ID: MRFR/CnM/1963-CR | December 2018 | Region: Global | 182 pages
According to MRFR, the Global Sodium Bicarbonate Market is set to witness a compound annual growth rate of USD 13 Billion at 4.85% during the forecast period (2018-2023). The product's application is primarily concentrated in the feed and F&B industry, while a certain percent of the global supply continues to cater to industries such as pharmaceuticals, chemicals, and textiles. The growth of the F&B sector is somewhat supporting the global sodium bicarbonate market.
A major influence on the sodium bicarbonate sector is the COVID-19 pandemic. Consumer demand is experiencing extreme shocks across multiple end-use markets, global supply chains are upset, and manufacturers/producers' competitive order has witnessed a transition. The lack of demand has fast-tracked the global chemical industry into a state of over-supply. Restrictions on travel tend to have a strong and immediate impact, and after the obligatory social distancing stops, things are supposed to return to normal circumstances. In addition, hazardous effects on human health can create obstacles to the growth of the market during the forecast period.
Growing Adoption from F&B Sector to Drive Market Growth
One of the key users of sodium bicarbonate is the F&B sector. Chemical leavening agent in ready-to-eat cakes and pastries, odour absorbent, fruit washing agent and cleaning agent are some of its applications in F&B. Food grade sodium bicarbonate or baking soda is used in packaged food products to monitor pH levels and boost consistency and shelf-life. In recent years, the rising intake of packaged food has triggered a strong market for sodium bicarbonate. The market for packaged and ready-to-eat food items has been impacted by factors such as shifting food preferences and emerging lifestyles. In addition, the increased demand of bakery products worldwide has also had a positive influence on the global demand for sodium bicarbonate. The increasing non-food use of baking soda is also adding to the increased demand for the substance to some degree. Moreover, the increased use of baking soda in personal care items as a deodorising agent partly fuel the demand for sodium bicarbonate.
Demand-Supply Gap to Create Growth Avenues for Market Players
The demand-supply gap provides food producers with a profitable opportunity to develop and extend their worldwide operations and distribution facilities.
Adoption of Product Alternatives to Impede Market Growth
Nevertheless, the arrival of alternatives for sodium bicarbonate in medical and food applications may impede market growth during the review period. Around the same time, the environmental effects and health risks of sodium bicarbonate contribute to reduced use. In comparison, its business plan scepticism about sodium bicarbonate and its supposed harmful health impacts somewhat dampens.
Segmental analysis of the Global Sodium Bicarbonate Market is based on End-User, Grade and Region.
The market is classified into feed, food, technological, and medicinal products on the basis of grade. The highest market share is presently accounted for by the feed grade. The segment accounted for 45.05 percent of market share in 2017 and is projected to rise over a few years at a moderate rate. In the animal nutrition industry, the market for sodium bicarbonate is considerably high. Increased production of animal feed has resulted in a higher sodium bicarbonate demand. Whereas, during the measurement period, the food grade section is expected to display a comparatively higher CAGR. This is primarily attributed to growing bakery and confectionary goods' use of baking soda. In the coming years, the bakery industry will continue to expand at a sound pace, which will continue to fuel demand for food-grade baking soda.
The industry is listed as animal feed, food & beverages, flue gas treatment, personal care & pharmaceuticals, detergents & cleaning agents, hemodialysis, agriculture, chemicals, textiles, among others, depending on the end consumer. During the analysis period, the animal feed segment is expected to remain extremely desirable. The segment currently stands at a value of USD 300 Mn and is forecast to see an above-average CAGR. Because of its desirable properties, sodium bicarbonate is used widely in animal feed, which makes it an effective component to enhance the consistency of feed. It is used in different feed items fed to goats, hens, broilers, turkeys, and pigs. The rising number of meat eaters is forcing the meat industry to increase supply, driving the global market for feed in part. It is also predicted that the food & beverage market will see good growth in 2023. The expanding application base of sodium bicarbonate in the food & beverages industry is supporting the growth of the segment.
The global market's geographical overview has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
Growing R&D Investments to Drive North America
Rising demand from end-use industries such as animal feed, food, pesticides, pharmaceuticals, and water treatment is anticipated to drive the North American industry. In addition, a major aspect that is supposed to drive the industry is good government funding for R&D to expand the application reach.
