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Sorbates Global Market Report 2023
Major players in the sorbates market are Nantong Acetic Acid Chemical, Sydney Essential Oil Company, Tengzhou Aolong Fine Chemical, APAC Chemical Corporation, Zhejiang Bossen Technology, Celanese, Sorbic International, FBC Industries Inc.
New York, March 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sorbates Global Market Report 2023" - https://www.reportlinker.com/p06244976/?utm_source=GNW
, Lubon Industry Co. Ltd., Wanglong Group, Shandong Hongda Biotechnology Co. Ltd., Jinneng Science and Technology Company Ltd., Advanced Inorganics, RuGao ChangJiang Food Co. Ltd., and Daicel Corporation.
The global sorbates market grew from $245.04 million in 2022 to $266.61 million in 2023 at a compound annual growth rate (CAGR) of 8.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The sorbates market is expected to grow to $343.87 million in 2027 at a CAGR of 6.6%.
The sorbates market consists of sales of oils and fats, bakery and confectionery, dairy and frozen products, snacks, meat, poultry, and seafood, beverages.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Sorbates are food preservatives that are easily soluble in water and protect the food from a wide spectrum of microorganisms including food-borne pathogens.
North America was the largest region in the sorbates market in 2022. The regions covered in the sorbates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of sorbates are sorbic acid, potassium sorbates, and others.Sorbic acid is a naturally occurring compound that is used as a food preservative against molds, bacteria, fungi, and yeasts for safety, and efficacy in low moisture foods.
The sorbates are used in a variety of applications including food, oils and fats, bakery and confectionery, dairy and frozen products, snacks, meat, poultry, and seafood, beverages, and others.
An increase in the consumption of processed food across the globe is driving the growth of the sorbates market.Due to busy lives, changing eating patterns of the global population, and the spread of the COVID-19 pandemic, demand for packaged and ready-to-eat food is increasing.
Sorbates are used in processed foods to keep them fresh for longer periods.For instance, according to the Medical News Report in 2020, the global consumption of processed food accounts for 20-60% of a person’s daily energy intake, which includes frozen or ready meals, baked goods, packaged bread, and processed cheese products.
Furthermore, according to the Fast-Food Statistics 2021 report, in the US, 23% of the adults eat fast food meals three or more times a week while 34% of children aged 2 to 19 years eat fast food daily and 80% of Americans visit a fast-food outlet once a month. Therefore, the increasing consumption of processed food is expected to drive the demand for sorbates the over coming years.
Players in the sorbates market are focusing on the development of new technologies to cope with market challenges.Sorbate is an important preservative in food products, but these compounds can also have genotoxic effects, causing health risks to their consumers.
Hence to determine the concentrations of sorbate in food items such as mustard, ketchup, and tomato sauce, players are developing new techniques. For instance, in July 2021, the Department of Food Science and Technology in Brazil developed a capillary electrophoresis technique to determine the concentrations of sorbate and benzoate in Brazilian samples of mustard, ketchup, and tomato sauce.
In October 2020, CORE Industrial Partners, a US-based private equity company acquired J&K Ingredients Corp for an undisclosed amount.Through this acquisition CORE, Industrial Partners expands its scalable operations, product portfolio, and in-house capabilities to research and develop new formulas.
J&K Ingredients is a US-based manufacturer of baked goods ingredients including natural sorbates.
The countries covered in the sorbates market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sorbates market research report is one of a series of new reports that provides sorbates market statistics, including sorbates industry global market size, regional shares, competitors with a sorbates market share, detailed sorbates market segments, market trends, and opportunities, and any further data you may need to thrive in the sorbates industry. This sorbates market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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