Global Sorbitan Esters Market
Global Industry Analysis (2017-2020), Growth Trends and Market Forecast (2021-2025)
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Expanding Application in Food and Other Industries Creates Demand for Sorbitan Esters
The global sorbitan esters market is expected to witness sustainable growth during the forecast period. The market is expected to reach US$1721.5 Mn registering a CAGR 5.2% by 2025. Increasing demand for plant-derived sorbitan esters coupled with soaring application across industries is expected to support the global demand for sorbitan esters during the forecast period.
Sorbitan esters are expected to find a significant application in the food and cosmetics industry. This FDA approved ingredient is widely used as a stabilizer, solubilizer and emulsifier in these industries. Food items such as doughs, baked and confectionery products and margarine use sorbitan esters excessively due to their high affinity of fats.
The cosmetic industry employs sorbitan esters as an emulsifier for manufacturing ointments and cream-based solutions. Apart from food and cosmetics, sorbitan esters are being applied in other industries such as textiles and leather industry as emulsifying agents for better water and oil emulsions or mixtures.
Health Problems Associated with Sorbitan Esters to Limit Market Growth
Sorbitan esters are added to a wide range of food and beverages for enhancing taste and texture. These food additives act as emulsifying and stabilizing agents. However, its excessive usage can prove to be toxic to human consumption.
The chemicals used in the food and beverage industry are very specific in their application and their uses vary significantly based on their physical and chemical properties. Recently in 2017, the regulatory bodies limited the acceptable daily intake (ADI) of sorbitan esters to 25 mg/kg body weight. These factors are further limiting market growth. Furthermore, access to accurate information about consumption of chemicals through food products and beverages has been identified to as market restraints in the coming years.
Food and Cosmetics Industry Ride the Wave of Increased Demand due to Younger Demographics
The commonly used sorbitan esters are sorbitan monopalmitate, sorbitan monooleate and sorbitan tristearate. The food segment is estimated to account for a lion’s share in the market share, followed by cosmetics segment. Increased demand for products comprising natural ingredients coupled shifting consumer preference for vegan products is expected to fuel the segment growth in the global sorbitan esters market.
The overall increase in consumption of baked items as dietary preferences change is also anticipated to bode well for the market. Growing number of home bakers and mushrooming artisanal bakeries are also expected to contribute to rising consumption of sorbitan esters.
The cosmetics industry is not far behind. Rise in the number of social media influencers dictating the grooming choices to the younger generation is likely to have a positive impact on the global sorbitan esters market. The use of this compound in the production of wide range of cosmetics to suit varied skin types is likely to generate lucrative opportunities for the market.
Artisanal Bakeries Across Europe to Result in Exponential Use of Sorbitan Esters
Globally, Europe is estimated to account for a mammoth value and volume share. Bread, an integral part of the staple diet across the European region, is estimated to put this region at the forefront. The region’s bakery products market was valued at US$230 Bn in 2020, which indicates increased usage of sorbitan esters in the past year. Report predicts the trend stands to strengthen as bread and baked products will remain important parts of quick meals.
Furthermore, the increased prevalence for veganism and the fact that major retail chains have rapidly expanded their shelf space with products comprising clean labels and natural and plant-based ingredients are further creating opportunities for sorbitan esters market in the region.
Fairfield Market Research also identifies Asia Pacific as one of the leading consumers for cosmetic products. Expanded application of sorbitan esters in skincare, hair care and colour cosmetics is expected to open a new gateway for sorbitan esters in the region, contributing to the potential growth of the market. With the growing influence of popular media, the region is on the fulcrum a cultural change that is being characterized by personal grooming and focus on beauty and aesthetics.
For instance, in the past two decades, beauty pageants made a strong case for the cosmetics industry. Escalating demand for age-reversing creams, moisturizing lotions and sunscreens has led to a higher uptake of raw materials being used in the production of these cosmetics to name a few. Thus, the continuation of this trend will make a remarkable difference to the Asia Pacific sorbitan esters market in a positive way.
Sorbitan Esters Market: Competitive Landscape
Some of the major players considered in the report includes Dupont, Oleon Holding NV, Esterchem Ltd, Lonza Group AG, Vantage Specialty Chemicals Inc, Merck KGaA, Ivanhoe Industries Inc, Penta International Corp, Avatar Corporation and SABO S.p.A. among others.