Global cheese sales increased by 2.3% in value from 2018 to 2019, to reach $114.1 billion. Similarly, the world gulped down 246 million hectoliters of wine in 2018, compared to 241 million hectoliters in 2014. Initially a defining feature of European cuisines, especially French, Italian, and Spanish, these products have now become extremely popular in other countries too, such as the U.S., Australia, and even developing countries, including India and those in Africa and Latin America (LATAM). The key reason behind this rise is the increase in the disposable income, which has allowed people to go for expensive items.
Considering the continuous surge in the consumption of such food products, P&S Intelligence expects the sorbic acid market size to grow to $521,126.7 thousand in 2030 from $347,661.0 thousand in 2019, at a 4.7% CAGR between 2020 and 2030 (forecast period). This is because sorbic acid is widely used as a preservative in cheeses, wines, baked goods, frozen meats, and even fresh produce on account of its ability to inhibit the growth of mold. The fact that it doesn’t affect the taste of the products further makes it a popular choice of preservative.
This not only allows for the long-distance shipping of these products (which, ultimately aids international trade) but also lengthens its shelf life at grocery stores and people’s homes. Further, in the recent decade, the fine dining scene of countries and territories including India, South Africa, Japan, South Korea, Singapore, Hong Kong, Mexico, and Sri Lanka has rapidly improved, with numerous restaurants offering global cuisines opening here. These places prominently feature a selection of French, Italian, Spanish, and Australian wines and Italian and Greek cheeses, which has boosted the demand for sorbic acid.
The other significant category under the application segment of the sorbic acid market is pharmaceuticals. Just like the food and beverage industry, the pharmaceuticals industry uses this chemical for the preservation of medicated creams and ointments. As every time a bottle of pharma products, even cosmetic creams and lotions, is opened, the product interacts with the external environment, which raises the risk of contamination. Hence, with the addition of sorbic acid, the product’s shelf life increases significantly.
Therefore, as the awareness on appearance increases around the world, along with the incidence of skin diseases, the demand for this preservative will burgeon in the pharmaceuticals and cosmetics sector. For instance, acne affects around 50 million people in the U.S. at any time, which raises the demand for creams and ointments. Other common dermatological diseases are hyperpigmentation, dyspigmentation, freckles, deep wrinkles, psoriasis, atopic dermatitis, and melasma. Their rising prevalence is driving the spending on personal care and cosmetic products, which often contain sorbic acid.
Due to all these factors, the Asia-Pacific (APAC) region held the largest sorbic acid market share during 2014–2019 (historical period) and it will also witness the fastest growth over the forecast period. The region is the largest producer of chemicals around the world, which leads to an easy availability of sorbic acid. Moreover, the growing pharmaceuticals and cosmetics and food and beverage sectors in the region provide a huge customer base for regional and international market players. The rising purchasing power in the region is propelling the consumption of cheeses, wines, and cosmetic products, thus driving the market.
Therefore, the demand for this chemical will grow with the increasing production and trade of cheeses, wines, cosmetic products, frozen meats, and baked goods.