Sodium Benzoate Market Size – USD 427.3 Million in 2018, Sodium Benzoate Market Growth – CAGR of 4.2%
NEW YORK CITY, NEW YORK, UNITED STATES, March 24, 2020 /EINPresswire.com/ — The Global Sodium Benzoate Market is forecast to reach USD 597.6 Million by 2027, according to a new report by Reports and Data. Sodium Benzoate is an odorless partly hygroscopic crystalline common potassium salt of benzoic acid with alkalinizing property, which is manufactured by complete neutralization of benzoic acid with a high purity sodium carbonate or sodium bicarbonate or sodium hydroxide and subsequent crystallization. Sodium benzoate is approved by the European Union (EU) and European Free Trade Association (EFTA) as a safe food additive with a distinctive E-Number of E211. The global market is growing at a substantial pace due to the growing demand for sodium benzoates in food preserving applications and ornithine cycle disorder treatment. Continuous expansion of the food & beverage industries has directly influenced the growth of sodium benzoate as this chemical is utilized in the food-grade applications for preservation, flavor adjustment & enhancement, and buffering, among others.
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The Asia Pacific region is expected to retain its dominance in the global market. The market is North America is growing at a significant pace due to the extensive use of sodium benzoate in food preservatives and the healthcare applications. China and India are some of the fastest-growing markets in the world, while the Netherlands and the United States hold some of the most prominent players in the market.
Further key findings from the report suggest
• Growing penetration of the online retailing businesses for the chemicals and materials, especially in the emerging nations in the Asia Pacific, is helping the market grow by broadening the outreach in the areas where the offline vendors are unavailable. Also, due to the non-involvement of distributors in the supply chain model, the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 33.9% by 2027.
• Sodium Benzoate acidulants are used in food & beverage applications as additives that provide a sharp taste in food items with assisting in the setting of gels to act as preservatives also. Also, Sodium Benzoate sequestering agents are used in foods & beverages so that they can stabilize the inner molecule and prevent deterioration in food color & aroma.
• European region is forecasted to witness significant growth in the overall market, with 15.6% of market possession by 2027, having grown with a CAGR of 1.9% during the forecast period. The Netherlands holds some of the most prominent players in this region.
• North America, with its high demand for sodium benzoate food preservative & antifoulants, is accounted to retain a significant position in the global market by 2027, and the CAGR is calculated to be 4.6% during the forecast period.
• Key participants include Foodchem International Corporation, Wuhan Youji Industries Co., Ltd., DuPont de Nemours, Inc., Huangshi Xinghua Biochemical Co., Ltd., Akzo Nobel N.V., Eastman Chemical Company, Emerald Performance Materials, AM Food Chemical Co. Ltd., American Tartaric Products, and FBC Industries Inc., among others.
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For the purpose of this report, Reports and Data have segmented the global sodium benzoate market on the basis of distribution channel, application, end-use verticals, and region:
Distribution Channel Outlook (Revenue, USD Million; 2016-2027)
• Online Retailing
• Offline Retailing
Application Outlook (Revenue, USD Million; 2016-2027)
• Food Preservative & Acidulant
• Buffering Agent
• Other Applications
End-Use Verticals Outlook (Revenue, USD Million; 2016-2027)
• Food & Beverage Industry
• Medical & Pharmaceutical
• Personal Care Products
Regional Outlook (Revenue, USD Million; 2016-2027)
• North America
• Asia Pacific
• Latin America
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Source: EIN Presswire