Europe Leads with Growing Expansion of the Pharmaceutical Sector
The pharmaceutical industry's growth, a well-established personal care sector, and growing demand for meat and eggs are due to the market share held by the European zone, resulting in a strong demand for sodium hydrogen carbonate. The high reliance of poultry farming, the increasing pharmaceutical industry and the growing personal care market in the European region are due to the growth of the industry in this region.
APAC to Lead with Expansion of End-use Sectors
APAC has the highest market share and is projected to see a CAGR of 5.56 percent over the review period. The high demand for sodium bicarbonate in the area can be likened to the development of industries such as animal feed, food & beverages, personal care & pharmaceuticals, and APAC agriculture. Other factors affecting the region's sodium bicarbonate demand are industrialization and increasing per capita income.
December 2020: Amphastar Pharmaceuticals obtained FDA clearance to complement its application for abbreviated new sodium bicarbonate injection drug.
An up-to-date review of the current global business scenario, the emerging developments and factors, and the overall market climate is given in the study. This study estimates sales growth at the provincial and national level and offers an overview of the emerging market developments from 2014 to 2025 in each of the sub-segments. A comprehensive analysis, market size and prediction, patterns, growth drivers and challenges, as well as vendor analysis are given in the report on the sodium bicarbonate market.
MRFR's research includes a detailed segmental overview of the global sodium bicarbonate market for the scope of the review.
Frequently Asked Questions (FAQ) :
With 4.85% CAGR, the sodium Bicarbonate market is expected to grow between 2018 and 2023, the forecast period.
The global sodium Bicarbonate market would settle for a valuation of USD 1300 million by 2023.
The sodium Bicarbonate market would find health implications and environmental hazards as the main drawbacks of growth.
The feed grade has the chance to take the lead of the sodium Bicarbonate market.
The animal feed segment has the opportunity to score the highest market valuation among others for the sodium Bicarbonate market.
The commercially produced sodium bicarbonate is available in the form of white crystalline powder and is commonly known as baking soda. The product finds widespread application in food products, pharmaceuticals, animal feed, flue gas desulphurization and specialty chemicals among others. The global sodium bicarbonate market is projected to expand at a steady CAGR of 4.85% from 2018 to 2023. Towards the end of the assessment period, the market is estimated to surpass a valuation of USD 1,300 Mn.
There are different grades of sodium bicarbonate that currently available. This is primarily to distinguish the usability of the product based on its grade in verticals such as F&B, pharmaceutical, feed, etc. The F&B industry is one of the primary consumers of sodium bicarbonate. Some of its applications in F&B include chemical leavening agent in ready-to-eat cakes and pastries, odor absorbent, fruit washing agent and cleaning agent. Food grade sodium bicarbonate or baking soda is used in processed food items to control pH levels and improve stability and shelf-life. Over the years, consumption of processed and packaged food items has ascended all over the world owing to changing lifestyle, which has created lucrative opportunities for different types of food preservatives including sodium bicarbonate. In addition, increased use of baking soda as a deodorizing agent in personal care products is partly fueling the demand for sodium bicarbonate. Nonetheless, the arrival of sodium bicarbonate substitutes in medical and food applications may hinder the growth of the market during the review period. At the same time, environmental implications and health hazards of sodium bicarbonate is leading to reduction in usage.
Segmental analysis of the global sodium bicarbonate market is based on end-user, grade and region.
On the basis of grade, the market is categorized into feed, food, technical, and pharmaceutical. The feed grade currently accounts for the largest market share. In 2017, the segment accounted for 45.05% market share and is expected to grow at a modest pace over the couple of years. Demand for sodium bicarbonate is significantly high in the animal nutrition industry. Increased production of animal feed has led to a greater requirement of sodium bicarbonate. Whereas, the food grade segment is projected to exhibit a relatively higher CAGR during the assessment period. This is mainly due to the increasing use of baking soda in the bakery and confectionary products. The bakery industry will continue to grow at a sound pace in the forthcoming years, which will continue to drive the demand for food grade baking soda.
