Sodium Benzoate Market Size, Growth and Forecast to 2028

[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.

Strategic Insights

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