What is the estimated size and growth rates of the markets the Company currently operates within?
According to the feasibility study conducted by Hunan Chemical and Pharmaceutical Design Institute (“HCPDI”), worldwide annual demand for Sorbic acid and Potassium sorbate demand is more than 100,000 tonnes, but the market has a production shortage of 30,000 tonnes. At present, USA is the largest consumer of sorbic acid and potassium sorbate, with an annual demand of more than 20,000 tonnes. Europe, Japan, South America and Southeast Asia are other large consumers in the international market. For the main consumption sectors in the international market, the food processing sector accounts for more than 35%, the pharmacy sector 30%, and others 35%. Currently, the global production capacity of sorbic acid and potassium sorbate is about 70,000t/a with realised output of 65,000t/a.
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