PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447051
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1447051
According to Stratistics MRC, the Global Sodium Benzoate Market is accounted for $1.43 billion in 2023 and is expected to reach $2.46 billion by 2030 growing at a CAGR of 8.1% during the forecast period. As a synthetic compound, Sodium Benzoate serves as an effective preservative due to its ability to inhibit the growth of bacteria, yeast, and mold in acidic conditions, thereby extending the shelf life of various consumables. Its utilization spans across a spectrum of food and beverage segments including carbonated drinks, fruit juices, sauces, and condiments. Additionally, its affordability and regulatory approval as a safe food additive contribute to its popularity among manufacturers seeking to ensure product quality and safety.
According to the International Program on Health and safety, sodium benzoate is widely used in the beverage sector. Sodium benzoate raises the acidity of soft drinks, which also boosts the flavor intensity of high-fructose corn syrup. Sodium benzoate is listed as E211 in the ingredients list on the back of a soda can, which is the number assigned to it as a food additive. E211 is a common ingredient in diet soft drinks.
Stringent food safety regulations
With an increasing emphasis on food quality and safety globally, regulatory authorities have implemented strict guidelines and standards to ensure consumer protection. Sodium benzoate, recognized as a safe and effective preservative by regulatory bodies worldwide, becomes a preferred choice for food manufacturers seeking compliance with these regulations. Its approval for use as a food additive in various jurisdictions provides manufacturers with a reliable option for preserving the integrity of their products while meeting regulatory requirements.
Fluctuations in raw material prices
The primary raw material for sodium benzoate production is benzoic acid, which is derived from various sources such as toluene or benzene. Any volatility in the prices of these raw materials can directly impact the cost of producing sodium benzoate. Factors such as changes in supply and demand dynamics, geopolitical tensions affecting raw material sourcing, and fluctuations in energy prices can all contribute to price instability. These fluctuations not only affect the profitability of sodium benzoate manufacturers but also create uncertainty for buyers and end-users, leading to challenges in budgeting and planning.
Technological advancements
With continuous innovations in food processing and preservation technologies, manufacturers are constantly seeking more efficient and effective methods to extend the shelf life of their products while ensuring food safety and quality. Sodium benzoate, as a versatile preservative, benefits from these advancements by being incorporated into new formulations and production processes that enhance its efficacy and application flexibility. Advanced techniques such as microencapsulation and nanoemulsification have enabled the development of novel sodium benzoate delivery systems, improving its stability and dispersibility in food and beverage matrices.
Emergence of alternative preservation methods
With growing consumer demand for natural and clean-label food products, there has been an increased interest in exploring alternative preservation techniques that offer safer and more natural solutions than synthetic additives like sodium benzoate. Methods such as high-pressure processing, modified atmosphere packaging, and the use of natural antimicrobial agents derived from plant extracts or essential oils are gaining traction as viable alternatives to traditional preservatives. These alternative methods not only meet consumer preferences for clean-label products but also address concerns about potential health risks associated with synthetic additives.
The shutdown resulted in a notable decline in demand for channel partners. As a result, there were higher inventory levels with the majority of trade partners, and it was unable to settle outstanding stock with them. Because of the COVID-19 pandemic, producers of sodium benzoate had a significant disruption in their raw material supply chain during the first two quarters of 2020. However, the unexpected impact of the pandemic led to a spike in demand for products in the pharmaceutical and nutraceutical businesses that help boost immunity.
The granules segment is expected to be the largest during the forecast period
Granules segment is expected to be the largest during the forecast period. Granular form allows for easier handling, storage, and dispersion in food and beverage formulations, minimizing dust formation and improving process efficiency. Granules offer better flow properties, ensuring uniform distribution within the product matrix, which enhances its effectiveness as a preservative. Furthermore, granulated sodium benzoate exhibits improved stability and reduced caking tendencies compared to powdered forms, prolonging its shelf life and maintaining product quality.
The antimicrobial agent segment is expected to have the highest CAGR during the forecast period
Antimicrobial Agent segment is expected to have the highest CAGR during the forecast period. With consumers increasingly prioritizing food safety and demanding products with extended shelf life, the demand for reliable antimicrobial agents like sodium benzoate is on the rise. As the global consumption of processed and convenience foods continues to surge, the need for effective preservation solutions intensifies, further propelling the growth of the antimicrobial agent segment within the market.
Asia Pacific region commanded the largest share of the market over the projection period. Growing populations and rising disposable incomes spurred demand for sodium benzoate in the food and cosmetics industries. As a result, sodium benzoate's price increased in the domestic market. In addition, some of the factors propelling market growth in the region include the specificity of preservatives in biochemical reactions and the rising need for higher-quality juices and beverages.
Due to the compound's expanding usage in the pharmaceutical sector as well as rising pharmaceutical spending, North America region is projected to witness lucrative growth over the extrapolated period. In this region, sodium benzoate aids in the preservation of fish marinades, salads, and fruits and vegetables. It's also used to preserve fruit, yogurt, beer, and olives. It is beneficial to the environment and grows in soil and water. Moreover, the substantial expansion of the fast-food industries, especially in the US and Canada, is anticipated to drive the sodium benzoate market's development.
Key players in the market
Some of the key players in Sodium Benzoate market include A.M Food Chemical Co., Limited, Avantor Inc, Dupond De Nemours Company, Ganesh Benzoplast Ltd, Hugestone enterprise co. Ltd, Penta Chemicals, Sigma Aldrich, Eastman Company, Spectrum Chemical, Tengzhou Tenglong Chemical Co., Ltd. and BASF SE.
In March 2022, Ganesh Benzoplast Limited along with Singapore based Golden Agri International Enterprises Pte. Ltd., K N Agri Resources Ltd and other investors, through- Bluebrahma Clean Energy Solutions Pvt Ltd. - has ventured into production of Ethanol and Extra Neutral Alcohol.
In March 2022, Ganesh Benzoplast Ltd, in collaboration with Golden Agri International Enterprises Pte. Limited., KN Agri Resources Ltd., and other investors, entered the ethanol production and Extra Neutral Alcohol (ENA) by acquiring a 100 percent shareholding in Sagar Industries, a distillery in the Nasik, Maharashtra, India