The sodium benzoate market is projected to reach US$ 182,965.2 thousand by 2028 from US$ 132,214.6 thousand in 2021; it is expected to grow at a CAGR of 4.5% during 2021-2028.
The food industry's demand for sodium benzoate remained strong throughout, aided by the widespread requirement for quick snack meals. Despite an abundant supply of sodium benzoate to meet global demand, its prices have risen due to global inflation in upstream costs due to hurricane Ida's landfall on the Gulf Coast of the US at the end of August. Hurricane-related logistical challenges piled more pressure on the sodium benzoate industry post COVID-19 pandemic. However, the growth in demand from end users such as food and beverages and pharmaceutical industry is propelling the demand for sodium benzoate across the globe.
Furthermore, the expanding number of food and beverage manufacturing facilities in developing countries is driving the sodium benzoate industry. In addition, rising consumer expenditure and a growing population will enhance the pharmaceutical and personal care industries, boosting the sodium benzoate market in the region. The chemical is used to prevent food and cosmetics from decaying over time. The need for sodium benzoate is increasing all the time.
Based on application, the sodium benzoate market is segmented into food and beverage, pharmaceuticals, cosmetics, agriculture, and others. The cosmetics segment is expected to register the highest growth rate over the forecast period. The increasing adoption of sodium benzoate for the formulation of various cosmetic and personal care products due to its antifungal properties is one of the major factors expected to drive the demand for sodium benzoate in the cosmetic industry during the forecast period. Sodium benzoate is also utilized in the formulation of compact powder, facial cleansers, lipsticks, and other cosmetic products. Sodium benzoate acts as a corrosion inhibitor, fragrance component, and preservative in a wide range of cosmetics and personal care products.
Sodium benzoate is mainly an antifungal preservative, but it also has some antibacterial properties. It is not a broad-spectrum preservative for cosmetics and should be used in conjunction with other preservatives. For instance, when sodium benzoate is coupled with caffeine, it can act as a sunscreen and give UVB protection with antioxidant activity. Thus, a wide range of applications for cosmetics and personal care products drive the segment.By region, the sodium benzoate market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America held the largest share of the market. Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. Asia Pacific comprises Australia, China, India, Japan, South Korea, and the Rest of APAC. In Asia Pacific, the growing packaged foods market and pharmaceutical industry are driving the market.
Eastman Chemical Company; Foodchem International Corporation; A.M FOOD CHEMICAL CO., LIMITED; Jarchem Innovative Ingredients LLC; MERCK KGaA; LANXESS; Akema S.r.l.; Zancheng Life Sciences Ltd.; FBC Industries; and Reagents are among the key players operating in the sodium benzoate market. These companies provide a wide range of product portfolios for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the sodium benzoate market growth. The market players are developing high-quality and innovative products to meet the customers' requirements.The overall sodium benzoate market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the sodium benzoate market.
The food industry's demand for sodium benzoate remained strong throughout, aided by the widespread requirement for quick snack meals. Despite an abundant supply of sodium benzoate to meet global demand, its prices have risen due to global inflation in upstream costs due to hurricane Ida's landfall on the Gulf Coast of the US at the end of August. Hurricane-related logistical challenges piled more pressure on the sodium benzoate industry post COVID-19 pandemic. However, the growth in demand from end users such as food and beverages and pharmaceutical industry is propelling the demand for sodium benzoate across the globe.
Furthermore, the expanding number of food and beverage manufacturing facilities in developing countries is driving the sodium benzoate industry. In addition, rising consumer expenditure and a growing population will enhance the pharmaceutical and personal care industries, boosting the sodium benzoate market in the region. The chemical is used to prevent food and cosmetics from decaying over time. The need for sodium benzoate is increasing all the time.
Based on application, the sodium benzoate market is segmented into food and beverage, pharmaceuticals, cosmetics, agriculture, and others. The cosmetics segment is expected to register the highest growth rate over the forecast period. The increasing adoption of sodium benzoate for the formulation of various cosmetic and personal care products due to its antifungal properties is one of the major factors expected to drive the demand for sodium benzoate in the cosmetic industry during the forecast period. Sodium benzoate is also utilized in the formulation of compact powder, facial cleansers, lipsticks, and other cosmetic products. Sodium benzoate acts as a corrosion inhibitor, fragrance component, and preservative in a wide range of cosmetics and personal care products.
Sodium benzoate is mainly an antifungal preservative, but it also has some antibacterial properties. It is not a broad-spectrum preservative for cosmetics and should be used in conjunction with other preservatives. For instance, when sodium benzoate is coupled with caffeine, it can act as a sunscreen and give UVB protection with antioxidant activity. Thus, a wide range of applications for cosmetics and personal care products drive the segment.By region, the sodium benzoate market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America held the largest share of the market. Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. Asia Pacific comprises Australia, China, India, Japan, South Korea, and the Rest of APAC. In Asia Pacific, the growing packaged foods market and pharmaceutical industry are driving the market.
