The sorbic acid market size is expected to increase its revenue from $347,661.0 thousand in 2019 to $521,126.7 thousand by 2030, progressing at a CAGR of 4.7% during the forecast period (2020–2030). The market growth can be ascribed to the strong presence of the pharmaceutical and food & beverages industries in Western countries and high per capita food and beverages consumption in developing countries like India, Brazil, and China. Moreover, preservative property of sorbic acid has promoted its usage in manufacturing of food and beverages and pharmaceutical products.
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One of the prime growth drivers of market is changing food consumption patterns of people across the world. Sorbic acid is utilized as a food preservative, as it is highly efficient in obstructing the mold growth that may adulterate and spoil the food. The acid is widely used in food products, such as wines, baked items, cheeses, refrigerated meats, and fresh produce, as it does not affect the final flavor of these items. These advantages will, therefore, boost its application in the production of processed foods and beverages.
Currently, the sorbic acid market is exhibiting a key trend of shifting of manufacturing base to China, due to the improving economic structure and escalating market opportunities in the country. Various chemical companies are shifting their production base in China from Western countries, owing to the stringent environmental norms in the European and North American regions. Moreover, high labor cost, small profit margin, and expensive raw materials in Western countries are compelling these companies to shift their production base to China.
Thus, the food & beverages and pharmaceutical industries will be the major contributors to market growth in the forecast period.
Key Findings of Global Sorbic Acid Market
• Market not affected much by COVID-19 pandemic
• Powdered form of sorbic acid more popular among users
• Changing food habits driving sorbic acid consumption
• APAC is best region for sorbic acid suppliers
• Market highly consolidated
• Chinese players account for majority of sorbic acid supply
Read More: https://www.psmarketresearch.com/market-analysis/sorbic-acid-market
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