Sodium Benzoate Market Report, By Application and Geography – Global Market Share, Trend Analysis and Forecast up to 2024 (Upcoming)

Report Code: 1527
Publish Date: May 2018

Product Description

Sodium Benzoate is a preservative found in various food, beverages, and condiments that is generally recognized to be consumed in small dosages. The most common source of sodium benzoate is food; manufacturers use it as a preservative to prevent spoilage. Acidic products like sauerkraut, jellies and jams, hot sauce and soda are the most common sources of sodium benzoate. Less commonly, sodium benzoate is used as a medication to treat hyperammonemia, a rare disorder that causes excess ammonia to accumulate in the blood. Traces of sodium benzoate are present naturally in some foods and seasonings, including cranberries, cinnamon, prunes, and apples. Thus, the growing demand from food and beverages industry is driving the market for sodium benzoate. The global sodium benzoate market was valued at USD 127.9 million in 2017 and is expected to expand at a CAGR of 4.5% from 2019 to 2024.

Sodium benzoate is also used as a preservative in cosmetics and medicines. It has application in fireworks as a fuel which is in powdered form that gives out a whistling sound. Therefore, the whistle mix cracker and rockets emit sound once they are fired. Their use in all these end use industries is projected to drive the market growth in near future. Certain health issues owing to benzoates reported by the FDA and World Health Organizations are projected to hamper the market growth of benzoate market.

The global sodium benzoate market is segmented based on application and geography. Based on applications, the global sodium benzoate market is segmented into food & beverages, cosmetics, pharmaceuticals, and others. Among various applications, rising demand for processed foods is anticipated to lead the food and beverages market and this segment is further expected to remain dominant in the near future expanding at a CAGR of 4.8% from 2019 to 2024. Other application segments are also expected to showcase significant growth thereby boost the demand for sodium benzoate over the forecast period from 2019 to 2024.

Based on geography, the global sodium benzoate market is segmented into North America, Europe, Asia Pacific,and rest of the world region which comprises Latin America and Middle East & Africa.  Asia Pacific accounted for the largest share in the global sodium benzoate market; it is further projected to dominate the global market by 2024. In Asia Pacific, the financially endowed millennial population is developing new scopes for Sodium benzoate. Population of India and China are witnessing a massive change in their food habits as a result of which markets for packed foods are soaring in these regions. Current studies revealed that more than 60% of the population of India prefers to try packed food. The governments of these countries such as China and India are indifferent about the usage of the harmful preservatives in food articles. The cosmetic consumer protection laws are facile. Thus, the opportunities for the preservatives makers are maximum in this market, giving rise to the market for sodium benzoate in the region.

The global sodium benzoate market is led by companies such as, Foodchem International Corporation and A.M. Food Chemical Co. Limited having strong hold on the global market. Some of the key manufacturers of sodium benzoates in the global market include Foodchem International Corporation, A.M. Food Chemical Co. Limited, Wuhan Youji Industries Co., Ltd. DuPont de Nemours Company, and Eastman Chemical Company, E.I., among others.

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In order to estimate and validate the size of global sodium benzoate market, and to determine the size of other dependent submarkets, we have use both top-down and bottom-up approaches. The research study involved extensive use of secondary sources, directories, and databases, such as Hoovers, Factiva, One Source, Bloomberg, Reuters, and other government and private websites to identify and collect information useful for a technical, market-oriented, and commercial study of the global sodium benzoate market.