Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The market dynamics of sodium benzoate have undergone significant changes, influenced by various factors ranging from increasing demand in the food and beverage industry to regulatory considerations. Sodium benzoate, a widely used preservative, has become a key ingredient in preserving the freshness and extending the shelf life of a variety of products. One of the primary drivers of the sodium benzoate market is its role in preventing the growth of bacteria, yeast, and mold in food and beverage products, thereby ensuring their safety and quality.
The food and beverage industry's growing reliance on sodium benzoate can be attributed to the rising demand for processed and convenience foods. As consumers seek products with longer shelf life and stability, food manufacturers turn to preservatives like sodium benzoate to meet these requirements. The versatility of sodium benzoate as an effective preservative across a wide range of products, including soft drinks, sauces, and baked goods, contributes to its widespread adoption in the industry.
Regulatory considerations also play a crucial role in shaping the market dynamics of sodium benzoate. Government regulations and food safety standards influence the permissible levels of preservatives in food and beverages. Manufacturers must adhere to these regulations to ensure the safety of their products. The regulatory landscape evolves, impacting the production, formulation, and usage of sodium benzoate. Manufacturers need to stay informed about these changes to remain compliant and maintain market presence.
The global sodium benzoate market is further influenced by consumer trends and preferences, particularly the increasing demand for natural and clean-label products. As consumers become more health-conscious and aware of the ingredients in their food, there is a growing preference for natural preservatives over synthetic alternatives. This has led to the development of natural preservatives and, in turn, has posed a challenge to the sodium benzoate market. Manufacturers are responding to this trend by exploring and introducing alternatives or developing blends that combine sodium benzoate with natural preservatives.
Price fluctuations of raw materials, particularly benzoic acid, impact the cost of production and, subsequently, the market dynamics of sodium benzoate. The availability and pricing of benzoic acid, a key precursor in sodium benzoate production, are influenced by factors such as raw material sourcing, geopolitical events, and market demand. These fluctuations can affect the overall pricing strategy of sodium benzoate manufacturers and, in turn, impact their competitiveness in the market.
Global trade dynamics also contribute to the sodium benzoate market's evolution. As the food and beverage industry becomes more interconnected globally, manufacturers often source ingredients from different regions. Factors such as international trade agreements, tariffs, and geopolitical events can impact the availability and cost of sodium benzoate, affecting market dynamics on a broader scale. Manufacturers need to navigate these complexities to maintain a stable supply chain and remain competitive in the global market.
Sodium Benzoate Market Highlights:
Global Sodium Benzoate Market Overview
The market for sodium benzoate was valued at USD 597.9 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.
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.
COVID-19 Analysis
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.
Market Dynamics
-
Drivers
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.
-
Opportunities
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.
-
Restraints
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.
-
Challenges
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.
-
Cumulative Growth Analysis
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.
Market Segmentations
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.
By Application
- Pharmaceuticals
- Beverage
- Food
- Personal Care
By Form
- Liquid
- Dry
Regional Analysis
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.
Competitive Landscape
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
- 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
- Linuo Europe GmbH
Recent Developments
There are no recent developments.
Report Outlook
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.
Report Detail
- Historic Period: 2018 - 2020
- Base Year: 2021
- Forecast Period: 2022 – 2030
By Geographically,
- North America
- Asia Pacific
- Latin America
- Europe
- The Middle East and Africa
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
