October 2023 Likely to Bring Unremitting Rise in Global Sorbic Acid Prices
October 2023 Likely to Bring Unremitting Rise in Global Sorbic Acid Prices

October 2023 Likely to Bring Unremitting Rise in Global Sorbic Acid Prices

  • 18-Oct-2023 5:49 PM
  • Journalist: Jung Hoon

The prices of Sorbic Acid might remain on the upper side throughout October 2023. The market activity for Pharmaceutical Excipient continued to remain on the northern side following the trend of the prior month as the rising cost of the product, such as Sorbic Acid in major producing or exporting nations, primarily in the Asia Pacific regions, would result in a supply disruption across the global market. Apart from that, changes in weather conditions across the global market might contribute to a persistent soaring global demand for pharmaceutical Excipients, further bolstering Sorbic Acid's current price trend.

With the onset of winter, both exporting and importing regions saw an increase in the consumption of processed foods and beverages, including some canned fruits, vegetables, packed snacks, and frozen meals. As a result, traders in these countries have begun placing newer orders, likely to keep demand on the high side and support the upward pricing trend. Sorbic Acid, one of the pharmaceutical excipients, is frequently used to preserve these foods and beverages. As the food and beverage industries experience increased demand, so will the market's demand for Sorbic Acid throughout the foreseeable future.

Since the Golden Week holiday causes supply disruptions and higher production costs in the region, the after-effect on the prices of Sorbic Acid after the holiday's end typically increases its prices. This is because many Sorbic Acid production facilities reduce their output and temporarily shut down during the holiday season, leaving workers without jobs. As inquiries from traders in importing nations like the United States and Germany increased steadily, resulting in disrupted trade activity, delaying or stopping shipments from arriving. This further drives up the price of importing Sorbic Acid, which is constantly rising.

Additionally, the cost of transportation and energy can increase after the holiday period as businesses resume their operations, which might be another factor keeping its prices on the northerly side. The rising price of Sorbic Acid is also influencing consumers because, in recent months, global food consumption has increased as a result of the onset of winter and upcoming winter festivals. Additionally, this might result in higher costs for other Sorbic Acid-using products, including those in the personal care and cosmetics industries. In the end, as per the ChemAnalyst anticipation, "the cost of Sorbic Acid in the forthcoming period is projected to remain on the upper side depicting a persistent higher consumption in food& beverages, Cosmetics industries.

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