-- Market Overview
In 2020, the market for sodium benzoate was valued at USD 186.3 million and is expected to reach a high valuation if the CAGR is measured at 4.3% during the forecast period.
Market Dynamics
Sodium benzoate's food and beverage application benefits will propel the sodium benzoate market to new heights in the years to come. As a chelating and pH-regulating substance, it is used in a variety of restaurants to enhance the flavour of food and drink. The sodium benzoate business has benefited greatly from a rise in the popularity of fast food and other items that can be eaten on-the-go. Because of their wide range and ease of access, people are more likely to eat quick snacks. Some of these variables include the emergence of many fast food retail establishments as well as the increasing growth rate of organised retail sectors in various emerging countries.
Post-dural puncture headaches and hyperammonemia can be treated with sodium benzoate. As a result, the pharmaceutical segment of the sodium benzoate market is ripe for growth. In the wake of the outbreak of Covid-19, makers of sodium benzoate have found themselves in a position to profit. Because of the pandemic's lockdown restrictions, the supply chain has been adversely affected. Because of this, the need for extending the shelf life of food goods has grown significantly. Food preservatives are in high demand around the world because of this.
Health officials are monitoring the use of potentially harmful substances in medications, food, and personal care products with great attention. This could be a key stumbling block for sodium benzoate's expansion.
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Segmental Analysis
Application and form are the two main divisions of the sodium benzoate market.
Pharmaceuticals, beverages, food, and personal care products are all sub-segments of the overall market. It is expected that the food and beverage business will continue to grow at a rapid rate in the years to come, capturing the largest share of the global market in 2020.
The market is divided into two categories: liquid and dry. Sodium benzoate in its dry form has a wide range of uses in these fields. Dry version is a good alternative because of its solubility and lack of odour. In the future, this market sector is expected to have the greatest potential for growth across geographies.
Regional Overview
In terms of geography, the worldwide sodium benzoate market is divided into five main regions: North America; Latin America; Europe; Asia Pacific; and the Middle East and Africa (MENA). The Asia Pacific region is predicted to develop at a particular rate over the forecast period due of the existence of significant food and beverage businesses in the region.
Because of the existing dominance of the pharmaceutical industry in Asia, this market is likely to give a tremendous opportunity for sodium benzoate's expansion in this region. Sodium benzoate's market may also benefit from the rapid expansion of the fast food industry in the region, particularly in China and India.
Other than Europe, sodium benzoate market share is highest in the world. Key competitors in this region have maintained a steady growth rate for many years, which has been a major contributor to market expansion. A rise in public awareness of the dangers posed by preservatives can also have a negative impact on the industry's expansion.
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Competitive Dynamics
The market for sodium benzoate has a list of many small, medium, and large-scale key players. Some of them are Foodchem International Corporation, Emerald Performance Materials LLC, Grenkem, and Avantor.
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