PORTLAND, Ore., Feb. 2, 2021
Increase in demand for polyols in the food industry and rise in demand for polyols in pharmaceutical applications drive the growth of the global sugar alcohol market.
PORTLAND, Ore., Feb. 2, 2021 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Sugar alcohol Market by Type (Sorbitol, Xylitol, Mannitol, Maltitol, Isomalt, and Others), Form (Powder & Crystal and Liquid & Syrup), and Application (Food & Beverages, Pharmaceuticals, Cosmetics & Personal Care, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global sugar alcohol industry $3.36 billion in 2019, and is projected to reach $4.80 billion by 2027, growing at a CAGR of 5.9% from 2021 to 2027.
Drivers, restraints, and opportunities
Increase in demand for polyols in the food industry, surge in prevalence of obesity and diabetes, and rise in demand for polyols in pharmaceutical applications drive the growth of the global sugar alcohol market. However, high production costs hamper the market growth. On the contrary, increase in demand in the Asia-Pacific region and product development and innovations are expected to open lucrative opportunities for the market players in the future.
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The sorbitol segment dominated the market
By type, the sorbitol segment held the largest share in 2019, accounting for around half of the global sugar alcohol market, as it is an excellent humectant, softener, texturizing, and anti-crystallizing agent and has a wide range of applications across food & beverages, pharmaceuticals, and cosmetic industries. However, the mannitol segment is expected to register the highest CAGR of 7.5% during the forecast period. This is due to growth in applications of mannitol in the pharmaceuticals and nutraceuticals industry as a sweetening agent, tablet and capsule diluent, excipient for chewable tablets, a tonicity agent, and bulking agent for lyophilized preparations.
The powder & crystal segment held the lion's share
By form, the powder & crystal segment held the largest share in 2019, contributing to more than three-fifths of the global sugar alcohol market, as it offers a longer shelf-life and enables easy handling, transportation, and storage. However, the liquid & syrup segment is expected to manifest the highest CAGR of 6.4% from 2020 to 2027, owing to increase in applications in the pharmaceuticals & nutraceuticals industry.
Europe, followed by North America, held the largest share
By region, the global sugar alcohol market across Europe, followed by North America, held the lion's share in 2019, accounting for nearly two-fifths of the market, due to tremendous popularity and substantial consumption of low-calorie food & beverages in the region. However, the Asia-Pacific is projected to portray the highest CAGR of 6.8% during the forecast period, owing to rise in purchasing power parity and consumption of sugar-free and sugar-reduced pharmaceutical products and nutritional supplements.
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Major market players
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