$4550
[Research Report] The sodium benzoate market is projected to reach US$ 182,965.2 thousand by 2028 from US$ 132,214.6 thousand in 2021; it is expected to grow at a CAGR of 4.5% during 2021–2028.
There is a rise in demand for preservatives across various end-user industries such as food & beverages, cosmetics, fabric care, and pharmaceuticals, which further increases the need for sodium benzoate. The growing demand for preservatives to improve the shelf life of the different food products contributes to the strong demand for sodium benzoate in the food & beverages industry. Moreover, the increasing demand for cosmetic products in the world is propelling the growth of the sodium benzoate market. There is a high demand for preservatives in the cosmetics industry to enhance the quality of the product and increase the product's shelf life, which is expected to fuel the need for sodium benzoate. The cosmetics companies continued to increase market shares worldwide, especially in emerging countries. For instance, according to the report from the Federation of Beauty Companies (FEBEA), French cosmetics export earnings were US$ 18.1 billion in 2021, an increase of 2.5% compared with 2019. The factors mentioned above are driving the demand for sodium benzoate.
In 2020, Asia Pacific held the largest share of the global sodium benzoate market and is estimated to register the highest CAGR in the market during the forecast period. APAC comprises China, India, Japan, Australia, South Korea, and the Rest of APAC. APAC countries such as China and India are among the fastest-growing populations. Automotive, packaging, construction, personal care, and food & beverages industries are rapidly developing in APAC with the growing population. Established sectors such as food & beverages, cosmetics, personal care, and pharmaceuticals have increased the demand for sodium benzoate in the region.
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Sodium Benzoate Market: Strategic Insights
Market Size Value in US$ 132,214.6 thousand in 2021 Market Size Value by US$ 182,965.2 thousand by 2028 Growth rate CAGR of 4.5% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Sodium Benzoate Market: Strategic Insights
| Market Size Value in | US$ 132,214.6 thousand in 2021 |
| Market Size Value by | US$ 182,965.2 thousand by 2028 |
| Growth rate | CAGR of 4.5% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Sodium Benzoate Market
The COVID-19 pandemic had a mixed impact on the sodium benzoate market. Initially, COVID-19 had a substantial impact on the market because of the decrease in manufacturing. The imposition of lockdown measures resulted in the discontinuation of manufacturing operations, resulting in a decrease in supply activities. In addition, travel restrictions around the world made it difficult to transport raw materials, which restrained the growth of the global economy. However, the COVID-19 pandemic is expected to have a long-term favorable effect on the market in the coming years. The outbreak led to the rise in packaged food items as consumers became increasingly aware of the hygiene and safety of products and therefore preferred purchasing food with safe packaging. As sodium benzoate is used as a preservative in many packaged food items, the growth in packaged food production favored the market. Moreover, due to the sudden impact of the pandemic, the market saw a boom in demand for products that support immunity-boosting in the pharmaceuticals & nutraceuticals industry. The pharmaceutical industry is one of the major application industries for the sodium benzoate market. As a result, the consumption of sodium benzoate also surged. Further, to address such rising demand for these supplements, manufacturers redirected their efforts toward improving their sales strategies and pushing the product into untapped markets.
Sodium Benzoate Market Breakdown, by Region, 2020
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Market Insights
Surging Demand for Sodium Benzoate in Food & Beverages Industry
Sodium benzoate is the sodium salt of benzoic acid. It is widely used as a food preservative and a pickling agent in the food & beverages industry. It is generally recognized as safe by the Food and Drug Administration (FDA) and allows up to a 0.1% concentration by weight when used in foods. Sodium Benzoate is used in acidic foods such as salad dressings, carbonated drinks, pickles, jams and fruit juices, condiments, and frozen yogurt toppings to prevent spoilage caused by harmful micro-organisms such as harmful bacteria, yeasts, and molds. It also helps maintain freshness in food by slowing down or preventing color, flavor, PH, and texture changes. Moreover, it acts as a bacteriostatic and fungistatic preservative in soft drinks and other beverages, which increases the acidic flavor and extend the product's shelf life. Sodium benzoate is commonly used as a preservative to protect the taste. The Coca-Cola Company also uses it as an antimicrobial agent in Coca-Cola drinks.
