The cosmetic & personal care segment estimated to lead the sorbitol market
Sorbitol is being adopted across various applications such as cosmetics & personal care, food & beverage, pharmaceuticals, chemicals, and others. Increasing health problems due to consumption of sugar-based products and rising consumer preferences for low-calorie food are the major drivers of the sorbitol market. The growth of the sorbitol market is expected to be fueled by the rising demand from various applications and development of new applications.
This report estimates the market size of sorbitol and segments the market based on type, application, and region, in terms of value & volume. The sorbitol market is projected to grow at a CAGR of 5.3%, in terms of value. The increasing adoption of sorbitol in various applications, due to its low-calorie sugar substitute property, is projected to boost the growth of the market in the coming years. However, adherence to international quality standards and regulations may hamper the growth of global sorbitol market.
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The cosmetic & personal care application segment led the sorbitol market in terms of value as well as volume, followed by the chemicals and food & beverage segments in 2016. The demand of sorbitol in the cosmetic & personal care industry is primarily driven by its excellent functionalities, such as humectant, thickener, and flavoring agent. Also, increasing concern of the people to use organic products to avoid hazards of inorganic products encourage the use of sorbitol in a wide range of personal care and cosmetic products. The high growth of this segment is expected to be driven by the increasing use of sorbitol in cosmetics & personal care applications, such as oral care, toothpaste, chewing gums, mouth fresheners, skin care, hair care, cosmetics, shaving creams, and soaps & detergents.
Among types, the liquid/syrup sorbitol segment dominated the sorbitol market in terms of volume. This can be attributed to the less processing cost and its easy usage as compared to crystal/powder sorbitol. It is extensively used in the cosmetics & personal care application, due to its functionalities, such as bulking agent, a suspending agent, a coating agent, and skin conditioning agent.
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Regions such as Asia-Pacific and the Middle East & Africa, are relatively mature markets for elastomers as compared to Europe, North America, and South America. Asia-Pacific is projected to be the largest & fastest-growing market between 2016 and 2021. The market in this region is expected to witness an increase in the demand for sorbitol from cosmetic & personal care, pharmaceuticals, and other applications. In Asia-Pacific, the market in India is projected to witness the highest growth in during the forecast period, in terms of value and volume. Rising consumer awareness regarding low calorie and healthy food along with increasing health issues due to consumption of sugar are the major factors driving the demand for sorbitol.
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