Eastman Chemical Company; Foodchem International Corporation; A.M FOOD CHEMICAL CO., LIMITED; Jarchem Innovative Ingredients LLC; MERCK KGaA; LANXESS; Akema S.r.l.; Zancheng Life Sciences Ltd.; FBC Industries; and Reagents are among the key players operating in the sodium benzoate market. These companies provide a wide range of product portfolios for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the sodium benzoate market growth. The market players are developing high-quality and innovative products to meet the customers' requirements.The overall sodium benzoate market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the sodium benzoate market.
Table of Contents
1. Introduction1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection
3.2.2 Primary Interviews
3.2.3 Hypothesis Formulation
3.2.4 Macro-economic Factor Analysis
3.2.5 Developing Base Number
3.2.6 Data Triangulation
3.2.7 Country Level Data
4. Global Sodium Benzoate Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.2.1 Bargaining Power of Suppliers:
4.2.2 Bargaining Power of Buyers:
4.2.3 Threat of New Entrants:
4.2.4 Competitive Rivalry:
4.2.5 Threat of Substitutes:
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Sodium Benzoate Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Surging Demand for Sodium Benzoate in Food & Beverages Industry
5.1.2 Rising Requirement for Sodium Benzoate in Various End-Use Industries
5.2 Market Restraints
5.2.1 Growing Safety Concerns Regarding Sodium Benzoate
5.3 Market Opportunities
5.3.1 Growing Cosmetics & Personal Care Sector Globally
5.4 Future Trends
5.4.1 Rising Trend of Consuming Packaged Food and Beverages
5.5 Impact Analysis of Drivers and Restraints
6. Sodium Benzoate - Global Market Analysis
6.1 Sodium Benzoate Market Overview
6.2 Sodium Benzoate Market - Revenue and Forecast to 2028
6.3 Competitive Positioning - Key Market Players
7. Sodium Benzoate Market Analysis - By Application
7.1 Overview
7.2 Global Sodium Benzoate Market Breakdown, by Application, 2020 and 2028
7.3 Food and Beverage
7.3.1 Overview
7.3.2 Food and Beverage: Global Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
7.3.3 Food and Beverage: Global Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
7.4 Pharmaceuticals
7.4.1 Overview
7.4.2 Pharmaceuticals: Global Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
7.4.3 Pharmaceuticals: Global Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
7.5 Cosmetics
7.5.1 Overview
7.5.2 Cosmetics: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
7.5.3 Cosmetics: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
7.6 Agriculture
7.6.1 Overview
7.6.2 Agriculture: Global Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
7.6.3 Agriculture: Global Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
7.7 Others
7.7.1 Overview
7.7.2 Others: Global Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
7.7.3 Others: Global Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8. Sodium Benzoate Market - Geographic Analysis
8.1 Overview
8.2 North America: Sodium Benzoate Market
8.2.1 North America: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.2.2 North America: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.2.3 North America: Sodium Benzoate Market, by Application
8.2.4 North America: Sodium Benzoate Market, by Key Country
8.2.4.1 US: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.2.4.1.1 US: Sodium Benzoate Market, by Application
8.2.4.2 Canada: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.2.4.2.1 Canada: Sodium Benzoate Market, by Application
8.2.4.3 Mexico: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.2.4.3.1 Mexico: Sodium Benzoate Market, by Application
8.3 Europe: Sodium Benzoate Market
8.3.1 Europe: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.2 Europe: Sodium Benzoate Market- Volume and Forecast to 2028 (Tons)
8.3.3 Europe: Sodium Benzoate Market, by Application
8.3.4 Europe: Sodium Benzoate Market, by Key Country
8.3.4.1 Germany: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.1.1 Germany: Sodium Benzoate Market, by Application
8.3.4.2 France: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.3 France: Sodium Benzoate Market- Volume and Forecast to 2028 (Tons)
8.3.4.3.1 France: Sodium Benzoate Market, by Application
8.3.4.4 Italy: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.5 Italy: Sodium Benzoate Market- Volume and Forecast to 2028 (Tons)
8.3.4.5.1 Italy: Sodium Benzoate Market, by Application
8.3.4.6 United Kingdom: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.6.1 United Kingdom: Sodium Benzoate Market- Volume and Forecast to 2028 (Tons)
8.3.4.6.2 United Kingdom: Sodium Benzoate Market, by Application
8.3.4.7 Russia: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.7.1 Russia: Sodium Benzoate Market- Volume and Forecast to 2028 (Tons)
8.3.4.7.2 Russia: : Sodium Benzoate Market, by Application
8.3.4.8 Turkey: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.8.1 Turkey: Sodium Benzoate Market- Volume and Forecast to 2028 (Tons)
8.3.4.8.2 Turkey : Sodium Benzoate Market, by Application
8.3.4.9 Rest of Europe: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.3.4.9.1 Rest of Europe: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.3.4.9.2 Rest of Europe: Sodium Benzoate Market, by Application
