Report : Asia Pacific Sodium Benzoate Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (Food and Beverages, Pharmaceuticals, Cosmetics, Agriculture, and Others)
At 4.9% CAGR, the Asia Pacific sodium benzoate market is speculated to be worth US$ 1,12,242.87 thousand by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific sodium benzoate market was valued at US$ 80,441.10 thousand in 2021 and is expected to reach US$ 1,12,242.87 thousand by 2028, registering an annual growth rate of 4.9% from 2021 to 2028. Growing cosmetics &personal care sector and consuming packaged food and beverages getting popularin various end-use industries are the critical factors attributed to the market expansion.
The rising consumption of packaged food and beverages is attributed to innovations in processing techniques for extending the shelf life of food products. Changes in food consumption patterns bought upon by the increasing working population worldwide are fueling the consumption of packaged food and beverage products. Moreover, due to the ease of purchase, easy availability and transportation, and the ready-to-eat feature, packaged food products are becoming increasingly popular, particularly among the urban population. Packaged products have grown in popularity in recent years due to their hygienic nature. Packaged food products are convenient to use and carry a reduced risk of tampering and adulteration.
Furthermore, since the COVID-19 pandemic erupted, people have been more concerned about their health and consumption patterns. They mostly prefer packaged food and beverage products since they do not come in contact with another person or retailer. Thus, the increasing trend of packaged food and beverages consumption is expected to drive the sodium benzoate market during the forecast period.
On the contrary, rise in various safety concerns related to sodium benzoate hurdles the growth of Asia Pacific sodium benzoate market.
Based on application, the Asia Pacific sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. Food & beverages held 54.3% market share in 2021, amassing US$ 43,654.84 thousand. It is projected to garner US$ 61,139.05 thousand by 2028 to expand at 4.9% CAGR during 2021–2028.
Our regional analysis states that China captured 62.2% market share in 2021. It was assessed at US$ 50,002.83 thousand in 2021 and is likely to hit US$ 71,698.70 thousand by 2028, exhibiting a CAGR of 5.3% during the forecast period.
Key players dominating the Asia Pacific sodium benzoate market are A.M FOOD CHEMICAL CO., LIMITED; Akema S.r.l.; Eastman Chemical Company; Foodchem International Corporation; Jarchem Innovative Ingredients LLC; LANXESS; MERCK KGaA; and Zancheng Life Sciences Ltd.
- In 2020, Foodchem has developed an energy drink product.
- In 2022, Warby Parker partners with Eastman to launch new demo lens molecular recycling program.
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