Global Sorbitan Esters Market - 2022-2029

Global Sorbitan Esters Market - 2022-2029

Market Overview

Sorbitan Esters are used as an emulsifying agent in the preparation of emulsions, creams, ointments and others and are considered as nonionic surfactants. Sorbitan esters are widely used in pharmaceutical and cosmetics industry. In pharmaceutical industry the sorbitan esters offer numerous functionalities and used as a solubilizing agent, plasticizer, surfactant and emulsifier. As the sorbitan esters have numerous benefits these are used in pharmaceutical industry. For instance these are clinically tested for mildness and have demonstrated good skin tolerance, applicable across broad PH range and can be processed in hot and cold. Moreover, these are suitable for solid, semi-solid and liquid dosage forms. In cosmetics industry sorbitan is used as cosmetics ingredients such as sorbitan stearate, sorbitan laurate, sorbitan sesquioleate, sorbitan oleate, sorbitan tristearate, sorbitan palmitate, and sorbitan trioleate. Growth of the end use industries such as pharmaceutical, cosmetics and other industries have propelled the growth of the market.

The global sorbitan esters market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 4.8% during the forecast period (2022-2029).

Market Dynamics: Growing demand for sorbitan esters in pharmaceutical industry drives the market growth

The growing use of sorbitan esters in pharmaceutical industry is propelling the growth of the market as most common categories of ester used in pharmaceutical applications are polysorbate 20 and polysorbate 80 and sorbitan esters have high demand in dermatology, human pharmaceuticals, and veterinary medicine. The pharmaceutical landscape has undergone a massive transformation with the emergence of new technologies, cost-effective, and more efficient manufacturing approaches and increasing investment flow in this space has impacted the market growth positively. Sorbitan esters are finding their application widely as it is an unreactive component found in many medicaments and vaccines that acts as a solubilizing agent in various ingredients with low toxicity and are primarily used as emulsifiers and solubilizer. These are FDA approved and widely used in ointment manufacturing, gel manufacturing and others. In the recent years, there is a shift from large batches to smaller batches for the development of complex medicines and autologous patient-centric treatments owing to the constant progress in the field of personalized medicines. This in turn has opened up numerous possibilities to target different health maladies and allowed the development of patient-centric models. All these factors are propelling the growth of the market.

Market Segmentation: Food & Beverages segment accounted for the highest share in global sorbitan esters market

In 2021, food and beverages segment dominated the market, accounting for YY% of global sales. The sorbitan esters are used as additives in food and beverages industry. Sorbitan esters are widely used in foods such as bread dough, baked and sweets products, and margarine owing to the high affinity for fats. Increasing sales for ready to eat meals is spurring the demand for the sorbitan esters. The demand for frozen as well as fresh products went up in the middle of 2020 surging the growth of the sorbitan esters. There seemed to be a high demand for the on-the-go food products as the demand for the backed products increased such as pastries. According to IRI (Chicago) data the sales of muffins was up 20%, with total sales of $1.026 billion in 2022. Consumers are now returning to the office and want on-the-go snacks to keep them company at their desks owing to which there is an increase in sales in 2021. All these factors are propelling the growth of the market.

Geographical Penetration: North America is the dominating region during the forecast period

North America is projected to be the dominating region owing to the presence of countries such as U.S which is considered to be the home for robust food service and personal care industries. Apart for this the end use industries are also growing across the region. For instance, in United States a variety of new drugs is being developed in the recent years that provide valuable medical benefits and the pharmaceutical industry devoted $83 billion to R&D expenditures in 2019 as per the cbo.gov. According to Volza, Canada accounts for 7,514 shipments of drugs and is considered as one of the largest importer of medicine in 2020. According to ITC Trade Map, the total skin care beauty products in Mexico increased from USD 8.63 million in 2017 to USD 12.8 million in 2020. Whereas total skin care products imported accounted for USD 28.4 million in 2020. Mexico, one of the fastest growing populations in the world, greatly supplements the growth of skin care products, as Mexicans are likely to consume a considerable amount of skin care cosmetics. Sorbitan esters are widely used in the cosmetics and pharmaceutical industry as an emulsifying agent.

Competitive Landscape:

There are several established participants in the industry and local manufacturers; hence, the market is fragmented Danisco, Merck KGa, Oleon N.V., S.A. Sabo S.p.A, Lonza AG, Penta Manufacturing Company, SEPPIC, Ethox Chemicals, Union Derivan, Lasenor Emul S.L among others. The top players are adopting some business strategies such as product launches, acquisitions and others for maintain their position in the market. In addition, key players operating in the global sorbitan esters market are investing in research and development to expand their product portfolios to suit a diverse range of sorbitan esters applications. For instance, In May 2018, Sabo S.p.A. announced completion of acquisition of the personal care unit of Domus Chemical S.p.A., a manufacturer of high quality of specialty esters and emollients.

COVID-19 Impact: Positive impact on the global sorbitan esters market

Although COVID-19 disrupted the supply chains and impacted the sales but the sales of pharmaceutical products, cosmetics products, food products increased. Bakery products are included in people's daily diet not only in the developed economies but also in underdeveloped or developing economies. The cosmetic products hair care, makeup, personal hygiene increased. Increased preference for vegan, organic and natural beauty products, enhanced through the use of other ingredients to mitigate harmful effects of pollution, sun, dust, and harmful ingredients that are typically part of cosmetic products. These factors have positively impacted the growth of the market.

The global sorbitan esters market report would provide an access to approximately 61 market data tables, 57 figures and 170 pages