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The global sorbitol market is likely to gain impetus from a rise in demand for digestive and low-calorie products. The global sorbitol industry was valued at USD 1,244.5 Million in 2018. It is projected to reach USD 1,928.3 Million by the end of 2026, exhibiting a CAGR of 5.54% in the forecast period (2019-2026).
Applications in Gelatin Capsule and Cosmetic Industry to Boost Growth of Liquid/Syrupy Sorbitol Segment
The report classifies the global sorbitol market on the bases of type, application, and geography. In terms of type, the market is further divided into powder/crystal and liquid/syrupy formulations. Out of these, the liquid/syrupy formulation of sorbitol is currently leading the global market. Sorbitol is commercially marketed in the form of 70% solution that includes polyhydric alcohol with colorless to faint yellowish appearance.
The liquid formulation remains inert to humidity fluctuations. Furthermore, it is a good water stabilizer and humectant that enables its application in cosmetic emulsions and gelatin capsule industry. The aqueous solution acts as a suitable substitute as it replicates several properties of glycerol and glycols.
Rapid Growth of Cosmetic and Personal Care Industry to Favor Growth in Asia Pacific
The global sorbitol market is geographically segmented into Asia Pacific, the Middle East and Africa, Europe, North America, and Latin America. Amongst these, Asia Pacific is dominating the sorbitol market globally. China, being one of the largest producers of Vitamin C, has been witnessing an increasing demand for sorbitol. Asia Pacific also possesses the Indonesian market which is the second-largest producer of sorbitol and starch sweeteners. Combined with the rapid growth of personal care and cosmetics industry, the region is anticipated to exhibit a high sorbitol market revenue.
In the cosmetics industry, sorbitol is one of the strong competitors of glycerin and propylene glycol as it acts as an emulsion stabilizer as well as a humectant. This unique property of sorbitol makes it very useful in the production of shampoos, creams, hair conditioners, and lotions. In North America, the sorbitol market is performing well due to the U.S. being a market leader. In the U.S., there is a huge demand for sorbitol due to the persistent usage in the non-food industries. This in turn, is contributing to a rise in the sorbitol market sales in North America. It is also extensively used in oral-care products, especially in toothpaste as sorbitol aids in the prevention of cavity. That is why, it is being used more for producing sugar-free chewing gums in this region.
Lupin, Sunar Misir, and Other Key Players Focus on Strategic Collaboration and Expansion Programs to Strengthen Position
Lupin, a multinational pharmaceutical company headquartered in Mumbai, announced that it has entered into a definitive distribution agreement with Aptissen S.A., a company specialized in the development of biopolymer-based medical devices, based in Switzerland in May 2019. Under this agreement, Aptissen S.A. has granted Lupin exclusive rights to distribute, sell, and market its current products in Canada. It also includes the rights to distribute Synolis VA, an injectable hyaluronic acid gel used to provide fast relief from osteoarthritis pain. According to the Statistics Canada, more than 10% Canadians between the age group of 15 or older are affected by osteoarthritis.
Earlier, in September 2018, Sunar Misir, a provider of raw materials with its products, such as dextrins, glucose, natural starches, glucose-fructose varieties, corn gluten meal, etc., based in Turkey, announced its plan to expand the installation capacity of sorbitol and maltitol up to 100,000 tons in its facility located in Adana, by the end of 2019.
Fortune Business Insights has profiled few of the prominent market players operating in the global sorbitol market. Some of them are Archer Daniels Midland Company, Lonza Inc., Cargill, Incorporated., Tate & Lyle, Ingredion Incorporated, Merck KGaA, Tereos Starch & Sweeteners s.a.s, SPI Pharma, Roquette Frères, Pfizer Inc., and other key market players.