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Global Sodium Benzoate Market it is anticipated to reach at market value of US$ 282.1 Mn by 2027
Bizizz Market Research has recently published a research report, “Sodium Benzoate Market by End-Use Industry (Cosmetics (Hair Care, Oral Care, Skin Care, and Others), Food & Beverages (Carbonic Drinks and Food), Pharmaceutical, and Others) and Region-Global Industry Trends, Estimation & Forecast, 2019 - 2027”.
As per the report, Global Sodium Benzoate Market was valued at US$ XX Mn in 2018 and it is anticipated to reach at market value of US$ 282.1 Mn by 2027, witnessing a CAGR of 5.1 % during the forecast period. Key drivers of the market are popularity of convenience food, rising demand from end-users, and beneficial features offered by the chemical.
Sodium Benzoate is used in several applications for multiple industry verticals including food & beverages, cosmetic, and pharmaceutical. The chemical has applications in acidic food items such as salad dressings, jam & jelly, and pickles. The use of sodium benzoate is intended to improve shelf life of these food products. The chemical is also used in several liquid medicines and drugs for treatment of increased ammonia level in human body.
The Sodium Benzoate Market Is Anticipated To Register A CAGR Of Over 5.1 % During The Forecast Period.
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Adverse Effects of Using Sodium Benzoate Might Hamper The Market Growth
Sodium Benzoate has some side-effects which might hamper the market growth. According to some preliminary studies conducted in medical sector, consumption of sodium benzoate can lead to cancer development by activating inflammation level in animals. However, the research activities are still in process to validate these factors.
Asia Pacific Is Anticipated To Hold Prominent Share During the Forecast Period
In terms of region, Asia Pacific is anticipated to hold prominent share over the forecast period. The growth of the region can be attributed to popularity of packaged food coupled with busy lifestyle in India and China. According to a study, almost 60% of Indian population prefer packaged food. Moreover, the regional government is taking initiatives to spread awareness regarding usage of harmful preservative which is expected to positively influence the regional growth.
The global Sodium Benzoate market is highly fragment in nature. The market is experience significant competition among major industry players. Companies are focused on research and development activities in order to gain competitive edge which is expected to strengthen their foothold in global market.
Prominent players operating in the Global Sodium Benzoate Market are: Eastman Chemical Company, Foodchem International Corporation, DuPont, Wuhan Youji Industries Co., Ltd., and A.M. Food Chemical Co. Limited., among others.
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