ID: MRFR/F-B & N/9062-HCR | April 2021 | Region: Global | 90 pages
The global sodium benzoate marketsize in 2020 was valued at USD 186.3 million and is expected to exhibit a CAGR of 4.3% from 2020 to 2027.
Sodium Benzoate is a common food preservative and a mold inhibitor. It is most effective in low acid foods and beverages and baked products such as breads, cakes, pies, and tortillas. It is also used as a preservative in the personal care and cosmetic products such as baby products, bath products, soaps and detergents, eye makeup, blushers, cleansing products, make up products, as well as hair, nail and skin care products.
Demand for sodium benzoate is increasing steadily across numerous industries. In the food industry, its demand is soaring owing to the rising demand for convenience food and food products that require longer shelf life. The rising demand for various frozen food is augmenting its demand since last couple of years. In the personal care industry, sodium benzoate has numerous applications as it acts as a corrosion inhibitor while packaging of cosmetic and personal care products. In the pharmaceutical industry, sodium benzoate is used in most of the over-the-counterdrugs, especially in the liquid syrups. Hence, growth of these industries is certainly anticipated to propel the market growth in coming years. However, increasing awareness regarding the harmful impacts of synthetic preservatives, especially in the North American and European region is anticipated to create a restraining factor for its market growth in coming years.
The global sodium benzoate market has witnessed exponential growth over the last couple of years. Additionally, the outbreak of a global pandemic,COVID-19,has further created lucrative growth opportunities for manufacturers of sodium benzoate. The outbreak of Covid-19 has drastically impacted the supply chain across various industries. For example, food supply chain across the globe has become stagnant post lockdown woes which has ultimately resulted in strong demand for preservatives.
Increasing consumer awareness towards healthy and nutritious food
|Market Size||USD 186.3 million|
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