Powdered Sodium Benzoates Market Research Report – Segmented By Application (Beverages and Food, Pharmaceuticals, Cosmetics, and Others); Distribution Channel (Offline and Online); and Region - Size, Share, Growth Analysis | Forecast (2023 – 2030)

Global Powdered Sodium Benzoates Market Size (2024-2030)

In 2023, the Global Powdered Sodium Benzoates Market was valued at USD 685.82 Million and is projected to reach a market size of USD 998.30 Million by 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 5.51%.

Market Overview:

Sodium Benzoate is generally used as a food preservative to make the food last longer in the case of packed goods, especially food products in the acidic pH range such as soft drinks, jams, pickles, and so on. It is also widely used in cosmetic and personal care products, and pharmaceuticals as it also acts as an adjuvant. Major markets for sodium benzoates are the US, Europe, and the Asia Pacific region. It is the Sodium Salt of Benzoic Acid. It is the byproduct of the reaction of Benzoic Acid with Sodium hydroxide. It is a crystalline salt and is mostly available and sold in the form of powder, granules, flakes, and even as noodlesand nanopowders. It is a very crucial additive in the food industry and an intermediate essential in the pharmaceutical industry, used primarily due to its antimicrobial and antifungal properties. It is also used as a flavoring agentand adjuvant in the food and beverage industry. It also has rust and corrosion-inhibiting properties owing to which it finds application in the Manufacturing Sector as well. Apart from these, it is also used in Cosmetic and personal care products.Consumers moving toward processed and packaged food and beverage goods such as fruit drinks, snacks, processed meat, and others is augmenting the market need for sodium benzoates. In many European economies, the popularity of skipping meals such as breakfast has shifted consumer preference for processed and packaged food and beverage products. Preservatives, such as sodium benzoate, are an integral ingredient in processed food and beverage and has augmented the market.

COVID-19 Impact on the global Powdered Sodium Benzoates Market:

Due to the shutdown and lockdowns, several channels witnessed a remarkable drop in demand. This resulted in increased inventory levels with maximum trade partners on board, as well as an incapability to clear pending stock with them. During the first quarter of 2020, sodium benzoate manufacturers witnessed a substantial disruption in their raw material supply chain due to the COVID-19 pandemic and the rate of spread of the virus. Still, the usage of sodium benzoate as a preservative in the food industry proved to be a significant growth driver for the market. It is primarily used as an anti-microbial in lower pH products such as jams, salad dressings, carbonated drinks, pickles, etc. It is a popular food preservative owing to its ease of manufacturing, colourlessness, and low cost.

Market Drivers:

The rise in population along with the increase in the awareness is propelling the market growth of powdered sodium benzoates globally:

The powdered sodium benzoate market has been increasing with the growth trends witnessed by the pharmaceutical and food & beverages industries. Factors including the surge in urban population, demand rise for pharmaceutical supplies, growing consumer awareness, and expansion of the packaged food industry together have fuelled the expansion of the global powdered sodium benzoate market. It is also estimated to rise as a result of growing disposable income levels and the increased demand for it globally. It is also likely to be driven by the increasing participation of new entrants and their increased manufacturing capacity. It is thus creating and opening up new lucrative opportunities in the global market.

The surging investments in the research and development sector is boosting market expansion opportunities worldwide:

Increasing capital investments in research and development activities due to the increase in demand for these primarily in the food and beverages sector and the pharmaceutical sector, due to the rising awareness among people, increased applications, and increasing sales in the industry are driving the market growth for powdered sodium benzoates.

Market Restraints: 

The strict and stringent regulations by official authorities may hamper the global market growth:

The rules and laws regarding food safety standards set by the government and authorities of some economies due to certain health issues reported and administered by the Food and Drug Administration (FDA) and the World Health Organization (WHO) are likely to restrict the growth of the global powdered sodium benzoate market during the forecast timeline.

POWDERED SODIUM BENZOATES MARKET REPORT COVERAGE:

This research report on the global Powdered Sodium Benzoates Market has been segmented and sub-segmented based on Application, Distribution Channel, Region, and Key Companies.

Powdered Sodium Benzoates Market – By Application.

• Beverages and Food
• Pharmaceuticals
• Cosmetics
• Others

Based on application, the powdered sodium benzoates market has been segmented into 4 segments – Beverages and Food, Pharmaceuticals, Cosmetics, and Others.

The food and beverages segment dominates the market and accounts for the majority of the revenue in the global market share of around 45.3 %in 2022. As per a report published by the International Program on Health and safety, sodium benzoate is primarily used in the beverage sector.

The cosmetic segment is estimated to witness the fastest CAGR of 6.9% over the forecast period in terms of total revenue. It has been observed that sodium benzoate can be used safely at percentages as high as up to 5%. It is an antifungal preservative and is found in cosmetics and food and is highly effective against fungus, yeasts, and bacteria.

Powdered Sodium Benzoates Market – By Distribution Channel.

• Offline
• Online

Based on the distribution channel, the powdered sodium benzoates market has been segmented into 2 segments – Offline and Online modes.

Powdered Sodium Benzoates Market – By Region.

• North America
• Europe
• Asia-Pacific
• South America
• Middle-East and Africa

Based on region, the powdered sodium benzoates market has been segmented into 5 major regions – North America, Europe, Asia-Pacific, South America, Middle-East, and Africa.

Europe dominates the powdered sodium benzoate market and accounts for the highest revenue share of 39.3% in 2022. The demand for powdered sodium benzoate in the European region remained low in the last quarter of 2021due to the recovery of the economy and market from the pandemic-induced slowdown. Furthermore, the emergence of animal diseases like "African swine fever" in Germany caused a restriction in EU compound feed production across the region.

In Asia Pacific, the market held a revenue share of around 16.2% in 2022. Powdered Sodium Benzoate prices rose in Asia Pacific in the first month of 2022, due to increased demand from end-user industry verticals and reduced feedstock prices. Also, the demand forpowdered sodium benzoate in the food and cosmetics industries roseowing to the increased disposable income and growing population in the region.

The Middle East and African region's demand for food and beverages is expanding at a rapid pace, and this trend is anticipated to continue during the forecasted years as well. This need, along with various strategic investments by various governments in the food and beverage industry, is likely to raise powdered sodium benzoate demand during the forecast period.

Powdered Sodium Benzoates Market – By Companies.

1. Foodchem International Corporation
2. Avantor Inc.
3. Merck KGaA
4. Ganesh Benzoplast Ltd.
5. Spectrum Chemicals
6. Wuhan Youji Industries Co. Ltd.
7. FBC Industries, Inc.
8. Tengzhou Tenglong Chemical Co., Ltd.
9. CellMark AB
10. A.M. Food Chemical Co. Limited
11. Hugestone enterprise co. Ltd.
12. PENTA CHEMICALS

Continuous advancements and investments from key operating major players inthe powdered sodium benzoates market have led them to gain a lucrative edge in the market, thereby driving global market growth.