Sodium Benzoate Market Insights and Industry Analysis by Form (Dry & Liquid), by Application [Beverage, Food (Baked Products, Condiments, Dressings, Frozen Dairy Products, Others), Pharmaceuticals, Personal Care & Others], by Region, Competitive Market Size, Share, Trends, and Forecast till 2028
New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Sodium Benzoate Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Sodium Benzoate Market Information by Form, Application, and Region - Forecast till 2028”, the market was valued USD 186.3 million in 2020 and is slated to display a CAGR of 4.3% from 2021 to 2028.
Over the last few years, the global sodium benzoate market has grown at an exponential rate. Sodium benzoate is in high demand across a wide range of industries. Because of the growing demand for convenience foods and food items with a longer shelf life, the food industry's demand is soaring. Because of their convenience, variety, and year-round availability, quick snacks meals are becoming increasingly popular. Increased urbanization, demand for pharmaceutical supplies, increased customer awareness, and the development of the packaged food industry have all contributed to the global sodium benzoate market's expansion. Increased urbanization, demand for pharmaceutical supplies, increased customer awareness, and the development of the packaged food industry have all contributed to the global sodium benzoate market's expansion.
However, rising public awareness about the harmful effects of synthetic preservatives, especially in North America and Europe, is expected to serve as a restraint on market growth in the coming years. The sodium benzoate market has been rising in line with pharmaceutical and food & beverage industry growth trends.
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The notable players of the market are:
The market's major players are actively working to produce new chemicals that are safe for humans. This shifting pattern is posing a significant impediment to the global sodium benzoate market's expansion.
Browse In-depth Market Research Report (90 Pages) on Sodium Benzoate: https://www.marketresearchfuture.com/reports/sodium-benzoate-market-10543
By form, the market is segmented into dry and liquid. Sodium benzoate in dry form is widely used in the food and beverage, personal care, cosmetics, and pharmaceutical industries. Sodium benzoate in powder and granular form has a wide range of uses in these industries. Dry form is a good choice because of its solubility and odorlessness. In the future, the segment is expected to have the most growth potential across all regions.
By application, the market is segmented into beverage, food, pharmaceuticals, personal care, and others. In 2020, the food and beverage industry had the largest market share and is expected to have the fastest growth prospects in the coming years. The use of preservatives to extend shelf life in these industries has been a major factor in their development. Sodium benzoate is commonly used in the food and beverage industry to enhance flavor, as a pH control agent, as a chelating agent, and to avoid food decomposition. Furthermore, due to transportation issues caused by lockdown restrictions, the outbreak of Covid-19 has increased demand for preservatives in these industries in order to extend product shelf life. In addition, other industries in Asia-Pacific, such as personal care, are expected to provide lucrative opportunities for sodium benzoate in the coming years.
In 2020, Europe led the global sodium benzoate market, with a market share of about 34%. One of the major factors driving Europe's demand growth is the substantial growth rate of convenience food goods. However, rising public concern about the dangers of synthetic preservatives is expected to slow the market's growth in the coming years. Synthetic preservatives are prohibited in developed countries such as Germany and the United Kingdom, as they have a variety of negative health effects. Sodium benzoates market growth is expected to be hampered by this factor over the forecast period.
According to MRFR's report, Asia-Pacific will have significant growth opportunities in the coming years. Its development has been aided by the presence of a large food and beverage industry. Furthermore, the pharmaceutical industry's dominance in the area is expected to provide lucrative opportunities during the review era. In addition, the fast-food industry's expansion is projected to fuel the demand in the near future. Sodium benzoate is expected to be in high demand in the food and beverage industry over the forecast period. Furthermore, due to the growth of the food and beverage industries in countries like China, India, and Indonesia, demand for this chemical is expected to increase in Asia Pacific. The healthcare industry will be boosted by rising consumer spending and an increasing population, which will help the growth of the sodium benzoate market in the Asia Pacific region. The sodium benzoate market in Asia Pacific is dominated by China. This market in China is expected to expand at a rapid rate.
The Middle East and Africa region's demand for food and beverages is rapidly rising, and this trend is expected to continue during the forecast period. This demand, combined with numerous planned investments in the food and beverage industry by various governments, is expected to boost sodium benzoate demand during the forecast period. This market in the Middle East and Africa is still in its early stages of development, and major players are heavily investing in the region to expand their footprint and market share.
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