benzoate in Brazilian samples of mustard, ketchup, and tomato sauce.
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Major Key Players of the Market:
Nantong Acetic Acid Chemical Co.Ltd., Sydney Essential Oil Company Pty Ltd., Tengzhou Aolong Fine Chemical Co.Ltd., APAC Chemical Corporation, Zhejiang Bossen Technology Co.Ltd., Celanese Corporation, Sorbic International plc, FBC Industries Inc, Lubon Industry Co.Ltd., Wanglong Group Co.Ltd., Shandong Hongda Biotechnology Co.Ltd., Jinneng Science and Technology Company Ltd., Advanced Inorganics Inc., RuGao ChangJiang Food Co.Ltd., Daicel Corporation, A.M. Food Chemical Co. Limited, Farchemia Srl, Triveni Interchem Pvt. Ltd., Fine Organics Industries Pvt. Ltd., Bartek Ingredients Inc., Qiancheng Chemical Co.Ltd., Tharakan and Company, Tate & Lyle plc, Hangzhou Kalong Trade Co.Ltd., Ningbo Kodobio Chemical Co.Ltd., Auro Chemicals, Lianyungang Dongtai Food Ingredients Co.Ltd., Spectrum Chemical Mfg. Corp., I. G. Petrochemicals Ltd.
Sorbates Market 2024 Key Insights:
• The sorbates market size is expected to see strong growth in the next few years. It will grow to $370.74 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Rising Demand For Processed Foods Fuels Sorbates Market
• Innovative Techniques Expand Sorbates Market Growth
• North America was the largest region in the sorbates market in 2023
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