ID: MRFR/CnM/1963-CR | 182 Pages | Published By Priya Nagrale on February 2021
Sodium Bicarbonate Market is set to witness a compound annual growth rate of USD 12.78 Billion at 4.85% during the forecast period (2022-2030).
$12.78 Billion
4.85%
North America
2022-2030
The sodium bicarbonate market is projected to register a CAGR of 4.85% from 2022 to 2030. Increased consumption of sodium bicarbonate in varying end-use industries, including food, pharmaceuticals, animal feed, chemicals, and water treatment, is the driving factor for the rise in the market. The sodium bicarbonate market size is expected to reach approximately USD 12.78 billion by 2030. Growing application of food and technical grades of sodium bicarbonate is anticipated to bolster developments further. Characteristics of high basicity and non-toxic nature create unique advantages for applications in leavening, cleansing, and ruminal pH buffers. Moreover, the sodium bicarbonate material is commonly utilized as a leavening agent in the baking process for biscuits, cakes, and bread in the form of baking powder. It is also utilized as a cleansing agent owing to its mild disinfectant properties. Also, niche applications in animal feed, the presentation of fire extinguishers, and more contribute to the growth of the market.
Most eye care professionals reported a considerable decline in patient visits during the pandemic. This was happening due to the cancellation of medical techniques, particularly elective procedures, to avoid the spread of the COVID-19 pandemic. According to an Elsevier Public Health Emergency Collection report, more than 89% of the total lens utilizers were impacted by the pandemic, and 72% reported less utilization than normal. Moreover, according to the study published by the College of Optometrists, 43% to 72% of wearers declined contact lens utilization due to the decreased requirement for lenses because of the limited outdoor activities. Furthermore, in 2020, Johnson and Johnson Vision Care, Inc. registered a decrease of 11.7% in revenue.
The market growth will be driven by increasing demand for convenience food across the globe due to the busy and fast-paced lifestyle. Consumers choose edible products that are ready to eat or take less time to cook or bake. The food industry uses sodium bicarbonate as an additive to regulate acidity, protect anti-caking, and enhance product shelf-life. The product is used in many products, including confectioneries, ciders, dairy, and cereals, driving market growth. Using sodium bicarbonate in agrochemicals is driven by treating insects in farmlands and washing pesticides from fruits & vegetables. Furthermore, it is an environment-friendly natural agent used in the form of pesticides in agricultural farms, accelerating the market demand over the coming years.
Sodium bicarbonate produces pharmaceuticals, pigments, dyes, and ceramics. It is widely utilized in the rubber and leather industry in producing chrome leather tanning, synthesizing catalysts, and manufacturing bakery items. Sustainable growth of all such industries is expected to fuel the demand for sodium bicarbonate across the globe during the forecast period.
Sodium bicarbonate is extensively used in the food industry to produce baked goods, including cookies, and biscuits, among others. ly, the food industry has registered significant growth in the past few years. Increasing population and urban development are increasing the demand for food, which is expected to boost the demand for sodium bicarbonate in the coming years. Being a very active baking agent, ammonium bicarbonate does not leave any flavor-affecting deposits. It always meets the highest quality standards. Such a factor is also projected to lay a strong base for strong growth for the market over the forecast period.
Several health-related ills, such as breathing ammonium bicarbonate, can irritate the throat, lungs, and nose causing coughing, wheezing, and shortness of breath. Along with this, alternatives are some of the factors that are anticipated to hamper the ammonium bicarbonate market growth in the coming years.
Government authorization and approval in various countries favor sodium bicarbonate's growth. For instance, the European Union has devised E500 (ii) and registered sodium bicarbonate as a food ingredient utilized as the raising agent. Growing numbers are the codes for the substance permitted to be used as a food additive in the European Union or European Free Trade Association. In addition, the government has demonstrated its characteristics and functions for properly utilizing the product. Similarly, in the US, the Federal regulatory management has proclaimed sodium bicarbonate as an element through section 184.1736, allowing the usage of sodium bicarbonate in food enzymes, flood flavorings, and additives. Therefore, the market will grow over the forecast period owing to government support and growing applications in the food industry.
