As per a statement by P&S Intelligence, the sorbic acid market is projected to reach USD 521,126.7 thousand, advancing at a CAGR of 4.7%, by 2030.
The growth is mainly credited to the existence of reputable pharmaceutical and food & beverages industries in Western countries, along with the increasing per capita consumption of food & beverages in Brazil, India, and China.
Based on form, the powdered category held the larger sorbic acid industry size, in recent years. This is due to the easier manufacturing method of the powdered compound when compared to the encapsulated form, as a result of this companies in the industry favor manufacturing sorbic acid in the powdered form.
Moreover, powdered sorbic acid can be added to any type of processed beverage or food, which is why it is adopted widely in the food & beverages industry.
Based on application, the food & beverage category is expected to witness the fastest growth in the industry by the end of this decade. This is because sorbic acid is widely adopted in the food & beverages industry as it has low toxicity and can prevent bacteria and yeast growth.
In the past few years, APAC accounted for the largest sorbic acid market share, and it will also be the fastest-growing industry in the years to come. The strong growth in the pharmaceutical industry in India and China and the enormous food & beverages industry in Australia, South Korea, and Japan, are playing an important role in boosting the sorbic acid demand in the region.
Moreover, the increasing disposable income of regional populations is resulting in the rising consumption of processed food products, thus boosting the adoption of sorbic acid as a preservative.
The shifting of the production base of sorbic acid manufacturers from Western nations to China key trend being observed in the industry. The emphasis on chemical companies is shifting to China due to industry opportunities and robust economic growth.
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