USD 1.22 billion
Global Sodium Benzoate Market Size, Share, Growth Analysis, By Form(Powder, Granule), By Application(Beverages & Food, Cosmetic) - Industry Forecast 2024-2031
Report ID:
SQMIG15E2421 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
64 |
Figures:
75
Global Sodium Benzoate Market Insights
Sodium Benzoate Market size was valued at around USD 1.22 billion in 2021 and is expected to rise from USD 1.29 billion in 2022 to reach a value of USD 2.1 Billion by 2030, at a CAGR of 6.1% during the forecast period (2023–2030).
The prevalence of skipping meals, such as breakfast, has increased consumer desire for processed & packaged food and beverages in many European nations, thereby propelling growth for the global sodium benzoate market. The industry has been driven by the use of preservatives, such as sodium benzoate, that are a necessary component of processed food and drinks.
The channel's collaborators noticed a considerable decline in demand as a result of the stoppage. As a result, the majority of our trading partners had larger inventory levels, in order to be unable to settle any remaining stock with them. Due to the COVID-19 pandemic, manufacturers of sodium benzoate encountered a significant disruption in the material's supply chain during the initial two quarters of 2020. One of the major market growth drivers is the use of sodium benzoate for its synthetic preservation in the food industry. In lower pH items like jams, dressings for salads, carbonated drinks, pickles, etcIt is primarily used as an antimicrobial. Due to its low cost, colorlessness, and ease of manufacture, it is a widely used food preservative. In the pharmaceutical industry, it is also used as a form of preservation in liquid medicinal formulations.
The food sector and pharmaceuticals have grown into industries expected to drive the market due to the growing global population. The market has grown as a result of factors such rising consumer awareness, urbanization, rising need for medical supplies, and the expansion of the packaged food industry. In the coming years, market growth is expected to be constrained by rising public awareness of the risks associated with synthetic preservatives, notably in North America and Europe.
Government authorities in North America and Europe have rigorous regulations and strict oversight for the use of hazardous chemicals in beauty products, food, and pharmaceutical products, which may have an impact on how quickly the industry grows. Though sodium benzoate is a widely used ingredient in the industry, there are numerous alternatives on the marketplace for both food and drugs, which has reduced sodium benzoate's market share.
US Sodium Benzoate Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Powder
Fastest Growth
Powder
Growth Rate
6.1% CAGR
Global Sodium Benzoate Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Sodium Benzoate Market By Form($ Bn)
Global Sodium Benzoate Market By Form(%)
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Global Sodium Benzoate Market Segmental Analysis
The global sodium benzoate market is categorized on the basis of form, application, and region. Based on form, the market is segmented into powder, granule, and others. Based on application, the market is segmented into beverages & food, cosmetic, pharmaceuticals, and others. Based on region, the global Sodium Benzoate Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Sodium Benzoate Market Analysis by Form
The powder market segment held the market's top spot & accounted for 60.9% of worldwide revenue. The effects of white sodium benzoate E211 powder are greatest at pH levels that are mildly acidic. In water, it dissolves easily, but less so in organic solvents. Fruit and vegetable salads, marinades for fish, and sodium benzoate all benefit from preservation. Beer, olives, fruit yogurt, and other items are also preserved with it. It is safe for the environment and builds up in soil and water.
The granules segment is predicted to expand at a CAGR of 5.4% during the projection period. Sodium benzoate comes as whitish granules. This is the salt form of benzoic acid, which is water soluble. It serves as a preservative in a variety of foods, including jams, pickles, dressings for salads, carbonated drinks, and fruit juices. Sodium benzoate regulates the pH within each cell if utilized as an antifungal; this raises the product's total acidity and makes it harder for fungi to proliferate. Food that has been contaminated by these fungi will degrade and have a much lower shelf life.
Sodium Benzoate Market Analysis by Application
In 2022, the market was dominated by the food and beverage sector, which accounted for 45.3% of global revenue shares. The beverage industry makes extensive usage of sodium benzoate, according to the International Programme on Health and Safety. Soft drink acidity is increased by sodium benzoate, which also increases the flavor potency of high-fructose corn syrup. The number given to sodium benzoate as a food additive, E211, is listed in the ingredients list on the exterior of a soda can. Diet soft drinks commonly contain the chemical E211.
In terms of revenue, the cosmetics segment is anticipated to experience the quickest CAGR of 6.9% throughout the forecast period. Although it has been shown that benzoate of sodium can be used safely in cosmetic products for kids and babies at concentrations up to 5%, no immunologic phenomenon should be taken into account. An antifungal preservative used in food and cosmetics is sodium benzoate. As a result, it effectively combats bacteria, yeast, and fungus.
Global Sodium Benzoate Market By Form, 2023 (%)
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Global Sodium Benzoate Market Regional Insights
The market in Asia Pacific held a 16.2% revenue share in 2022. Due to higher demand from end-user industries and decreased feedstock prices, sodium benzoate prices rose in Asia Pacific in the first month of 2022. Due to rising disposable income and population growth, sodium benzoate demand in the food and cosmetics industries expanded. As a result, sodium benzoate prices increased on the domestic market.
The demand for food and drink in the Middle East and Africa is increasing significantly, and it is expected that this trend will continue for the duration of the forecasted period. Due to this requirement and numerous planned expenditures in the food and beverage industry by various governments, it is predicted that demand for sodium benzoate would rise during the projection period.
