Sodium Benzoate Market: Introduction
- The global sodium benzoate market is expected to expand at a rapid pace during the forecast period, owing to the rise in demand for convenience foods and food products with longer shelf life
- Sodium benzoate is widely used as a preservative in several industries, such as food & beverages, cosmetics, and pharmaceuticals to maintain product quality, improve product safety, and extend product shelf life. It is mainly used in PH less than 4.5 as a preservative; the effectiveness of sodium benzoate increases with decline in pH level.
- Rise in use of synthetic preservatives on poultry and meat in Asia Pacific and Middle East & Africa regions is another factor that is likely to drive the global sodium benzoate market during the forecast period
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Key Drivers of Sodium Benzoate Market
- The sodium benzoate market has been growing in accordance with growth trends of the pharmaceutical and food & beverages industries. Factors, such as increase in urban population, demand for pharmaceutical supplies, rise in consumer awareness, and growth of the packaged food industry have propelled the expansion of the global sodium benzoate market.
- Demand for food and beverages is rapidly increasing in the Middle East & Africa region, and this trend is anticipated to continue during the forecast period. This demand, coupled with various planned investments by different governments in the food & beverages industry, is estimated to increase the demand for sodium benzoate during the forecast period.
- Certain health issues reported by the Food & Drug Administration (FDA) and the World Health Organization (WHO) are likely to hamper the growth of the global sodium benzoate market during the forecast period
Food & Beverages Application Segment to Witness Attractive Opportunities
- In terms of volume and value, the food & beverages application segment is projected to grow rapidly during the forecast period
- In the food & beverages industry, sodium benzoate is widely used to improve taste as a pH control agent and as a chelating agent, and to prevent decomposition of food
- Sodium benzoate is also used as a preservative in cosmetics and medicines. It has application in fireworks as fuel, which is in powdered form that gives out a whistling sound.
Side Effects of Sodium Benzoate Likely To Hamper Market
- Sodium benzoate is a harmful preservative and is easily soluble. Moreover, it is affordable which widens its usage. However, researches have revealed that overuse of this chemical solvent can cause cancer by affecting the oxygen cells present in the body. This factor is likely to restrain the growth of the global sodium benzoate market.
- Consumers are constantly orientated towards fresh and organic food products, which contain minimum chemicals. Change in consumer mindset will directly impact the growth of the global sodium benzoate market.
- Several developed countries have already banned foods that contain sodium benzoate. Thus, key players operating in the market are constantly involved in developing new chemicals that do not cause any harm to the human body. This changing trend is a huge barrier in the expansion of the global sodium benzoate market.
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Asia Pacific to Hold Major Share of Global Sodium Benzoate Market
- Demand for sodium benzoate is estimated to be high in the food & beverages industry during the forecast period. Moreover, the demand for this chemical is expected to rise in Asia Pacific, owing to the growth of the food & beverages industry of countries such as China, India, and Indonesia.
- Increase in consumer spending and growing population will boost the healthcare industry, which will support the growth of sodium benzoate market in the Asia Pacific region. China occupies a major share of the sodium benzoate market in Asia Pacific. This market in China is anticipated to grow a rapid pace.
- In developed countries such as Germany and the U.S., usage of synthetic preservatives is banned, as it has various effects on human health. This factor is projected to affect the growth of the sodium benzoates market during the forecast period.
- Middle East & Africa is anticipated to be the rapidly growing market for sodium benzoate during the forecast period. This market in Middle East & Africa is in its developing stage and key players are largely investing in this region to improve their presence and increase market share.
Key Players in Global Market
Key players operating in the global sodium benzoate market include:
- Archer Daniels Midland Company
- Foodchem International Corporation
- A.M. Food Chemical Co. Limited
- Wuhan Youji Industries Co., Ltd.
- DuPont de Nemours Company
- Eastman Chemical Company, E.I.
- Brown Chemical Co. Ltd
- Charkit Chemical Corp
- Jarchem Industries,
- Spectrum Chemicals
- Cellmark USA, LLC
Global Sodium Benzoate Market: Research Scope
Global Sodium Benzoate Market, by Application
- Food & Beverages
Global Sodium Benzoate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.