Sorbitol Market by Product Type (Liquid/Syrup Sorbitol, and Crystal/Powder Sorbitol), Application (Cosmetics & Personal Care, Food & Beverage, Pharmaceuticals, Chemicals), and Region - Global Forecast to 2021
“The growing use of sorbitol in the cosmetic & personal care applications is a key factor for the growth of the sorbitol market” The global sorbitol market size (2016–2021) is projected to reach USD 1.42 billion by 2021, at a CAGR of 5.3% from 2016 to 2021. The growth of the market can be attributed to the increasing adoption of sorbitol across applications, such as cosmetic & personal care, food & beverages, and pharmaceuticals, owing to their functionalities including flavoring agent, fragrance ingredient, and cooling effect. However, adherence to international quality standards and regulations for sorbitol may restrain the growth of the market. “Cosmetic & personal care is expected to be the fastest-growing application segment of the sorbitol market” Cosmetic & personal care is expected to be the fastest-growing application segment, in terms of volume & value of the sorbitol market. Sorbitol is adopted in the cosmetic & personal care application, as they possess outstanding functionalities humectant, thickener, flavoring agent, filler/diluent, good compressibility, and granulating agent. These features make it suitable for a broad range of applications, such as oral care, toothpaste, chewing gum, mouth fresheners, skin care, hair care, cosmetics, soaps & detergents, and shaving creams. Moreover, increasing awareness of people to use organic products to avoid hazards of inorganic products encourage usage of sorbitol in a wide range of personal care and cosmetic products. “The rising demand for sorbitol from various application is expected to drive the sorbitol market in Asia-Pacific” Asia-Pacific is expected to be the fastest-growing market for sorbitol market, in terms of value and volume. High economic growth rate, growing manufacturing industries, cheap labor, increasing foreign investments, and rise in the adoption of sorbitol across applications, such as cosmetic & personal care, food & beverages, and pharmaceuticals applications are some of the major factors expected to fuel the growth of the market in the region. Also, increasing health issues due to consumption of sugar encourage usage of sorbitol in this region. China, India, South Korea, and Japan are key markets for sorbitol in Asia-Pacific. In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews were conducted. The breakdown of primary interviews are mentioned below. • By Company Type - Tier 1 - 65%, Tier 2 – 25%, and Others - 10% • By Designation - Manager Level - 50%, C level - 30%, and Director level - 20% • By Region - Asia-Pacific - 40%, North America - 25%, Europe - 20%, the Middle East & Africa - 10%, and South America - 5% The key companies profiled in this market research report are Roquette Frères (France), Cargill Inc. (U.S.), Ingredion Incorporated (U.S.), Tereos Starch & Sweeteners (France), Archer Daniels Midland (U.S.), SPI Pharma Inc. (U.S.), Ecogreen Oleochemicals Pte. Ltd. (Singapore), Merck Group (Germany), Sukhjit Starch & Chemicals Ltd. (India), and Gulshan Polyols Ltd. (India). Research Coverage This report covers the sorbitol market, in terms of value as well as volume, and forecasts the market size till 2021. The report includes the market segmentation based on type (liquid/syrup sorbitol and crystal/powder sorbitol), application (cosmetic & personal care, food & beverages, pharmaceuticals, chemicals, and others), and region (Asia-Pacific, Europe, North America, the Middle East & Africa, and South America). The regions have been further segmented based on key countries into China, India, Japan, South Korea, the U.S., Canada, Mexico, Germany, the U.K., France, Russia, Italy, Brazil, Argentina, Saudi Arabia, Iran, and Nigeria. The report also provides company profiles and competitive strategies adopted by the key players in the sorbitol market. The report will help the market leaders/new entrants in this market in the following ways: 1. This report segments the sorbitol market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions. 2. It will help stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities. 3. It will help stakeholders to understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes new product developments, partnerships & joint ventures, expansions, and mergers & acquisitions.