Global Sodium Benzoate Market 2017-2021

Overview of the global sodium benzoate market

According to Technavio’s analyst, the global sodium benzoate market is anticipated to grow at a steady rate and will post a CAGR of more than 4% during the forecast period. The increasing demand for cosmetics and personal care applications will drive the growth prospects for the global sodium benzoate market until the end of 2021. One of the major factors responsible for the market’s growth is the increasing use of sodium benzoate as a preservative in cosmetic and personal care applications from various countries such as the US, the UK, Australia, Canada, France, China, India, and Germany. Also, numerous developed countries are experiencing a rise in the number of double-income households, which will boost the purchasing power of consumers. Furthermore, countries such as Malaysia, Indonesia, and Vietnam heavily spend on cosmetics since the rising disposable income supports them.

The growing demand for sodium benzoate from pharmaceutical industry will drive the growth prospects for the global sodium benzoate market for the next four years. Some of the major factors responsible for the growing demand for sodium benzoate in this industry is its increasing application as a tablet and capsule lubricant, preservative, and as an anti-fermentation additive.

Competitive landscape and key vendors

According to the industry research report, the global sodium benzoate market is highly competitive and diversified due to the presence of a large number of regional and international vendors across the globe. It has been observed that these vendors are increasingly competing against each other based on factors such as innovations, price, and quality of the product. In addition, small vendors are increasingly providing products at lower costs in order to expand their customer base and capture more market share. Furthermore, vendors with better financial, technological, and other resources will withstand changes in different conditions.

Key vendors in this market are -

• Eastman Chemical
• FBC Industries
• NegarAzar
• Sigma-Aldrich
• Tengzhou Tenglong Chemical

Other prominent vendors in the market include Jarchem Industries, Shandong Tong Tai Wei Run Chemical, and SWASTIK INDUSTRIES.

Segmentation by application and analysis of the sodium benzoate market

• Food and beverage
• Personal care
• Pharmaceuticals

The global sodium benzoate market for food and beverages segment accounted for the majority market share during 2016 and will continue to dominate the market for the next four years. Some of the major factors responsible for the continual use of sodium benzoate in food and beverage industry is to prevent the degradation of food and beverage products and inhibit the growth of microorganisms. Also, the increasing demand for convenience and processed food and beverage products is likely to drive the market segment’s growth as they are increasingly used in fruit salads, jam, jellies, fruit juices, soft drinks, carbonated drinks, snacks, and pickles.

Segmentation by geography and analysis of the sodium benzoate market

• APAC
• Europe
• North America
• ROW

In terms of geography, APAC accounted for the majority market share during 2016 and will continue to dominate the market during the forecasted period. Some of the major factors responsible for the growing consumption of sodium benzoate in the region is the rising population, growing urbanization, economic development, flourishing personal care, and the emerging pharmaceutical industry and food and beverage industry.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global sodium benzoate market?
• What are the key market trends impacting the growth of the global sodium benzoate market?
• What are the challenges to market growth?
• Who are the key vendors in the global sodium benzoate market?
• What are the market opportunities and threats faced by the vendors in the global sodium benzoate market?
• What are the trending factors influencing the market shares of APAC, Europe, North America, and ROW?
• What are the key outcomes of the five forces analysis of the global sodium benzoate market?

Technavio also offers customization on reports based on specific client requirement.

Related reports:

• Global Food Preservatives Market 2017-2021
• Global Jams Jellies and Preserves Market 2016-2020