Global Sodium Benzoate Market: Size, Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022-2030

Sodium benzoate is a salt of benzoic acid which is widely used as preservative in various end-user industries. It is naturally present in low levels in cranberries, apples, cinnamon and plums among other natural foods. It is among the cheap and easily available preservative and hence has high demand from various end-user industries such as food & beverage, pharmaceuticals, cosmetics, agriculture among others.

Rising demand for processed foods and ready to drink beverages has led to high demand for sodium benzoate in the market. Sodium benzoate eliminates the growth of bacteria and molds which helps preventing spoilage of food and drinks. Hence, high demand is reported for sodium benzoate from the food & beverages industry. Cosmetics application accounted for the second largest share of global sodium benzoate market. Owing to its extremely low level of toxicity it is used as a preservative in cosmetics products. Sodium benzoate owing to its antimicrobial preservative and flavoring agent properties also find its application in pharmaceutical industry.

Asia Pacific accounted for the major share of global sodium benzoate market in 2021. Food & beverage is the largest end-user segment in Asia Pacific. The rising demand for sodium benzoate as a preservative in the food industry is projected to boost market demand in the near future. High demand is reported for sodium benzoate not only from the food & beverage industry but also from the pharmaceutical and cosmetic industry in the region. In Asia Pacific, especially China is projected to generate high demand for sodium benzoate. In terms of demand, Europe accounted for the second largest market share in sodium benzoate market after Asia Pacific in 2021. Europe is a matured market for sodium benzoate and is projected to witness modest growth during the forecast period of 2022 to 2030. European regulatory authority approved sodium benzoate to be safe and limited consumption has no ill effects on health.

The food and beverages segment accounted for the largest share in 2021 and projected to maintain its dominance during the forecast period of 2022 to 2030. Sodium benzoate is used as a preservative within the food and beverages industry to prolong product shelf life, maintain product quality, and enhance product safety and to reduce processing costs. This segment is projected to grow at a CAGR of 3.1% during the forecast period in terms of revenue. Increasing popularity and availability of packaged food and beverages is one of the drivers of the growth of this segment.

Demand for sodium benzoate from cosmetic application is projected to grow dramatically, at a CAGR of 3.4% during the forecast period. Sodium benzoate is used as a masking ingredient, anti-corrosive agent, fragrance ingredient and as a preservative in cosmetics and personal care products. As a preservative, it prevents fungi and bacteria from developing in formulas and products and changing their compositions.

Sodium benzoate is also used extensively in pharmaceutical applications. It is used as a preservative for pharmaceutical products such as flavored vehicles, syrups and multiple dose containers for liquid preparations. The pH is an important factor and use levels may vary.

Asia Pacific and Europe together accounted for more than 60% share of the global sodium benzoate market in 2021. However, growth is projected to be highest from Asia Pacific region owing to high demand for convenience foods and food products with a longer shelf life. Asia Pacific market for sodium benzoate is projected to grow at a CAGR of 3.5% during the forecast period in terms of revenue from 2022 to 2030. Europe accounted for the second largest share in sodium benzoate market in 2021 and is projected to experience modest growth during the forecast period. Rising demand for processed food and ready to drink beverages is driving the demand for sodium benzoate in this region. Pharmaceutical industry is another factor contributing towards the growth of sodium benzoate market in this region. North America, Middle East & Africa and Latin America are projected to grow at a below average growth rate during the forecast period of 2022 to 2030.

Historical & Forecast Period

This report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Sodium Benzoate market are as follows:

• Research and development budgets of manufacturers and government spending.
• Revenues of key companies in the market segment.
• Number of end users and consumption volume, price and value.
• Geographical revenues generated by countries considered in the report.
• Micro and macro environment factors that are currently influencing the Sodium Benzoate market and their expected impact during the forecast period.
• The market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Application

• Food & Beverage
• Cosmetics
• Pharmaceutical

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Sodium Benzoate market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Sodium Benzoate market?
• Which is the largest regional market for Sodium Benzoate market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Sodium Benzoate market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Sodium Benzoate market worldwide?