Sodium Benzoate Market Size, Share, Growth Analysis, By Form(Powder, Granule, Liquid, Flakes), By Application(Beverages & Food, Pharmaceuticals, Industrial Uses, Cosmetics & Personal Care), By Functionality(Preservative, Antimicrobial Agent, Corrosion Inhibitor, Flavoring Agent), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15E2421 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 75

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.

Sodium Benzoate Market Report Snapshots

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Sodium Benzoate Market size was valued at around USD 278.6 Million in 2022 and is expected to rise from USD 292.6 Million in 2023 to reach a value of USD 434.5 Million by 2031, at a CAGR of 6.1% during the forecast period (2024–2031).

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. 'FBC Industries Inc.', 'Tengzhou Tenglong Chemical Co., Ltd.', 'Lanxess AG', 'Merck KGaA', 'Univar Solutions Inc', 'Jungbunzlauer', 'Vertellus', 'Hawkins Inc.', 'Wuhan Youji Holdings Ltd.', 'Sisco Research Laboratories Pvt. Ltd. (SRL)', 'Tianji Dongda Chemical Group Company Ltd.', 'Spectrum Chemical Mfg. Corp.', 'Ases Chemical Works', 'Ganesh Benzoplast Limited', 'Shandong Ruiheng Biotechnology Co., Ltd.', 'Foodchem', 'Novaphene', 'Ataman Kimya A.S. Inc.', 'Penta Manufacturing Company', 'Wuhan Biet Co., Ltd.', 'Dastech International, Inc.', 'Shandong Tongtai Weirun 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.

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Sodium Benzoate Market Regional Insights

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