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

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).

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.