Global sorbitol market is very fragmented and competitive by the attendance of many big and small players. Major players in the sorbitol market include Ingredion Incorporated, Cargill, Archer Daniels Midland, Tereos Starch & Sweeteners, Merck Group, SPI Pharma, Gulshan Polyols, Sukhjit Starch & Chemicals Ltd, and Roquette Freres. Other prominent players comprise Ecogreen Oleo chemicals and American International foods. The major companies are taking drastic actions in order to maintain their status in sorbitol market. In addition to this, these players are taking active measures to expand their production abilities in forecast period. For example, in April 2017, Evolva inked a primary collaboration deal with Cargill for the marketing of its sweetener, EverSweet.
As per the researchers at Zion Market Research, the global sorbitol market was capitalized at USD 1.17 Billion in 2016. The sorbitol market is likely to cross USD 1.59 Billion in 2022 and is likely to develop at a CAGR of 5.3% from 2017 to 2022.
Lower Cost For Production To Foster The Development Of Sorbitol Market
Syrup/Liquid sorbitol is more preferable in various applications and resulted in a huge growth of sorbitol market in 2016. The demand for liquid sorbitol has elevated as an option to sugar in normal consumer goods, powering the development of sorbitol market. Seeing from the manufacturing viewpoint, liquid sorbitol has a lower cost for production in comparison to powder/crystal sorbitol. This is the main reason for the growth of sorbitol market. Inconsistent prices of raw material and side effects owing to immoderate usage of sorbitol are the hindering factors for the global sorbitol market.
Liquid/Syrup Sorbitol Segment To Dominate The Global Sorbitol Market In The Years To Come
The global sorbitol market has been divided into majorly two kinds such as crystal/powder sorbitol and liquid/syrup sorbitol. Liquid/syrup sorbitol is produced by various processes such as hydrogenation, purification of dextrose, and purification. Crystal/powder sorbitol is produced via spray drying technique. Liquid/syrup sorbitol has an easy process for manufacturing and a moderately lower cost in comparison to crystal/powder sorbitol. Liquid/syrup sorbitol has integrated a broad application region and higher usage in the global sorbitol market in comparison to crystal/powder sorbitol.
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Asia Pacific To Continue Its Dominance In The Global Sorbitol Market In The Foreseeable Future
The global sorbitol market was ruled by Asia Pacific in 2016. It added up for almost 54% share of the global sorbitol market. Rising FDI (Foreign Direct Investment) and favorable government regulation for personal care product & pharmaceuticals divisions are likely to boost requirement in Asia Pacific area. The North American and European areas provide noteworthy developmental ability in the coming years for the sorbitol market. This is mainly due to elevated use in personal care and food & beverages applications.