ID: MRFR/F-B & N/9062-HCR | 90 Pages | Published By Snehal Singh on April 2023
Global Sodium Benzoate Market size is expected to reach nearly US$ 597.9 Mn by 2030 with the CAGR of 4.3% from 2022 - 2030
2022 - 2030
Sodium benzoate is a benzoic acid salt that is mostly used as preservatives in various industries. In fruits like apples, plums, and cranberries, sodium benzoate is already present naturally. It is found at a very affordable cost and hence it has a very strong demand. It is also used in various medicines to cure post-dural puncture headache and hyperammonemia. Apart from these, sodium benzoate is used by various end-user industries which include agriculture, cosmetics, food, beverages, and pharmaceuticals.
In 2020, the market for sodium benzoate was valued at USD 186.3 million. But due to the rise of usage of sodium benzoate in various industries, the sodium benzoate market size may reach a high valuation if the CAGR is measured at 4.3% during the forecast period. Along with the demand for food and beverages among the customers, the growth of the market for sodium benzoate will also rise in the coming years.
Due to the outbreak of the COVID-19 pandemic, the market for sodium benzoate witnessed a certain decline in the growth rate. This pandemic affected various industries across the globe. Many industries have shut down and many employees in the industries have lost their jobs. The COVID-19 has affected the global sodium benzoate market in various ways. The demand of the customers is not met due to the inefficient supply of raw materials and so the demand and supply chain has been affected immensely. Apart from this, business instability is another factor responsible for the reduction of the growth rate during the pandemic. The market for sodium benzoate will decline more if the growth of the food industry starts declining because the food industry is the main consumer of sodium benzoate.
There has been an increase in the consumption of on-the-go foods among the customers which has been a major driver for the sodium benzoate market. People are mostly consuming quick snacks due to their different variety and easy availability. Also, the emergence of many fast food retail stores and the increase in the growth rate of organized retail sectors in the various developing countries are some of the factors that can fuel the growth of the market.
Sodium benzoate is used in various medicines that cure post-dural puncture headaches and hyperammonemia. Hence, there is a huge opportunity for growth in the pharmaceutical segment of the market for sodium benzoate.
An increase in the use of hazardous chemicals in pharmaceuticals, foods, and cosmetics is regulated by the government very strictly. This can be a major factor that may restrain the growth of the market for sodium benzoate.
Consumers are having severe health concerns regarding the preservatives used in the foods and so they prefer more fresh and organic food that contains minimal or no chemicals. Changing the mindset of the customers may impact the growth of the market for sodium benzoate. Intake of sodium benzoate in a huge amount may result in developing cancer as revealed by various researchers. Hence, this is another major factor that is challenging the growth of the market.
Sodium benzoate is widely used as preservatives in foods because it has got anti-fungal properties. This property helps the food product from growing any fungi in the food which can spoil not only the quality of the food but also its smell. The acidulant property of sodium benzoate increases the shelf-life of any food and beverage. This is a huge factor that will make the market witnessed a huge growth at a CAGR of 4.3% during the forecast period.
Value Chain Analysis
The market for sodium benzoate will witness a huge growth in the coming years due to the number of sodium benzoate benefits in the food and beverages application segment. It is used in the foods and beverages in various restaurants to improve the taste as it works as a chelating and pH control agent. In many places, it is also used in foods to prevent them from getting decomposed. Sodium benzoate increases the lifespan of food. Pharmaceutical industries and cosmetic industries also use sodium benzoate as a preservative. When it is mixed with fuel in a powdered form, it provides a whistling sound. Hence, its use can also be found in fireworks.
Based on the Sodium benzoate market analysis, the market for sodium benzoate is segmented into two major categories which include by application and by form. These two major segments are further divided into sub-segments which are mentioned below.
The sodium benzoate global market is segmented on the basis of five major regions which include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Out of these five regions, the Asia Pacific region is expected to witness a specific growth during the forecast period because of the presence of the key industries of food and beverages in that region. The pharmaceutical industry in the Asia Pacific region is currently dominating the market and hence, is expected to provide a great opportunity to the sodium benzoate market towards its growth. In addition to that, there is a huge growth of fast food industries in that region especially in countries like China and India which may fuel the growth of the market for sodium benzoate.
Europe, on the other hand, is holding the largest sodium benzoate market share. The key players of this region hold a specific growth rate for a longer period of time which became a major growth factor for the market. Moreover, an increase in awareness regarding the harmful effects of synthetic preservatives can be a major factor that can hamper the growth of the market.
The market for sodium benzoate has a list of many small, medium, and large-scale key players. Some of them are Foodchem International Corporation, Emerald Performance Materials LLC, Grenkem, and Avantor. They are trying to implement new strategies to market their products. Also, these key players are investing their money to cope up with the constantly changing demands and preferences of the consumers.
Exceptional product portfolios have been created to retain in the competition. They are also forming various mergers and acquisitions that are strengthening their position to stay in the market for sodium benzoate. This is one of the most common growth strategies that most companies use. Partnerships are also formed to give strong competition to the other players. Sodium benzoate foods do not get decomposed easily and hence can be preserved for a longer time. Due to this reason, the food and beverages industries are planning to launch food products with the content of sodium benzoate.
List of Key Companies:
There are no recent developments.
The sodium benzoate market report covers the current scenario of the market and the growth factors of the market for sodium benzoate. The growth factors that are discussed in the report include drivers, opportunities, restraints, and challenges. The various segments of the market is also been discussed in this report along with the various regions into which the market has been divided. COVID-19 pandemic impact on the market is also highlighted in the report. The report also outlines the competitiveness of the key players of the market in the competitive analysis section.
|Market Size||USD 186.3 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Form, by Application, Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Avantor Inc., Grenkem, Foodchem International Corporation, Tulstar Products Inc., DuPont de Nemours Company, Merck KGaA, Hugestone Enterprise Co. Ltd., Emerald Performance Materials LLC, Food Chemical Co. Limited and Linuo Europe GmbH|
|Key Market Opportunities||cure post-dural puncture headaches and hyperammonemia|
|Key Market Drivers||People are mostly consuming quick snacks due to their different variety|
The market size for sodium benzoate was valued at USD 186.3 million in 2020. It is expected that the market will rise at a rapid pace during the forecast period if the CAGR measured will be 4.3%.
Among the five regions into which the market for sodium benzoate is divided, the Asia Pacific region is expected to hold the largest market share in the coming years due to the excessive opportunities the region has been experiencing. The dominance of the pharmaceutical industry and the growth of the fast-food industry in various countries of that region are some of the major factors that are driving the growth of the market for sodium benzoate in the Asia Pacific region.
The food application segment is currently dominating the market for sodium benzoate due to the various benefits that it provides. It is mostly mixed with various foods especially those foods which have a high pH acidic value. Sodium benzoate also acts as a preservative when it is mixed with foods. The high demand for preservatives in the food segment led to the growth of the market for sodium benzoate.