The scope of our recent study on "Sodium Benzoate Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Application (Food and Beverages, Pharmaceuticals, Cosmetics, Agriculture, and Others)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The sodium benzoate market is projected to reach US$ 182,965.2 thousand by 2028 from US$ 132,214.6 thousand in 2021; it is expected to grow at a CAGR of 4.5% during 2021-2028. The global sodium benzoate market has been registering significant growth as there is an increase in the use of sodium benzoate as an effective preservative in various baked products. The demand for different bakery products is increasing in many countries due to the convenience, accessibility, and nutrition profile associated with these products. Moreover, along with women, there is an increase in men's use of different cosmetic products in their daily routine. Thus, the growing cosmetic industry subsequently drives the market for sodium benzoate.

Strong economic conditions and a rise in innovation and development in various end-use industries by manufacturers are creating the demand for sodium benzoate. Sodium benzoate is used as a preservative in food & beverages, cosmetic, and pharmaceutical industries. The adoption of sodium benzoate is increasing in various industries as they are being extensively used to increase the shelf life and improve the quality of the products.

The global sodium benzoate market is segmented into five main regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2020, North America accounted for the largest share of the market, while Asia Pacific is expected to register the highest growth rate over the forecast period. Rising healthcare expenditure and increasing popularity of cosmetics are among the drivers of the sodium benzoate market in North America. According to the American Medical Association (AMA), healthcare expenses are rising at a rate of around 4.5% each year. Healthcare spending in the US climbed by 4.6% in 2019 to US$ 3.8 trillion, or US$ 11,582 per person. Post COVID-19 pandemic, the pharmaceutical and food and beverages industries grew massively. The increased cases of hospitalization as a result of pandemic coupled with the precautionary measures taken by consumers with the help of nutraceuticals led to the growth of pharmaceutical industry. Moreover, the growing concerns around food scarcity as well as hygiene of food items led to increased purchase of packaged food items driving the food and beverages industry. Food and beverages as well as pharmaceutical industry are two major end users of sodium benzoate market. The growth in production in food and beverages and pharmaceutical industry has thus led to increased consumption of sodium benzoate post the outbreak of pandemic.

Impact of COVID-19 Pandemic on Sodium Benzoate Market

The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for sodium benzoate. As per an article published by National Center for Biotechnology Information (NCBI), the presence of poor nutritional dietary patterns, along with the presence of pre-existing noncommunicable diseases (NCDs) such as diabetes, chronic lung diseases, and cardiovascular diseases (CVDs), had made the COVID-19 affected patients immunocompromised. Sodium benzoate is widely used in pharmaceutical and food & beverages industries, both of which grew majorly post the outbreak of COVID-19.

The report includes the segmentation of the global sodium benzoate market as follows:

By application, the sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The sodium benzoate market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, Turkey, and the Rest of Europe. The market in Asia Pacific is subsegmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The sodium benzoate market in the Middle East & Africa (MEA) is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South & Central America is subsegmented into Brazil, Argentina, and the Rest of South & Central America.

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