Pune, India, April 2021, MRFR Press Release/Market Research Future has published a Half- Cooked Research Report on the Global Sodium Benzoate Market.
The global sodium benzoate market was valued at USD 186.3 million in 2020 and is expected to register a CAGR of 4.3% between 2021 and 2028.
Sodium benzoate is a preservative used widely across industries. It acts as a food preservative and occurs naturally in fruits such as cranberries, prunes, plums, and apples. Sodium benzoate is the sodium salt obtained when benzoic acid reacts with sodium hydroxide. Apart from the food and beverage industry, sodium benzoate has its applications across pharmaceutical as well as personal care industry. The increasing demand for convenience food across the world has propelled the growth of the sodium benzoate market. The advent of various fast-food companies across the globe has further proliferated the market growth in the last couple of years.
The outbreak of Covid-19 has created lucrative opportunities for manufacturers of sodium benzoate across the globe. Lockdown restrictions caused by the pandemic have resulted in supply chain woes. Hence, the need for increasing the shelf-life of various food products have increased drastically. This has resulted in an increasing demand for food preservatives across the globe. More demand for such food preservatives post the Covid-19 outbreak has been witnessed across Asia-Pacific compared to Europe and North America as consumer preference for synthetic preservatives has decreased significantly across these regions.
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Increasing consumer preference toward convenience food
Growth Opportunities in the Market
Growing demand fordry form of sodium benzoate: Dry form of sodium benzoate is highly popular across the food & beverage, personal care, cosmetics, and pharmaceutical industries. Powder and granular forms of sodium benzoate have extensive applications in these industries. Its solubility and odorless features make dry form a suitable option. The segment is anticipated to witness the highest growth opportunities across regions in the future.
Food retail segment to remain dominant distribution channels: The food & beverage industry acquired highest market share in 2020 and is anticipated to witness fastest growth opportunities in coming years. Strong application of preservatives in these industries to increase shelf-life has been major factor behind its growth. Additionally, the outbreak of Covid-19 has boosted the demand for preservatives for these industries to increase the shelf-life of products, owing to transportation woes due to lockdown restrictions. Similarly, other industries such as personal care in Asia-Pacific is expected to create lucrative opportunities for sodium benzoate in the upcoming years.