8.4 Asia Pacific: Sodium Benzoate Market
8.4.1 Asia Pacific: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.2 Asia Pacific: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.4.3 Asia Pacific: Sodium Benzoate Market, by Application
8.4.4 Asia Pacific: Sodium Benzoate Market, by Key Country
8.4.4.1 Australia: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.1.1 Australia: Sodium Benzoate Market, by Application
8.4.4.2 China: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.2.1 China: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.4.4.2.2 China: Sodium Benzoate Market, by Application
8.4.4.3 India: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.3.1 India: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.4.4.3.2 India: Sodium Benzoate Market, by Application
8.4.4.4 Japan: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.4.1 Japan: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.4.4.4.2 Japan: Sodium Benzoate Market, by Application
8.4.4.5 South Korea: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.5.1 South Korea: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.4.4.5.2 South Korea: Sodium Benzoate Market, by Application
8.4.4.6 Rest of Asia Pacific: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.4.4.6.1 Rest of Asia Pacific: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.4.4.6.2 Rest of Asia Pacific: Sodium Benzoate Market, by Application
8.5 Middle East and Africa: Sodium Benzoate Market
8.5.1 Middle East and Africa: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.5.2 Middle East and Africa: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.5.3 Middle East and Africa: Sodium Benzoate Market, by Application
8.5.4 Middle East and Africa: Sodium Benzoate Market, by Key Country
8.5.4.1 South Africa: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.5.4.1.1 South Africa: Sodium Benzoate Market, by Application
8.5.4.2 Saudi Arabia: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.5.4.2.1 Saudi Arabia: Sodium Benzoate Market, by Application
8.5.4.3 UAE: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.5.4.3.1 UAE: Sodium Benzoate Market, by Application
8.5.4.4 Rest of Middle East and Africa: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.5.4.4.1 Rest of Middle East and Africa: Sodium Benzoate Market, by Application
8.6 South and Central America: Sodium Benzoate Market
8.6.1 South and Central America: Sodium Benzoate Market - Revenue and Forecast to 2028 (US$ Thousand)
8.6.2 South and Central America: Sodium Benzoate Market - Volume and Forecast to 2028 (Tons)
8.6.3 South and Central America: Sodium Benzoate Market, by Application
8.6.4 South and Central America: Sodium Benzoate Market, by Key Country
8.6.4.1 Brazil: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.6.4.1.1 Brazil: Sodium Benzoate Market, by Application
8.6.4.2 Argentina: Sodium Benzoate Market- Analysis and Forecast to 2028 (US$ Thousand)
8.6.4.2.1 Argentina: Sodium Benzoate Market, by Application
8.6.4.3 Rest of South and Central America: Sodium Benzoate Market- Revenue and Forecast to 2028 (US$ Thousand)
8.6.4.3.1 Rest of South and Central America: Sodium Benzoate Market, by Application
9. Impact of COVID-19
9.1 Overview - Impact of COVID-19
9.2 North America: Impact Assessment of COVID-19 Pandemic
9.3 Europe: Impact Assessment of COVID-19 Pandemic
9.4 Asia Pacific: Impact Assessment of COVID-19 Pandemic
9.5 Middle East and Africa: Impact Assessment of COVID-19 Pandemic
9.6 South America: Impact Assessment of COVID-19 Pandemic
10. Industry Landscape
10.1 Overview
10.2 Market Initiative
10.3 New Product Development
10.4 Merger and Acquisition
11. Company Profiles
11.1 Eastman Chemical Company
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Foodchem International Corporation
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 A.M FOOD CHEMICAL CO., LIMITED
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Jarchem Innovative Ingredients LLC
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 LANXESS
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 MERCK KGaA
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 Akema S.R.L.
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 FBC Industries
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Zancheng Life Sciences Ltd.
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
11.10 Reagents
11.10.1 Key Facts
11.10.2 Business Description
11.10.3 Products and Services
11.10.4 Financial Overview
11.10.5 SWOT Analysis
11.10.6 Key Developments
12. Appendix
12.1 About the Publisher
12.2 Glossary of Terms
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Companies Mentioned
- Eastman Chemical Company
- Foodchem International Corporation
- A.M FOOD CHEMICAL CO., LIMITED
- Jarchem Innovative Ingredients LLC
- MERCK KGaA
- LANXESS
- Akema S.r.l.
- Zancheng Life Sciences Ltd.
- FBC Industries
- Reagents
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 198 |
| Published | May 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( $ | $ 132.21 million |
| Forecasted Market Value ( $ | $ 182.97 million |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
