LONDON--(BUSINESS WIRE)--The global sorbitol market is expected to grow at a CAGR of more than 5% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global sorbitol market for 2017-2021. The market is further categorized into two types comprising of liquid and crystal, of which the liquid segment accounted for close to 82% of the market share in 2016.
“The global sorbitol market is expected to grow at a moderate pace due to the demand from end-user applications, such as cosmetics and personal care, food and beverage, chemicals and pharmaceuticals, plastics, bio-fuel, and paper industries. The market is primarily driven by cosmetics and personal care applications globally,” says Kshama Upadhyay, a lead specialty chemicals research expert from Technavio.
Technavio’s research analysts segment the global sorbitol market into the following regions:
- APAC
- Americas
- EMEA
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Sorbitol market in APAC
APAC occupied a dominant share in the consumption of sorbitol in 2016. This growth was mainly contributed by increased demand for cosmetics, personal care products, and chemicals in this region. APAC is the largest market for cosmetics and personal care products globally, occupying a share of more than 32% in 2016.
Also, China is the largest producer of vitamin C accounting for approximately 90% of the global production. This massive production of vitamin C is expected to continue owing to the low coal and labor costs. These factors are expected to boost the demand for sorbitol in APAC during the forecast period.
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Sorbitol market in Americas
The demand for sorbitol in the Americas is mainly driven by the food and beverages, and cosmetics and personal care industries. The US food and beverages packaging industry occupy the largest share globally. The increasing demand for packaging, combined with the demand for fresh food, is expected to drive the demand for sorbitol in the food and beverage industry.
“In Latin America, the cosmetics market is expected to grow at a higher pace compared to the US, due to the increased demand from emerging countries in this region such as Brazil and Argentina. Therefore, higher demand from the cosmetics and personal care industry is likely to drive the demand for sorbitol in this region during the forecast period,” says Kshama.
Sorbitol market in EMEA
Pharmaceutical and cosmetics applications mostly drive sorbitol market in EMEA. The main countries contributing to this demand are Germany, the UK, and France. This growth is also due to the growing aging population and better health insurance services in this region. Moreover, there is large scale export of cosmetics and personal care products from Europe.
The growth in skin care products in Saudi Arabia and Egypt is due to increasing women employment and higher disposable incomes. Therefore, the demand for sorbitol is likely to grow due to the inclining demand from the cosmetics and pharmaceutical industries in this region.
The top vendors in the global sorbitol market as highlighted in this market research analysis are:
- Archer Daniels Midland
- Cargill
- Ingredion
- Roquette
- Tereos
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