- The large-scale utilization of sorbic acid across the food and beverage industry is expected to bring promising growth opportunities for the sorbic acid market during the forecast period
- The sorbic acid market is anticipated to record a CAGR of ~5 percent across the assessment period of 2020-2030
ALBANY, N.Y., April 8, 2021 /PRNewswire/ -- The food and beverage industry has witnessed extensive changes over the years. The rapidly changing lifestyle of individuals and their eating preferences are responsible for the revolutionary changes across the food and beverage industry. The rising disposable income of individuals around the world and the heightening popularity of on-the-go foods will serve as significant growth factors for the sorbic acid market during the forecast period of 2020-2030.
The sorbic acid market expects to observe a positive growth trajectory during the tenure of 2020-2030. The growing use of sorbic acid as a food preservative will serve as a major growth contributor. The chemical name for sorbic acid is 2, 4-hexadecnoic acid. This acid is generally used as a food preservative. It is a type of unsaturated fatty acid that displays inhibitory effects against yeasts, bacteria, and molds. The functionality and the benefits associated with sorbic acid will bring profitable growth across the assessment period of 2020-2030.
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TMR (Transparency Market Research) has conducted deep research on the various growth factors related to the sorbic acid market. According to the predictions made by the TMR team, the sorbic acid market will expand at a CAGR of ~5 percent during the tenure of 2020-2030. The global sorbic acid market is expected to surpass a valuation of US$ 700 mn by the end of the forecast period, that is, 2030.
The role of sorbic acid as a preservative in a variety of food products will serve as a vital growth-accelerating factor during the forecast period. The growing consumption of packaged food among a considerable chunk of the populace will also serve as a growth-booster for the sorbic acid market. The players in the sorbic acid market are focusing on enhancing the functional characteristics of sorbic acid which will further attract profitable growth opportunities.
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Key Findings of the Report
FDA Approvals Recognizing Sorbic Acid as Safe for Use in Food Products to Boost the Growth Prospects across the Sorbic Acid Market
The regulatory bodies of various countries have approved the use of sorbic acid and have termed it as 'safe' for use in food products. The widespread approval and acceptance of sorbic acid in food products will also bode well for the growth. These aspects bring good growth opportunities for the sorbic acid market.
Utilization of Sorbic Acid to Prevent Mold Growth in Foods will add Extra Stars of Growth
The growth of molds is a prominent reason for food spoilage. To prevent the food products from mold growth, sorbic acid acts as a feasible alternative. The increasing use of sorbic acid for the prevention of molds across a variety of food products will attract immense growth prospects.
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Sorbic Acid Market: COVID-19 Impact
The lockdown restrictions at the start of the outbreak have changed the growth projections of the sorbic acid market. However, as the food and beverage industry was exempted from the restrictions, the growth of the sorbic acid market was not much affected during the lockdown period. Although some supply chain disruptions were observed, it did not have a large impact on the growth of the sorbic acid market.
On the flip side, the popularity of convenience foods increased extensively during the lockdown period which will serve as a boon for the growth of the sorbic acid market.
Sorbic Acid Market: Growth Drivers
- Heightening consumption of on-the-go food products and the need for preservation of these products to accelerate the growth prospects
- Large-scale utilization of sorbic acid for preventing food spoilage will bring good growth opportunities
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