Global Sodium Benzoate Market By Geography, 2024-2031
- Largest
- Fastest
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Global Sodium Benzoate Market Dynamics
Sodium Benzoate Market Drivers
Increasing Demand for Processed and Convenience Foods
- The demand for processed and convenience foods is on the rise globally, driven by factors such as changing lifestyles, urbanization, and busy schedules. Sodium benzoate is widely used as a preservative in these food products to enhance their shelf life and prevent microbial spoilage, thus driving the demand for sodium benzoate.
Sodium Benzoate Market Restraints
Health Concerns and Perceived Side Effects
- Some studies and consumer perceptions have raised concerns about potential health effects of sodium benzoate, including its role in triggering allergic reactions and its potential to form benzene in the presence of certain conditions. These concerns may impact consumer confidence and create a restraint on the market growth.
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Global Sodium Benzoate Market Competitive Landscape
Due to the presence of numerous international and regional market competitors, the industry is fragmented. To increase their market share, top industry players are using methods like alliances, partnerships, joint ventures, acquisitions, and mergers. In March 2022, Ganesh Benzoplast Ltd., Golden Agri International Enterprises Pte. Limited, KN Agri Resources Ltd., and other investors entered the ethanol production as well as Extra Neutral Alcohol (ENA) market by acquiring a 100 percent stake in Sagar Industries, a distillery in Nasik, Maharashtra, India.
Sodium Benzoate Market Top Player’s Company Profiles
- Emerald Performance Materials
- Alfa Aesar
- Changsha Easchem Co., Ltd.
- Wuhan Youji Industries Co., Ltd.
- Lianyungang Tongyuan Chemical Industry Co., Ltd.
- Foodchem International Corporation
- Wuhan Biet Co., Ltd.
- Spectrum Chemical Mfg. Corp.
- Nantong Acetic Acid Chemical Co., Ltd.
- Novaphene Specialities Pvt. Ltd.
- Shanxi Wuchan Fine Chemical Co., Ltd.
- Swastik Chemicals
- Jarchem Industries Inc.
- Tianjin Changfu Chemical Co., Ltd.
- Prathista Industries Limited
- Penta Manufacturing Company
- Shandong Tong Tai Wei Run Chemical Co., Ltd.
Sodium Benzoate Market Recent Developments
- In September 2021, Eastman Chemical Company, a key player in the sodium benzoate market, announced the expansion of its production capacity for benzoic acid and sodium benzoate at its Kingsport, Tennessee facility. The expansion is aimed at meeting the growing demand for these products, particularly in the food and beverage industry.
- In July 2021, Alfa Aesar, a leading supplier of research chemicals, announced the introduction of a new line of sodium benzoate products. The company launched high-quality sodium benzoate in various forms, including powder and granules, to cater to the diverse needs of its customers in the food, pharmaceutical, and industrial sectors.
Global Sodium Benzoate Key Market Trends
- Growing Demand for Clean Label Ingredients: There is an increasing consumer preference for clean label products, which has influenced the sodium benzoate market. Clean label ingredients, including preservatives, are those perceived as natural and free from artificial additives. Manufacturers are responding to this trend by offering sodium benzoate derived from natural sources or exploring alternative natural preservatives.
- Rising Demand for Food Preservation: The demand for sodium benzoate as a food preservative continues to grow due to the need to extend the shelf life of food products. With increasing urbanization and changing consumer lifestyles, there is a greater demand for processed and convenience foods that require effective preservation methods, driving the use of sodium benzoate.
- Increasing Applications in Pharmaceuticals: Sodium benzoate finds applications in the pharmaceutical industry as a preservative for oral medications, syrups, and topical formulations. With the growth of the pharmaceutical sector and the need for safe and effective preservation, the demand for sodium benzoate in pharmaceutical applications is expanding.
- Technological Advancements in Manufacturing Processes: Advancements in manufacturing processes and technologies have led to improved quality and purity of sodium benzoate. Innovative techniques such as filtration, crystallization, and purification have helped in producing high-quality sodium benzoate with reduced impurities, enhancing its market potential.
- Shift towards Sustainable and Eco-friendly Preservatives: The market is witnessing a shift towards sustainable and eco-friendly preservatives, driven by increasing environmental concerns and consumer demand for greener alternatives. This trend has led to the exploration of bio-based preservatives and natural antimicrobial agents, which may pose a challenge to the growth of synthetic preservatives like sodium benzoate.
Global Sodium Benzoate Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global sodium benzoate market analysis, we found that the prevalence of skipping meals, such as breakfast, has increased consumer desire for processed & packaged food and beverages in many European nations. The industry has been driven by the use of preservatives, such as sodium benzoate, that are a necessary component of processed food and drinks. The market is witnessing a shift towards sustainable and eco-friendly preservatives, driven by increasing environmental concerns and consumer demand for greener alternatives. This trend has led to the exploration of bio-based preservatives and natural antimicrobial agents, which may pose a challenge to the growth of synthetic preservatives like sodium benzoate.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.22 billion |
| Market size value in 2031 | USD 2.1 Billion |
| Growth Rate | 6.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Sodium Benzoate Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Sodium Benzoate Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Sodium Benzoate Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Sodium Benzoate Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Sodium Benzoate Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Sodium Benzoate Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Sodium Benzoate Market Report Snapshots
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