Global Sorbates market report 2024, Forecast To 2033

The sorbates market has witnessed substantial growth, increasing from $261.07 billion in 2023 to $279.31 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 7.0%. This growth in the historic period is attributed to consumer demand for extended shelf life, increased consumption of processed and convenience foods, the expansion of the food and beverage industry, a growing emphasis on food safety and preservation, and a rise in demand for natural and clean-label food products. Moving into the next few years, the market is poised for strong growth, reaching $370.74 billion in 2028 at a CAGR of 7.3%. Drivers of growth in the forecast period include increasing demand for natural and organic food products, a growing need for food preservatives in developing countries, rising demand for frozen and packaged food products, the growth of e-commerce and direct-to-consumer sales, and emerging markets. Major trends expected in the forecast period encompass technological advancements in food preservation techniques, ongoing research and development to create innovative sorbate solutions, customization of sorbate products, the popularity of clean label preservatives, and the introduction of sustainable packaging solutions.