San Francisco, Feb. 04, 2016 (GLOBE NEWSWIRE) -- The Global Sorbitol Market is expected to reach USD 3.99 billion by 2020, according to a new study by Grand View Research, Inc. Sorbitol is a preferred substitute for sugar in food and beverages owing to lower caloric values and natural sweetening properties. Additionally, increasing health awareness among consumers worldwide is expected to fuel market demand over the forecast period.
Cosmetic and personal care was the largest end use application segment, accounting for over 600 kilo tons of sorbitol demand in 2013. Stabilizing, softening and surface active properties of sorbitol are the key reasons for growing use in the above applications. Sorbitol is also used as a preservative and low calorie sweetener in foods and accounted for over 537.9 kilo tons of sorbitol demand in 2013.
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Further key findings from the study suggest:
- Global sorbitol demand was 1,829.6 kilo tons in 2013 and is expected to reach 2,337.2 kilo tons by 2020 growing at a CAGR of 3.6% from 2014 to 2020.
- Liquid sorbitol is the largest used product, accounting for 1,524.7 kilo tons of demand in 2013, mainly due to simplified production process and low cost in comparison to crystal sorbitol.
- Toothpaste is the fastest growing application segment, at an estimated CAGR of 4.0% from 2014 to 2020 mainly due to sorbitol properties that prevent cavities and tooth decay.
- Asia Pacific was the largest regional market for sorbitol with revenue USD 656.9 million in 2013. China being the largest producer of Vitamin C, a key application of sorbitol, has resulted in highest demand in the region. In addition, the region is also expected to witness fastest growth, at an estimated CAGR of 4.1% from 2014 to 2020.
- Cosmetic and personal care along with chemical applications are expected to witness fastest growth at an estimated CAGR of 3.8% from 2014 to 2020.
- Key Companies in the market include Roquette Freres, Cargill and Archer Daniels Midland which together accounted for a market share of over 70% in 2013. Other companies include Sorini, Gulshan Polylols Ltd, SPI Pharma, Merck, Danisco and Sigma-Aldrich.
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For the purpose of this study, Grand View Research has segmented the global sorbitol market on the basis of product, application, end use application and region:
- Sorbitol Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Liquid/Syrup sorbitol
• Crystal/Powder sorbitol
• Sorbitol Applications Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Vitamin C
• Diabetic and Dietetic Food and Beverage
• Sorbitol End Use Applications Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Cosmetic and Personal Care
• Sorbitol Downstream Opportunities Outlook
• Ethylene Glycol
• Propylene Glycol
• Sorbitol Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Source:Grand View Research