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 News

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.

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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.

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.

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