Global Sorbic Acid Market Analysis, Share, Growth Drivers and Future Scope

The sorbic acid market is progressing at a CAGR of 4.7% during the forecast period. The market growth can be ascribed to the strong presence of the pharmaceutical and food & beverages industries in Western countries and high per capita food and beverages consumption in developing countries like India, Brazil, and China. Moreover, preservative property of sorbic acid has promoted its usage in manufacturing of food and beverages and pharmaceutical products.

Another factor stimulating the sorbic acid market growth is the robust growth of the pharmaceutical industry in the Asia-Pacific region. The acid is largely used as an antimicrobial preservative in this industry. Due to this property, the chemical is extensively used for solid pharmaceutical formulation and preserving liquid. Incorporation of sorbic acid allows for constant opening and closing of pharmaceutical products until their expiry, as every engagement with external environment often increases the contamination risks. Thus, the growth of the APAC pharmaceutical industry will propel the market in the forecast years.

Currently, the sorbic acid market is exhibiting a key trend of shifting of manufacturing base to China, due to the improving economic structure and escalating market opportunities in the country. Various chemical companies are shifting their production base in China from Western countries, owing to the stringent environmental norms in the European and North American regions. Moreover, high labor cost, small profit margin, and expensive raw materials in Western countries are compelling these companies to shift their production base to China. 

Globally, the APAC sorbic acid market generated the highest revenue during the historical period (2014–2019) and it is expected to witness the fastest growth throughout the forecast period. This can be owed to the expansion of the food & beverages industry in Australia, Japan, and South Korea, and the robust growth of the pharmaceutical sector in emerging economies, such as India and China. Additionally, surging disposable income of the APAC population is driving the demand for sorbic acid, on account of the increasing consumption of processed food products.

Thus, the food & beverages and pharmaceutical industries will be the major contributors to market growth in the forecast period.