Application Insights
Based on application, the global sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. In 2020, the food and beverages segment accounted for the largest revenue share. The demand for sodium benzoate is increasing substantially in the food & beverages industry due to changes in customer preferences for packaged food and beverages and higher per capita income. In many countries, the increasing tendency to skip meals, such as breakfast, has led to a rise in consumers' demand for processed and packaged food and beverage products.
Sodium Benzoate Market, by Application – 2020 and 2028
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Eastman Chemical Company; Foodchem International Corporation; A.M FOOD CHEMICAL CO., LIMITED; Jarchem Innovative Ingredients LLC; MERCK KGaA; LANXESS; Akema S.r.l.; Zancheng Life Sciences Ltd.; FBC Industries; and Reagents are among the key players operating in the market. These companies provide a wide range of product portfolios for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the market growth. The market players are developing high-quality and innovative products to meet the customers’ requirements.
Report Spotlights
- Progressive industry trends in the sodium benzoate market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the sodium benzoate market from 2019 to 2028
- Estimation of global demand for sodium benzoate
- Porter’s five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook, as well as factors driving and restraining the growth of the sodium benzoate market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
- The size of the sodium benzoate market size at various nodes
- Detailed overview and segmentation of the market, as well as the sodium benzoate industry dynamics
- Size of the sodium benzoate market in various regions with promising growth opportunities
The "Global Sodium Benzoate Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global sodium benzoate market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The sodium benzoate market is segmented based on application and geography. By application, the sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
Company Profiles:
- Eastman Chemical Company
- Foodchem International Corporatio
- A.M FOOD CHEMICAL CO., LIMITED
- Jarchem Innovative Ingredients LLC
- MERCK KGaA
- LANXESS
- Akema S.r.l.
- Zancheng Life Sciences Ltd.
- FBC Industries
- Reagents
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global sodium benzoate market are Eastman Chemical Company; Foodchem International Corporation; A.M FOOD CHEMICAL CO., LIMITED; Jarchem Innovative Ingredients LLC; MERCK KGaA; LANXESS; Akema S.r.l.; Zancheng Life Sciences Ltd.; FBC Industries; and Reagents.
In 2021, Asia Pacific held the largest share of the global sodium benzoate market. China and India are the two leading producers of sodium benzoate across the world. In India, the sodium benzoate production industry is among the fastest-growing ones. The growing urbanization in this region, coupled with rise in demand for packaged food and cosmetics, has fueled the consumption of sodium benzoate extensively.
The food and beverage segment held the largest market share. Sodium benzoate is used as preservative in packaged food. The food & beverage industry is mostly dominated by the packaged food. A change in culinary style with rise in consumption of ready-to-eat products increased the demand for packaged foods across the globe.
The pharmaceutical segment holds the attractive opportunities during the forecast period. Sodium benzoate is often used as a preservative in liquid medicines, such as cough syrup. It also finds application as an antimicrobial preservative, antifungal, and lubricant for tablets and capsules.
The cosmetic segment is the fastest growing segment in the global sodium benzoate market during the forecasted period. Sodium benzoate is used as a preservative in cosmetics and personal care products due to its antimicrobial and antifungal. Furthermore, the demand for halal cosmetics is rising, which is expected to build a proper base for the growing preservatives market.
Asia Pacific is estimated to register the fastest CAGR in the global sodium benzoate market over the forecast period. The growth of the sodium benzoate market in Asia-Pacific is driven by rising demand for sodium benzoate from various end-use industries such as cosmetics, food and beverages, pharmaceuticals, and automotive.
The List of Companies - Sodium Benzoate Market
- Eastman Chemical Company
- Foodchem International Corporation
- A.M FOOD CHEMICAL CO., LIMITED
- Jarchem Innovative Ingredients LLC
- MERCK KGaA
- LANXESS
- Akema S.r.l.
- Zancheng Life Sciences Ltd.
- FBC Industries
- Reagents
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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