Based on end-user, the market is categorized as animal feed, food & beverages, flue gas treatment, personal care & pharmaceuticals, detergents & cleaning agents, hemodialysis, agriculture, chemicals, textile, and others. The animal feed segment is expected to remain highly attractive during the review period. Currently, the segment stands at a valuation of USD 300 Mn and is projected witness an above-average CAGR. Sodium bicarbonate is used extensively in animal feed due to it favorable attributes, which makes it an apt ingredient to improve the feed quality. It is used in various type of feed products that are fed to cattle, laying hens, broilers, turkeys, and pigs. The growing number of meat eaters is prompting the meat industry to increase production, which is partly driving the global feed demand. The food & beverages segment is also expected to witness a strong growth over 2023. The expanding application base of sodium bicarbonate in the food & beverages industry is supporting the growth of the segment.
On the basis of region, the market has been segmented into North America, Asia Pacific (APAC), Europe, Latin America and the Middle East and Africa (MAE). APAC currently commands the largest market share and set to witness a CAGR of 5.56% during the assessment period. Growth of industries such as animal nutrition, food & beverages, personal care & pharmaceuticals, and agriculture in APAC can be liked with the strong demand for sodium bicarbonate in the region. Industrialization and rising per-capita income are other factors influencing the sodium bicarbonate market in the region.
Some of the leading companies operating in the global sodium bicarbonate market include Solvay, Tata Chemical Ltd., CIECH Group, Sisecam Group, Church & Dwight Co., Inc., Tosoh Corporation, AGC Inc., Novacap, NATURAL SODA LLC, KAZAN SODA ELEKTRIK, and Bashkir Soda Company.
Global Sodium Bicarbonate Market: Competitive Landscape
The major players operating in the global sodium bicarbonate are Solvay, Tata Chemicals Ltd, CIECH Group, Şişecam Group, Church & Dwight Co., Inc., Tosoh Corporation, AGC Inc, Novacap, NATURAL SODA LLC, KAZAN SODA ELEKTRIK, and Bashkir Soda Company.
Tosoh Corporation, AGC Inc, Solvay, Church & Dwight Co., Inc., and Şişecam Group are the manufacturing companies which collectively account for the majority share of the zinc oxide market. The market is fragmented and comprises of players which are operational in the Japan, Belgium, US, and Turkey. The players operating in the market are emphasizing new product developments and expansions to gain maximum revenue. There is a growing demand from various end-use industries such as animal feed, food & beverages, flue gas treatment, personal care & pharmaceuticals, detergents & cleaning agents, haemodialysis, agriculture, chemicals, and textile. There is a strong competition between companies as there are large number of companies manufacturing zinc oxide.
In July 2018, Solvay announced the modernization of its gas cogeneration units at its soda ash and bicarbonate facility in Bernburg, Germany, with an investment of USD 56.1 million. This investment will enable the company to strengthen its market position while maintaining its present production capacity. In January 2018, Solvay expanded its sodium bicarbonate production capacity in Rheinberg, Germany. The company is investing USD 7.3 million and aims at starting operations by the end of 2018. With this expansion, the company will be able to deliver SOLVAir SB 0/3, a ready-to-use solution for reducing pollutant atmospheric emissions in industries, which will help them meet the most stringent environmental regulations.
Tosoh Corporation focuses on strengthening its commodity operations to secure steady cash flow and profitability for enhancing the production capacity and other resources.
AGC Inc offers a diverse lineup of products ranging from architectural glass, automotive glass, display glass, electronic materials, and high-function materials such as chemicals and ceramics for customers across a wide range of industries. AGC Inc strives to achieve sustainable growth through strategic mergers and acquisitions and concentrate management resources in developing regions.
Church & Dwight Co., Inc strives to maintain the competitive marketing and trade spending, develop and launch new and differentiated products. The company also intends to increase its product sales globally and provide premium and value brand products to appeal to a wide range of consumers.
Şişecam Group is an industrial group conducting operations on an international scale in the fields of flat glass, glassware, glass packaging, and chemicals. Şişecam carries out its production activities at 43 production facilities in 13 countries and selling its products in over 150 countries. The international sales constitute more than half of the Group’s total sales. Şişecam is Turkey’s leader in all types of glass products as well as chemicals including soda-chromium compounds.