Sodium benzoate Market: Global Opportunity Analysis and Industry Forecast 2023-2030 Market

Sodium benzoate Market Analysis

Sodium benzoate is a benzoic acid salt that is commonly used as a preservative in multiple end-user industries. It is naturally present in low rates in cranberries, apples, cinnamon, and plums. It is one of the inexpensive and readily available preservatives, and hence has strong demand from various end-user industries, such as food & beverage, pharmaceuticals, cosmetics, and agriculture. The market for sodium benzoate is estimated to witness notable growth, owing to rise in applications of sodium benzoate in various industries.  It is used by producers as a preservative to prevent spoilage. Acidic products such as soda, hot sauce, jellies, jams, and sauerkraut are the most common sources of sodium benzoate. Sodium benzoate is further used as a medicine for treating hyperammonemia, a rare condition that triggers excess ammonia to build up in the body. The cost-effective price of cosmetic and chemical preservatives and their convenient availability make them a popular option for most food and cosmetic companies.

Key drivers of global sodium benzoate market

The growth of the sodium benzoate market is expected to be driven by increase in demand for benzoate from cosmetics and food industries. In certain foods and seasonings, including cranberries, cinnamon, prunes, and apples, sodium benzoate is found naturally.  Furthermore, rapid expansion of the pharmaceutical and cosmetics industries plays a vital role in increasing demand for sodium benzoates, which, in turn, is expected to fuel the market growth in the years to come.

Market scenario: opportunities and challenges

The global sodium benzoate industry is expected to grow at a rapid rate in the near future, owing to surge in demand for sodium benzoate. New scopes for sodium benzoate are emerging for the wealthy, millennial population. This is attributed to the fact that population of developed countries is witnessing a huge shift in their food habits. However, the use of hazardous chemicals in cosmetics, pharmaceuticals, and food is strictly regulated and restricted by government authorities, which negatively impacts the rate of growth of the sodium benzoate market.

COVID-19 scenario analysis

Owing to the COVID-19 pandemic, the global sodium benzoate market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. COVID-19 may influence the global market for sodium benzoate in three major ways, by actively impacting production & demand, by generating supply chain & business instability. The sodium benzoate industry is anticipated to experience a direct impact for the next one or two years, if the growth of the food industry declines, as it is one of the key consumers of sodium benzoate.

Key benefits of the report

• This study presents the analytical depiction of the global sodium benzoate industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global sodium benzoate market share.
• The current market is quantitatively analyzed to highlight the global sodium benzoate market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the global sodium benzoate market research report:

• Which are the leading market players active in the global sodium benzoate market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Sodium benzoate Market: Global Opportunity Analysis and Industry Forecast 2020–2027 Report Highlights