According to a new market report published by Credence Research “Sodium Benzoate Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 - 2021,” the sodium benzoate market was valued at US$ 504.4 Mn in 2015, and is expected to reach US$ 725.4 Mn by 2022, expanding at a CAGR of 5.3% from 2016 to 2022.
Market Insights:
Benzoates are known to increase the shelf life of products which are widely used in acidic type of foods. Benzoic acid, sodium benzoate, calcium benzoate and potassium benzoate are all types of benzoates that are used as preservatives. Among these, sodium benzoates are naturally present in low levels, in cranberries, apples, plums and cinnamon among other natural foods. Sodium benzoate is a salt of benzoic acid. Sodium benzoate among others benzoates are easily available and are a cheap preservative widely used for food applications. Therefore, Food & beverage industry is known to be the major consumer of sodium benzoate worldwide.
Based on applications, sodium benzoate market is segmented into end-user industries which include food & beverages, pharmaceuticals, cosmetics, agriculture/animal feed and others. Among these food & beverages dominated the global sodium benzoate market in 2015 and is expected to retain its position in the near future. Sodium benzoate is widely used in the food & beverage industry as it prevents the growth of microorganisms in foodstuff as well as beverages. Sodium benzoate is often used in beverages such as fruit juices, flavoring syrups, beer and jams among others. It also finds application as preservative in processed and canned foods. Hence, high demand for sodium benzoate is generated from the food & beverages industry. Pharmaceuticals followed food & beverage in terms of demand and is anticipated to increase in the near future. Cosmetics and agriculture are also projected to fuel market growth of global sodium benzoate market.
Browse the full Sodium Benzoate Market for Food & Beverage, Pharmaceutical, Cosmetics, Agriculture/Animal Feed and Other Applications- Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2021 report at http://www.credenceresearch.com/report/sodium-benzoate-market
Competitive Insights:
Asia Pacific accounted for major share of global sodium benzoate market in 2015 and is expected to retain its position during the forecast period. Growing demand for sodium benzoate as a preservative in the food & beverage industry is driving the growth of sodium benzoate in the region. Asia Pacific market for sodium benzoate is expected to grow at a CAGR of more than 5.0% during the forecast period from 2015 to 2022. Europe accounted as the second largest market for sodium benzoate in 2015 and is expected to experience modest growth during the forecast period. Rising demand for processed food and ready to drink beverages is driving the demand for sodium benzoate in the region. Pharmaceutical industry is another factor contributing to the growth of sodium benzoate market in the region. North America, Middle East & Africa and Latin America are also projected to boost market growth of sodium benzoate during the forecast period from 2015 to 2022.
Key Trends:
- Preservative in Food & Beverages
- Used in Pharmaceutical Preparations
- Used in Manufacture of Cosmetic Products
- Opportunities from growing research and development activities for developing innovative products from sodium benzoate
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