Sodium Benzoate Market Size, Share, Growth Analysis, By Form(Powder, Granule), By Application(Beverages & Food, Cosmetic) - Industry Forecast 2024-2031

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).

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. 'Emerald Performance Materials', 'Eastman Chemical Company', 'FBC Industries Inc.', 'Tengzhou Tenglong Chemical Co., Ltd.', '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.'

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.

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.

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.