"Sodium Benzoate Market Set to Expand at a Robust 5.2% CAGR Owing to Increasing Application across Food & Beverage Industry"

"Sodium Benzoate Market Set to Expand at a Robust 5.2% CAGR Owing to Increasing Application across Food & Beverage Industry"

Sodium benzoate is widely used as a preservative across various food and beverages industries due to its antimicrobial properties. It helps prevent spoilage of food products by inhibiting the growth of bacteria, yeast and mold. Sodium benzoate finds major application in non-carbonated soft drinks, fruit juices, pickles, jams and jellies. It also helps maintain freshness and taste while extending the shelf life of products.

The global sodium benzoate market is estimated to be valued at US$ 2.77 Bn in 2024 and is expected to exhibit a CAGR of 5.2% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the sodium benzoate market are Haier Group Corporation, Koninklijke Philips N.V, Rowenta, Chigo, Midea Group Co. Ltd., Conair, Jiffy Steamer, AB Electrolux, Panasonic Marketing Middle East & Africa FZE, Shanghai Flyco Electrical Appliance Co. Ltd, Pursteam, Philips , Rossmann, Ningbo Shuaiwei Electric Appliance Co., Ltd, Conair, Rowenta USA, Black+Decker, Singer, Propress, and Groupe SEB. The growth of the packaged food and beverages industry in developing countries is expected to open new opportunities for players in the sodium benzoate market. Leading manufacturers are focusing on expansions across Asia Pacific and South America to tap the high growth potential in these regions.

Market drivers

The increasing application of sodium benzoate as a preservative across the food and beverage industry is a key factor driving the growth of the Sodium Benzoate Market demand for convenience and packaged food products owing to changing lifestyles is supporting the growth of the market. Stringent food safety regulations mandating the use of antimicrobial preservatives are also fueling the adoption of sodium benzoate over the forecast period.

PEST Analysis

Political: The regulation policies across different regions regarding the usage of preservatives in food and beverages can impact the sodium benzoate market. For example, in the European Union, sodium benzoate is allowed for use within approved limits.

Economic: Factors such as the increased disposable income of consumers and rising demand for processed and packaged food products are expected to drive the demand for sodium benzoate as a preservative.

Social: The changing lifestyles and food consumption habits of people are influencing the sodium benzoate market. The growing demand for convenience and packaged foods require preservatives to increase the shelf life of products.

Technological:

Major producers are globally dispersed, and individual suppliers have low bargaining power against large buyers in the food industry. The Sodium Benzoate Market challenges and opportunities include navigating this dynamic, where suppliers face challenges in exerting influence, while opportunities arise from the growing demand and potential market expansion.
The sodium benzoate market in terms of value is concentrated highly in North America and Europe. This is due to the presence of major food and beverage companies utilizing sodium benzoate in various products in these regions.

The Asia Pacific region is projected to emerge as the fastest growing market for sodium benzoate during the forecast period. Factors such as increasing disposable incomes, growing working female population, and rising health awareness are expected to drive the demand for processed and packaged foods. This will lead to higher consumption of sodium benzoate as a preservative in the Asia Pacific region.

Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.

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