Sodium Benzoate Market Research Report and Outlook by 2028

The sodium benzoate market is anticipated to grow significantly, reaching an estimated US$ 182,965.2 thousand by 2028, up from US$ 132,214.6 thousand in 2021. This growth represents a compound annual growth rate (CAGR) of 4.5% from 2021 to 2028.

Throughout this period, the food sector has shown a robust demand for sodium benzoate, largely driven by the increasing popularity of convenient snack options. Although there is a sufficient supply of sodium benzoate to satisfy global needs, prices have surged due to inflationary pressures stemming from rising upstream costs, particularly following the impact of Hurricane Ida, which struck the Gulf Coast of the United States in late August. The logistical challenges associated with the hurricane have compounded the difficulties faced by the sodium benzoate industry, which were already exacerbated by the aftermath of the COVID-19 pandemic. Nevertheless, the rising demand from key sectors such as food and beverages, as well as pharmaceuticals, is significantly boosting the global sodium benzoate market.

Moreover, the increasing establishment of food and beverage production facilities in emerging economies is further propelling the sodium benzoate market. Additionally, the growth in consumer spending and population expansion is expected to enhance the pharmaceutical and personal care sectors, thereby positively influencing the sodium benzoate market. This chemical plays a crucial role in preventing spoilage in food and cosmetic products, leading to a consistent rise in its demand.

The sodium benzoate market is categorized by application into several segments: food and beverage, pharmaceuticals, cosmetics, agriculture, and others. Among these, the cosmetics segment is projected to experience the highest growth rate during the forecast period. The increasing use of sodium benzoate in various cosmetic and personal care formulations, attributed to its antifungal properties, is a significant factor driving demand in this sector. Sodium benzoate is commonly found in products such as compact powders, facial cleansers, lipsticks, and a variety of other cosmetic items. It serves multiple functions, including acting as a corrosion inhibitor, fragrance component, and preservative in numerous cosmetics and personal care products.

While sodium benzoate is primarily recognized as an antifungal preservative, it also exhibits some antibacterial characteristics. However, it is not a broad-spectrum preservative for cosmetics and is typically used in combination with other preservatives. For example, when sodium benzoate is paired with caffeine, it can provide UVB protection and antioxidant benefits, thus expanding its application range in cosmetics and personal care products.

Geographically, the sodium benzoate market is divided into several regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America held the largest market share, while the Asia Pacific region is projected to exhibit the highest CAGR during the forecast period. The APAC region includes countries such as Australia, China, India, Japan, South Korea, and others. The growth of the packaged food market and the pharmaceutical industry in Asia Pacific is a key driver for the sodium benzoate market in this region.

Key players in the sodium benzoate market include Eastman Chemical Company, Foodchem International Corporation, A.M FOOD CHEMICAL CO., LIMITED, Jarchem Innovative Ingredients LLC, MERCK KGaA, LANXESS, Akema S.r.l., Zancheng Life Sciences Ltd., FBC Industries, and Reagents. These companies offer a diverse range of products and have established a presence in developing regions, creating promising opportunities for market growth. The market participants are focused on developing high-quality and innovative products to meet the evolving needs of their customers.

The overall size of the sodium benzoate market has been determined through a combination of primary and secondary research methodologies. The research process commenced with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the sodium benzoate market.