Market Size of Sorbitol Industry
|Study Period||2018 - 2028|
|Market Size (2023)||USD 1.19 Billion|
|Market Size (2028)||USD 1.64 Billion|
|CAGR (2023 - 2028)||6.56 %|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
*Disclaimer: Major Players sorted in no particular order
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Sorbitol Market Analysis
The Sorbitol Market size is expected to grow from USD 1.19 billion in 2023 to USD 1.64 billion by 2028, at a CAGR of 6.56% during the forecast period (2023-2028).
As the COVID-19 outbreak continued to spread globally, it has disrupted the entire supply chain, affecting the manufacturers' consumption patterns and investment plans by forcing companies to adopt different and new operations policies with an eye on health and well-being problems for manufacturers in the production line. COVID-19 has led to a decrease in the demand for sugar worldwide and has impacted the sugar industry, which is driving the demand for sorbitol. Consumers have become more conscious about their health and looking for food products that offer them health benefits. Also, the awareness regarding the harmful effect of sugar on health is increasing among consumers, and therefore, people are more inclined toward low-calorie and low-sugar food products, which drives the market.
Moreover, the increasing prevalence of diabetes and the rising number of health-conscious people is increasing the demand for sorbitol in the food industry as it offers low-calorie and low-sugar content. For instance, According to the U.S. Department of Health & Human Services, approximately 34.2 million people in the U.S. are suffering from diabetes which makes it about 10.5% of the population.
Growing consumer perception towards product benefits derived from natural ingredients is expected to drive the demand. The shift in preference towards organic personal care & cosmetic products owing to health & safety factors is expected to positively influence market growth. Increasing demand for low-calorie artificial sweeteners, particularly for diabetic patients, is likely to surge in sorbitol market growth. Also, raising awareness about dietary supplements and their nutritional benefits is also likely to have a positive impact on the industry in the near future. The demand for sorbitol will increase among consumers and in various industries due to rising health concerns and more inclination of consumers towards healthy products to lead a healthy lifestyle.