Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
Global Sodium Benzoate Market was Valued at US$ 184.34 Mn in 2019 and it is Expected to Reach More than US$ 287.45 Mn by 2028, Likely to Grow with the CAGR of 5.0 % During the Forecast Period.
Sodium Benzoate is used as a preservative in several sectors including skin care, cosmetic and food & beverages. The chemical is a combination of sodium hydroxide and benzoic acid. Benzoic acid is itself a good preservative and addition of sodium hydroxide makes it dissolve in products. The global sodium benzoate market is anticipated to witness stagnant growth in forthcoming years. Some of the factors fuelling the growth of global market include rising demand from food & beverages, advantages associated with sodium benzoate, and inclination towards convenience food in developing countries.
Wide Range of Applications of Sodium Benzoate is anticipated to propel the Market Growth
Sodium Benzoate has applications in several industries including cosmetics, pharmaceutical, and food & beverages industry. The chemical has registered huge demand from food & beverages sector. Sodium Benzoate is the first preservative approved by FDA for food items and classified under GRAS (Generally Recognized As Safe) category. Sodium Benzoate is used in acidic foods such as frogurt toppings, salad dressings, condiments, pickles, jams and fruit juices, and carbonated drinks. Sodium benzoate helps in improving shelf life of food items and personal care products.
In pharmaceutical industry, sodium benzoate is used in liquid medicines like cough syrup and other over-the-counter medicines. Physicians also prescribe these chemicals to treat increased ammonia level in blood. Additionally, the chemical is used as a lubricant in manufacturing process of pills in order the make the tablets smooth and transparent.
Furthermore, these chemicals are also used in personal care products such as mouthwash, hair products, toothpaste, and baby wipes. In industrial sector, it has applications in deter corrosion such as coolants for vehicle engine. Moreover, the regional and international government have issued some stringent regulations regarding usage of harmful chemicals in food items and medicines which is expected to positively influence the market growth.
Adverse Effects of These Chemicals Might Hamper the Market Growth
According to several studies conducted in medical sector, Sodium Benzoate has some side-effects which might hamper the market growth in coming years. However, the research activities are in process to validate these factors. According to some preliminary studies, sodium benzoate can activate the inflammation level in animals which might lead to cancer development. Moreover, some of the consumers might experience allergic reactions such as swelling and itching.
Asia Pacific is anticipated to lead the Global Market during the Forecast Timespan
By geography, Asia Pacific is anticipated to occupy highest share throughout the forecast period. Owing to the busy lifestyle coupled with rising working population, people are inclining towards packaged and ready-to-eat foods. Moreover, packaged food is gaining popularity among youngsters India and China is anticipated to positively influence market growth.
Sodium benzoate can be made by reacting benzoic acid with sodium hydroxide. Benzoic acids are found in many plants such as cranberries, cinnamon, apples, tomatoes, apples, plumps, and berries. Asian countries have huge cultivation capabilities for these plants which is expected to poise a positive impact on the regional growth.
Middle East & Africa is projected to witness noteworthy growth over the forecast period. The pharmaceutical industry in Middle East holds huge growth potential which is expected to favour the regional growth.
Key players operating in global Sodium Benzoate market include Eastman Chemical Company, Foodchem International Corporation, DuPont, Wuhan Youji Industries Co., Ltd., and A.M. Food Chemical Co. Limited.
Global Sodium Benzoate Market by End-Use Industry
- Hair Care
- Oral Care
- Skin Care
- Food & Beverages
- Carbonic Drinks
Global Sodium Benzoate Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America