(MENAFN- GlobeNewsWire - Nasdaq) 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.Westford, USA, Nov. 28, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the sodium benzoate market size will attain a value of USD 434.5 million by 2031, with a CAGR of 6.1% over the forecast period (2024-2031). Growing demand for better food preservation and rising sales of cosmetics and personal care products are expected to bolster sodium benzoate market growth over the coming years. Use of sodium benzoate derived from natural sources is expected to create new opportunities for sodium benzoate providers in the long run.
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Sodium Benzoate Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 292.6 Million |
| Estimated Value by 2031 | $ 434.5 Million |
| Growth Rate | Poised to grow at a CAGR of 6.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Growing demand for packaged food products |
| Key Market Opportunities | Use of sodium benzoate derived from natural sources |
| Key Market Drivers | Rising use of sodium benzoate in cosmetics and personal care |
Sodium Benzoate Market Segmental Analysis
The global sodium benzoate market is categorized on the basis of form, application, and region.
Based on form , the market is segmented into powder, granule, and others.
Based on application , the market is segmented into beverages & food, cosmetic, pharmaceuticals, and others.
Based on region , the global Sodium Benzoate Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
High Solubility Allows Sodium Benzoate Powder to Bring in the Most Revenue Going Forward
Longer shelf and high solubility of sodium benzoate powder allow it to account for a dominant sodium benzoate market share. Extensive use of sodium benzoate powder in multiple industry verticals and the mildly acidic nature of the same are also contributing to the high share of this segment going forward. However, build-up of sodium benzoate powder in soil and water is slated to hurt the share of this segment in the future.
Use of Sodium Benzoate as an Antifungal Preservative is Slated to Increase in Cosmetic Applications through 2031
Rapidly increasing demand for personal care and cosmetic products around the world is projected to create new opportunities for sodium benzoate suppliers in the future. Extensive use of sodium benzoate to extend the shelf life of cosmetics and rising spending on safe cosmetics by consumers are also expected to benefit the global sodium benzoate industry expansion in the long run.
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Asia Pacific Region Leads Global Sodium Benzoate Demand Outlook Owing to Rise in Demand for Food and Cosmetic Products
The disposable income of people in the Asia Pacific region is rising rapidly and this is projected to be a key factor promoting demand for food and cosmetic products. Extensive use of sodium benzoate as a preservative in cosmetics and food products is helping this region hold sway over the global sodium benzoate market outlook in the future. India and China are slated to be the prime markets in the Asia Pacific region going forward.
Sodium Benzoate Market Insights:
Drivers
Growing demand for packaged and convenience foods Rising use of sodium benzoate in cosmetics and personal care products Imposition of stringent food safety mandates
Restraints
Rising public awareness regarding the use of synthetic preservatives Availability of sodium benzoate alternatives Concerns regarding potential side effects of sodium benzoate on health
Prominent Players in Sodium Benzoate Market
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.
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Key Questions Answered in Sodium Benzoate Market Report
Which segment leads the sales of sodium benzoate? Which countries are leading the global sodium benzoate market forecast? How can availability of alternatives impact market development? Who are the leading companies as per this sodium benzoate market analysis?
This report provides the following insights:
Analysis of key drivers (emphasis on improving reimbursement efficiency, growing use of electronic health records), restraints (data privacy and security concerns, reluctance to change, high costs for installation and maintenance), and opportunities (use of artificial intelligence, standardization of medical terminology) influencing the growth of sodium benzoate market.
Market Penetration : All-inclusive analysis of product portfolio of different market players and status of new product launches. Product Development/Innovation : Elaborate assessment of R&D activities, new product development, and upcoming trends of the sodium benzoate market. Market Development : Detailed analysis of potential regions where the market has potential to grow. Market Diversification : Comprehensive assessment of new product launches, recent developments, and emerging regional markets. Competitive Landscape : Detailed analysis of growth strategies, revenue analysis, and product innovation by new and established market players.
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