Industry Overview
Global sorbitol market size is expected to reach 2.34 million tons by 2020, growing at a CAGR of 3.6% from 2014 to 2020.
Increasing consumer awareness regarding the benefits offered by
naturally derived ingredients is expected act as a favorable factor
supporting sorbitol market growth over the next six years. It is found
in a wide range of foods including pears, apples, peaches and prunes. It
is used as thickening and sweetening agent in manufacturing personal
care products such as skin creams, mouthwash, toothpaste and chewing
gums.
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Rising consumer awareness regarding health and safety risks posed by
synthetically derived personal care products is expected to drive market
growth. Growing organic personal care market is expected to fuel
sorbitol demand in cosmetic products. Global organic personal care
market was valued at USD 8,433.9 million in 2013 and is expected to
reach USD 15,977.5 million by 2020, growing at a CAGR of 9.5% from 2014
to 2020.
Increasing artificial sweeteners demand owing to growing number of
diabetic cases globally is expected to positively influence demand. It
is also widely employed in frozen desserts for diabetic patients as it
is slowly absorbed by the intestine and is metabolized into fructose. It
is approximately 60% as sweet as sucrose; however it contains one-third
fewer calories. It does not cause tooth decay and is largely employed
in various sugarless products including sugarless candies and gums.
Growing domestic demand for foods & beverages in emerging markets
of BRICS is anticipated to have a positive impact on global food &
beverage industry. Increasing number of cafes, restaurants and bistros
globally is likely to propel demand. It is used as a flavoring and
bulking agent in the food & beverage industry.
Presence of favorable government regulations in various regions is
anticipated to propel sorbitol market growth up to 2020. It is affirmed
as GRAS (Generally Recognized as Safe) by the U.S. Food and Drug
Administration (FDA) and is approved for use as an artificial sweetener
by the European Union and other countries around the world including
Japan, Australia and Canada.
Tight supply of raw materials such as corn starch, may affect
sorbitol prices and challenge industry growth. Investments in research
to develop novel technologies for increasing production output at lower
costs is expected to open up avenues for industry participant’s growth.
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Product Overview
Liquid/syrup was the leading product segment with a market valuation
of well over USD 850 million in 2013. Rising awareness towards
low-calorie and sugar-free products is expected to increase the
importance of sweet syrups. Increasing use of liquid types in sweet
syrups for pharmaceutical applications is expected to drive market
growth. This product is also intended to use as humectants in paste and
topical preparations.
Crystal/powder accounted for over 17% of the market share and is
expected to grow at sluggish growth rates of over 2.5% from 2014 to
2020. It is mainly used a food additive in manufacturing of mint
tablets, chewing gum and frozen meat products. High cost of crystal
types as compared to liquid counterparts is expected to result in slow
growth rates up to 2020.
End-Use Overview
Cosmetics & personal care dominated the application segment with a
market valuation of over USD 500 million in 2013. It is widely employed
in manufacturing personal care products including toothpastes,
toiletries and cosmetics. Rising awareness about oral hygiene is
anticipated to drive demand for toothpastes. The toothpaste market is a
significant consumer and it is used as a humidity control agent. Gel
toothpastes contain up to 50% liquid sorbitol.
Food was the second largest end-use segment and accounted for more
than 25% of the total volume in 2013. Increasing convenience food demand
particularly in key regions of North America and Europe is likely to
increase the demand.
Chemical end-use segment was valued over USD 400 million in 2013 and
is expected to grow above average growth rates of over 3.5% up to 2020.
Increasing application scope for bio-fuel and rocket fuel production is
likely to surge demand.
Sweetening effect, thickening effect and compatibility with active
ingredients are key properties which enables its use in pharmaceutical
applications. In addition, it is also used in the form of sachets,
tablets and dry syrups in non-carcinogenic and non-acidogenic
formulations. It has low share in pharmaceuticals which comprised above
6% in 2013.
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Application Overview
Diabetic & dietetic food & beverages dominated the
application and was valued over USD 400 million in 2013. Rising
prevalence of diabetes have increased the importance of functional foods
fortified with low calorie and sugar free ingredients. As a result,
food & beverage manufacturers are utilizing artificial sweeteners in
their product offerings such as baked foods, frozen products,
confectionaries and numerous cold drinks.
Toothpaste was the second largest application segment and accounted
for more than 20% of the total volume in 2013 and is expected to grow at
significant rates with an estimated CAGR of over 4% up to 2020. High
refractive index of sorbitol allows its use as crystals in transparent
gels in toothpaste applications.
Vitamin C application accounted for more than 15% of the total volume
in 2013 with a market valuation of over USD 250 million. It is used as
an intermediate for vitamin C production and is expected to witness
growth in light of increasing consumption of essential nutrient by human
and animal species.
Other applications include its use as surfactants in form of wetting
& foaming agents, dispersants, detergents and emulsifiers.
Regional Overview
Asia Pacific was the leading regional sorbitol market with valuation
of over USD 650 million in 2013. Governments of China and India have
framed numerous initiatives intended for promoting domestic production
output of pharmaceutical and personal care industries by allowing FDIs.
This factor is expected to drive demand in this region.
Europe was the second largest regional market and is expected to grow
at sluggish growth rates of over 2.5% up to 2020. Declining
pharmaceutical industry in France, Spain and Italy is expected to be
responsible for this sluggish growth. European Commission announced
Horizon 2020 Strategy, which is intended for promoting the industrial
growth of naturally derived products. As a result, new investments in
sorbitol market are anticipated to be witnessed in the near future.
North America accounted for over 20% of the market demand in 2013 and
is expected to register over USD 450 million worth of demand by 2020.
Growing demand for organic personal care products in the U.S. is
anticipated to witness growth on account of rising awareness towards
benefits of naturally derived ingredients in fortification of cosmetic
products.
Competitive Market Share
Roquette Freres accounted for over 25% of the global sorbitol market
share in 2013. The company manufactures and markets liquid and powder
forms under the brand name, “NEOSORB.
Cargill accounted for over 15% of the overall share in 2013. Over the
past few years, the company has been focusing on expanding its presence
in the market by focusing on mergers and acquisitions.
Other companies include ADM, Danisco, Merck, Ecogreen Oleochemicals
GmbH, Qinhuangdao Lihua Starch Co., Ltd. and Tereos Syral accounted for
more than 40% of the global market in the same year.
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