What Is The Scope Of The Global Sorbitol Market?
Sorbitol is a sugar alcohol derived from glucose, commonly used as a sweetener in various industries. It is utilized in the food industry for sugar-free and dietetic products such as candies, chewing gum, and baked goods due to its lower caloric content than sugar. In the pharmaceutical sector, sorbitol serves as a laxative and a sugar substitute in medications for diabetics, as well as a stabilizer in syrups. Additionally, it is used in cosmetics as a humectant and thickener, enhancing moisture retention and product texture.
Sorbitol Global Market Report 2024 provides data on the global sorbitol market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Sorbitol market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Sorbitol?
The sorbitol market has seen robust growth recently, expanding from $1.71 billion in 2023 to $1.83 billion in 2024, with a compound annual growth rate (CAGR) of 6.7%. This historical growth is due to the increased use of sorbitol in personal care products, economic growth, rising disposable incomes in developing regions, its use as an excipient in pharmaceutical formulations, and its application in various industrial sectors. Looking forward, the market is projected to grow to $2.39 billion by 2028 at a CAGR of 6.9%. This anticipated growth is driven by a greater focus on sustainability, ongoing expansion in health and wellness, continued use of sorbitol in pharmaceutical formulations, supportive regulatory environments, and a rising consumer preference for natural and plant-based sweeteners. Key trends expected in the forecast period include expansion into personal care and cosmetics, growth in the pharmaceutical sector, technological advancements, innovation in food and beverage products, and increased activity in emerging markets.
What Factors Are Driving Growth In The Sorbitol Market?
The increasing prevalence of diabetes is anticipated to propel the growth of the sorbitol market moving forward. Diabetes, a chronic medical condition marked by high blood sugar levels due to insufficient insulin production or usage, is influenced by rising obesity rates, sedentary lifestyles, unhealthy diets, and an aging population. Sorbitol, with its low glycemic index and reduced calorie content, is a favored sugar substitute in diabetic-friendly products, aiding individuals with diabetes in managing their blood sugar levels while enjoying sweet treats. For example, the International Diabetes Federation reported in July 2021 that 537 million adults aged 20–79 were living with diabetes, representing a prevalence of 1 in 10 individuals. This figure is projected to escalate to 643 million by 2030 and further to 783 million by 2045. Therefore, the increasing prevalence of diabetes is expected to drive the sorbitol market, which is projected to reach $X billion in 2023, $Y billion in 2024, and $Z billion in 2028.
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What Are The Main Segments Of The Global Sorbitol Market?
The sorbitol market covered in this report is segmented –
1) By Product: Liquid, Crystal
2) By Application: Oral Care, Vitamin C, Diabetic And Dietetic Food And Beverage, Surfactant, Other Applications
3) By End User: Personal Care, Chemical, Food, Pharmaceuticals, Other End Users
What Emerging Trends Are Influencing The Growth Of The Sorbitol Market?
Major players in the sorbitol market are developing various forms of sorbitol, including sorbitol powder, to meet changing consumer preferences and capitalize on sorbitol's growing applications across industries. Sorbitol powder, a sugar substitute derived from glucose, is used in food, cosmetics, and pharmaceuticals for its sweetness and humectant properties. For example, in March 2022, Sunar Misir, a Turkish corn-based ingredient manufacturer, introduced Sunsorb, a sorbitol powder designed for versatile applications. This powder is ideal for sugar-free chewing gum, providing a refreshing sensation and ensuring optimal texture in tableting processes. Sunsorb Powder is preferred for pharmaceutical-grade effervescent, chewable, and swallowable tablets and as a reliable binder in lozenges and pellets.
What Is The Largest Region In The Sorbitol Market?
North America was the largest region in the sorbitol market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sorbitol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
