DUBLIN, Feb. 22, 2024 /PRNewswire/ — The “Sodium Benzoate Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F” report has been added to ResearchAndMarkets.com’s offering.
The Global Sodium Benzoate Market is experiencing significant growth, driven by its crucial role in the extending shelf life of processed foods and beverages. A new comprehensive analysis reveals the market’s projected trajectory, showcasing an expected expansion at a Compound Annual Growth Rate (CAGR) of 6.01% from its valuation of USD 1.24 billion in 2022 through to 2028.
This upsurge is attributed to the increasing consumer preference for preserved foodstuffs, the burgeoning beverage industry, and greater awareness of food safety protocols.
Key market drivers, such as the rising demand for processed foods due to changing lifestyles and urbanization, coupled with advancing globalization, are key contributors to the market’s growth. Sodium benzoate, serving as an effective antimicrobial agent, ensures the safety and longevity of food and drink in the food and beverage sector, which dominated the market share in 2022. Furthermore, the cosmetic segment is anticipated to exhibit the most rapid growth in revenue, considering the compound’s efficacy in personal care products.
The Asia-Pacific region is poised to dominate the sodium benzoate sector, given the region’s significant economic development, stringent food safety standards, and a flourishing manufacturing base concentrated in China and India. This makes the region a powerhouse, both in terms of consumption and production of the preservative.
Key Market Trends
- The demand for clean-label preservatives, signifying a shift toward natural products, impacts the sodium benzoate market trends.
- Technological advancements in food preservation are steering the market towards innovative alternatives with enhanced efficacy.
- An increased focus on microbial safety propels sodium benzoate as a prominent figure in safeguarding against bacteria and fungal contamination.
Segmental Insights
The report provides a detailed analysis of multiple market segments. In terms of form, the powder variant of sodium benzoate retains the highest market share, being typically employed in an array of food preservation applications. Granules, however, are expected to witness impressive growth within the forecast period. When considering applications, the beverage and food sector dominates, yet steady growth is also expected in the pharmaceutical and cosmetic segments
The comprehensive market analysis presents an in-depth look into various market dynamics, including challenges such as consumer preference shifts towards natural preservatives, regulatory scrutiny, and the impact of consumer perception on the demand for sodium benzoate.
This analysis proves invaluable for businesses and investors looking to understand the intricacies of the sodium benzoate market and strategize effectively for growth opportunities in the respective industry. The report illustrates the sodium benzoate market’s vital role in modern food and beverage production, and the broader implications of its use across global markets.
Report Scope:
In this report, the Global Sodium Benzoate Market has been segmented into the following categories:
Sodium Benzoate Market, By Form:
- Powder
- Granules
- Others
Sodium Benzoate Market, By Application:
- Beverages & Food
- Cosmetics
- Pharmaceuticals
- Others
Companies Profiled
- Foodchem International
- Avantor
- Merck
- Ganesh Benzoplast
- Spectrum Chemical Manufacturing
- Wuhan Youji Industrial
- FBC Industries
- Tengzhou Tenglong Chemical
- CellMark
- AM Food Chemical Company
For more information about this report visit https://www.researchandmarkets.com/r/qx98g9
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