New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sodium Benzoate Global Market Report 2023" - https://www.reportlinker.com/p06464232/?utm_source=GNW
, FBC Industries Inc., Archer Daniels Midland Company, Akzo Nobel N.V., Spectrum Chemicals, DuPont de Nemours Company, Tengzhou Tenglong Chemical Co. Ltd., Cellmark USA LLC, Ganesh Benzoplast Limited, Vizag Chemicals and Krishna Chemicals.
The global sodium benzoate market is expected to grow from $0.58 billion in 2022 to $0.61 billion in 2023 at a compound annual growth rate (CAGR) of 4.51%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The sodium benzoate market is expected to reach $0.74 billion in 2027 at a CAGR of 5.01%.
The sodium benzoate market consists of sales of cosmetic-grade sodium benzoate and benzoic acid.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Sodium benzoate is an odorless, crystalline powder formed by the combination of benzoic acid with sodium hydroxide.
Asia-Pacific was the largest region in the sodium benzoate market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of Sodium benzoate are industrial grade, food grade, and pharmaceutical grade.Industrial-grade products made for the industry can withstand more severe circumstances than those made for consumers.
It is available in the form of powder, granules, flakes, and others, which are distributed by various channels including online and offline retailers for several applications including antifungal agents, antimicrobial agents, rust and corrosion inhibitors, preservatives, and others.
The increasing demand from the cosmetics industry is expected to propel the growth of the sodium benzoate market going forward.Cosmetics refer to a category of health and beauty goods used to improve the appearance of a person’s body.
Sodium benzoate is utilized as a preservative in both cosmetics and food goods, as it inhibits both bacterial and fungal growth.For instance, according to the Loreal, a France-based cosmetic manufacturing company, the global cosmetics sector reached $228 billion in 2021.
Therefore, the increasing demand from the cosmetics industry is driving the growth of the sodium benzoate market.
Product innovation is a key trend gaining popularity in the sodium benzoate market.Major companies operating in the sodium benzoate market are focused on innovative products to sustain their position.
For instance, in January 2021, Emerald Kalama, a US-based chemicals company launched Kalama Sodium Benzoate Liquid.It is an effective preservative that incorporates the firm’s high-quality sodium benzoate NF/FCC into a unique solution in water form and it can improve the processing efficiency.
This liquid can inhibit the bacteria, and yeast and can mould in the different products at ambient or elevated process temperatures.
In August 2021, LANXESS, a Germany-based cosmetics and personal care product manufacturer acquired Emerald Kalama for $1.04 billion (EUR 870 million). Through this acquisition, both companies combine and form a new Flavors and Fragrances business unit at LANXESS. Emerald Kalama is a US-based chemicals company that produces different forms of Sodium benzoate.
The countries covered in the sodium benzoate market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The sodium benzoate market research report is one of a series of new reports that provides sodium benzoate market statistics, including sodium benzoate industry global market size, regional shares, competitors with a sodium benzoate market share, detailed sodium benzoate market segments, market trends, and opportunities, and any further data you may need to thrive in the sodium benzoate industry. This sodium benzoate market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464232/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
