There has been an increase in the demand for convenience food products, including fast food items, ready-to-eat food products, and other related products, which is surging the demand for sorbic acid, especially for preservation. According to the U.S. Department of Agriculture, there has been a significant increase in American consumers who are opting for convenience food products. As per the USDA, the total expenditure at grocery stores, supercenters, convenience stores, and other retailers surged by 25%, which was USD 63 billion in February 2020 to USD 79 billion in March 2020. Sorbic acid, also known as 2,4-hexadecanoic acid, is often used as a food preservative that avoids the growth of yeast, bacteria, and molds. Additionally, the increasing usage of sorbic acid in different food products such as ready-to-eat deals as it offers various advantages is further driving the market growth.
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As United States comprises of more than 3000 sugary drinks manufacturing companies with increasing investment and research expenditures in the food industry which propels the demand for the sorbic acid market. For instance, as per the Committee for Economic Development Organization report in 2019, the investment in food industry research and development increased nearly doubled reaching USD 5.4 billion annually whereas venture capital firms in the United States invested around USD 3 billion in the food market and processing technologies. It created massive demand for the growth of the US sorbic acid market. Further, according to the U.S. Department of Agriculture in 2019, U.S. businesses, consumers, and government entities have spent over USD 1.77 Trillion on food and beverages industry which includes sale through the grocery stores, retailers, on away-from-home meals and snacks.
United States sorbic acid market is growing rapidly, this is primarily due to rising the demand in the food and beverages industries with surge in consumer’s spending on the packaged food products. For instance, as per the comprehensive data by the Census Bureau’s 2017 report, in the United States there are more than 36,486 food and beverage processing plants owned by about 31,401 companies in 2017. Sorbic acid is used as main food preservative to protects many food items from varieties yeast and mold spoilage. It has antimicrobial capabilities with naturally occurring organic compound. This additive is one of the most popular food preservatives mostly often found in bakery products, canned sugary drinks, cheeses, wines, and many other fresh produces.
On the basis of type, the cellulose segment is expected to lead the US Sorbic Acid market during the forecast period. One of the key drivers that is responsible for the growth of the market includes the increasing demand for antimicrobial packaging as it helps in protecting the products from the microbial contamination. The bacterial cellulose is considered an interesting biomaterial produced as nanofibrils and has various exceptional properties. Sorbic acid is used as an antimicrobial agent as it is widely used as a preservative in the food & beverage sector. The ability of cellulose-based edible coatings containing acidulants, sorbate, and antioxidants, to increase the storage life of fruits and vegetables is further surging the demand for the market
- In 2021, Eastman, one of the leading global specialty materials providers, launched a revolutionary new patent-pending product, Fluid Genius, equipping engineers and operations managers with predictive insights to optimize heat transfer fluid performance. Fluid Genius uses artificial intelligence to maximize and monitor fluids’ life cycle heat transfer for many system applications.
- In 2021, Eastman Chemical Company collaborated with SAP to pilot the GreenToken that enables traceability with certified recycled content for the value chain with the help of blockchain technology. The collaboration will leverage the blockchain-based platform of GreenToken for providing visibility through the value chain of sustainable products, such as specialty plastics, chemicals, etc., for molecular recycling technologies.
- In 2020, Daicel Corporation completed the 100% acquisition of the Polyplastics Co., Ltd. With this acquisition, Polyplastics is now a wholly owned subsidiary of Daicel Corporation, and it will not affect the business partnership with the company’s business partners.
The US Sorbic Acid market is segmented into type, food, and form. Based on the food, the market has been segmented into bakery products, dairy products, meat & seafood, fruits & vegetables, and others. Based on the type, the market has been segmented into cellulose, activated carbon, phosphorus, and others. Based on the form, the market has been segmented into powder and encapsulated.