The sodium bicarbonate market segmentation, based on grade, is feed, food, technical, and pharmaceutical. The feed category held a prominent market share in 2021 due to the rise in animal feed production has led to an increased demand for sodium bicarbonate. However, food was the fastest-growing category in the coming years due to the growing use of sodium bicarbonate for growing the volume of cakes, wafers, and crackers.
The sodium bicarbonate market segmentation, based on end-user, is feed, food & beverages, flue gas treatment, personal care & pharmaceuticals, detergents & cleaning agents, hemodialysis, agriculture, chemicals, textile, and others. In 2021, food & beverages accounted for the largest market share of the market due to the growing demand for high-quality fresh baked goods propelling the sodium bicarbonate market growth ly. However, the personal care & pharmaceuticals category is estimated to register the highest growth rate during the forecast period. It is utilized extensively as an antacid and in hemodialysis solutions for treating chronic kidney diseases.
By region, the sodium bicarbonate market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America
North America dominated the market share in 2021 due to rising demand from various end-use sectors, such as animal feed, food production, medicines, insecticides, and water treatment. Enhanced access to these applications is another goal of a well-designed government R&D financing program. NaHCO3 is in high demand in North America owing mostly to the region's fueling food & beverage and pharmaceutical markets. Moreover, the pharmaceutical and personal care product industries are expected to be prominent drivers of growth in the North American market throughout the forecast period.
Asia-Pacific
Asia-Pacific accounted for the second-largest market share in the market in 2021 due to the expansion of the agricultural, food & beverage, personal care, & pharmaceutical industries are only some of the factors enhancing the region's high demand for sodium bicarbonate. Sodium bicarbonate demand in the region is impacted by several factors, including industrialization, and increased per capita income.
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as Norkem, NATURAL SODA, LLC, Solvay, Crystal Mark, Inc., Paras Chemical Industries, and Tosoh Corporation dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, joint ventures, product introduction, and partnerships, to strengthen their market position and capture an extensive customer base. For instance, in May 2022, Solvay announced the acquisition of the 20% minority stake of AGC in the Soda Ash JV operated in Green River, WY, USA, building on its leadership position in trona-based soda ash production.
Prominent players in the sodium bicarbonate market include FMC Corporation, Vitro, HaohuaHonghe Chemical Co., Ltd, Opta Group LLC, Tata Chemicals Ltd, Church & Dwight Co., Inc., Hawkins, Inc., Kazan Soda Elektik, CIECH GROUP, Sisecam, Bashkir Soda Company, Novacap, AGC Inc., and Tata Chemicals Ltd among others.
Grade Outlook
End-User Outlook
Region Outlook
The objectives of the study are summarized in 5 stages. They are as mentioned below:
To identify and estimate the market size for the sodium bicarbonate market report segmented by grade and end-user by value (in US dollars). Also, to understand the consumption/ demand created by consumers of sodium bicarbonate market forecast between 2022 and 2030
To identify and infer the drivers, opportunities, restraints, and challenges in the sodium bicarbonate market
To find out the factors which are impacting the sodium bicarbonate market size among consumers
To identify and understand the several factors involved in the market affected by the pandemic
To provide a detailed insight into the key companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, recent developments, product offerings, SWOT analysis, and key strategies.
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: USD 13 billion |
CAGR | 4.85% CAGR (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2022-2030 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Growth Factors, Competitive Landscape, and Trends |
Segments Covered | Grade and End-User |
Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the World (RoW) |
Key Vendors | Norkem, NATURAL SODA, LLC, Solvay, Crystal Mark, Inc., Paras Chemical Industries, and Tosoh Corporation |
Key Market Opportunities | Growing government authorization and approval of sodium bicarbonate products |
Key Market Drivers | Intensifying growth of the food industry, coupled with the growing population |
The sodium bicarbonate market forecast period is 2022 - 2030
Asia-Pacific is expected to register the highest CAGR during 2022 - 2030
North America held the largest share in 2021
The market size is expected to be USD 12.78 billion by 2030.
Norkem, NATURAL SODA, LLC, Solvay, Crystal Mark, Inc., Paras Chemical Industries, and Tosoh Corporation are the major companies operating in the market.