The global sorbic acid market is expected to grow at a CAGR of 5% from 2020 to 2027 and to surpass value US$ 689 million by 2027. 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.
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.
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.
Growing Adoption as Food Preservative to Boost Market Growth
The food & beverages industry is expected to remain the primary end-use industry of sorbic acid. Over the past couple of decades, natural acids, including propionic, sorbic, and benzoic acid are increasingly being used as preservatives in the food industry. Sorbic acid is also naturally present in a range of food and beverages such as cheese, wine, fish, meat, pastries, etc. The increasing demand for sorbic acid salts is another key factor likely to have a direct impact on the demand for sorbic acid. The favorable soluble properties of sorbic acid salts are one of the primary factors due to which, the demand for sorbic acid salts is currently increasing in comparison with that of sorbic acid, especially in the food & beverages industry. While sorbic acid salts continue to gain worldwide popularity, sorbic acids have emerged as the primary preservative in food applications due to the ideal antimicrobial activity and ability to inhibit the growth of molds, bacteria, and yeast. Innovations and research activities across the food & beverages industry pertaining to different ingredients is another major factor estimated to widen the application area of sorbic acid during the assessment period.
While the food & beverages industry is likely to remain at the forefront in terms of demand, the adoption of sorbic acid in the manufacturing of personal care and cosmetic products is also on the rise– a factor that is expected to propel the global sorbic acid market. Sorbic acid is increasingly being used in the formulation of the eye and facial makeup and a range of hair and skincare products.
Demand for Sorbic Acid to Remain Steady amid COVID-19 Pandemic
The global sorbic acid market is slated to expand at a steady pace during the COVID-19 pandemic. Although the demand for sorbic acid is expected to drop in comparison with that in 2019, the COVID-19 pandemic is likely to have a short-term impact on the market growth. The demand for sorbic acid from the food & beverages sector continues to remain a major driving factor for the market during the ongoing COVID-19 crisis. In addition, research and development activities are projected to continue during the pandemic, as governments in several nations have exempted research and development activities from lockdown policies. Moreover, the packaging sector has emerged as one of the key end-use industries of sorbic acid, as the demand for antimicrobial packaging films made from sorbic acid-based coating has surged in 2020. Anti-microbial packaging films with sorbic acid-based coatings have emerged as a promising packaging alternative - a trend that is anticipated to gain considerable momentum in the upcoming years.
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.
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.
Global Sorbic Acid Market Segmentation
Sorbic Acid Market, by Form
Sorbic Acid Market, by Application
Sorbic Acid Market, by Region
Scope of the Report
The new study on the global sorbic acid market published by Vision Research Reports presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the global sorbic acid market. VRR’s study offers valuable information on the global sorbic acid market to illustrate how growth would discern during the forecast period of 2020 to 2030.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR) have been elucidated in VRR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global sorbic acid market during the forecast period.
An extensive analysis of leading market players’ business strategies has also been featured in VRR’s study on the global sorbic acid market. This can help readers understand principal factors to foresee the growth of the global sorbic acid market. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the global sorbic acid market, which would guide market players in making apt decisions in the near future.
Key Questions Answered
Research Methodology
A unique research methodology has been adopted by VRR to conduct comprehensive research on the global sorbic acid market and arrive at conclusions on growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary sources referred to by analysts during the production of the report on the global sorbic acid market include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers who contributed to the production of VRR’s study on the global sorbic acid market as a primary resource.
These primary and secondary sources provided exclusive information during interviews, which served as a validation from leading players operating in the global sorbic acid market. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global sorbic acid market with accuracy. The study also uses the top-down approach to assess numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making VRR’s estimates on future prospects of the global sorbic acid market more reliable and accurate.
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