Report : Europe Sodium Benzoate Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (Food and Beverages, Pharmaceuticals, Cosmetics, Agriculture, and Others)
At 4.3% CAGR, the Europe sodium benzoate market is speculated to be worth US$ 39,681.94 thousand by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe sodium benzoate market was valued at US$ 29,571.41 thousand in 2021 and is expected to reach US$ 39,681.94 thousand by 2028, registering an annual growth rate of 4.3% from 2021 to 2028. Rising Demand for sodium benzoate in food & beverages industry and significant requirement for sodium benzoate in various end-use industries are the critical factors attributed to the market expansion.
Sodium benzoate is the sodium salt of benzoic acid. It is widely used as a food preservative and a pickling agent in the food & beverages industry. It is generally recognized as safe by the Food and Drug Administration (FDA) and allows up to a 0.1% concentration by weight when used in foods. Sodium Benzoate is used in acidic foods such as salad dressings, carbonated drinks, pickles, jams and fruit juices, condiments, and frozen yogurt toppings to prevent spoilage caused by harmful micro-organisms such as harmful bacteria, yeasts, and molds. It also helps maintain freshness in food by slowing down or preventing color, flavor, PH, and texture changes. Moreover, it acts as a bacteriostatic and fungistatic preservative in soft drinks and other beverages, which increases the acidic flavor and extend the product's shelf life. Sodium benzoate is commonly used as a preservative to protect the taste. The Coca-Cola Company also uses it as an antimicrobial agent in Coca-Cola drinks.
The Europe food & beverages industry is growing at a rapid pace. People consume packaged food products due to their hectic lifestyles, busy work schedules, and high disposable incomes. People prefer on-the-go consumption of food and beverages to minimize the time required for preparing food at home. Moreover, packaged food products are growing in popularity among young consumers are they are convenient to consume and have significant nutritional value. These factors are driving the demand for sodium benzoate across the food & beverages industry.
On the contrary, rise in various safety concerns related to sodium benzoate hurdles the growth of Europe sodium benzoate market.
Based on application, the Europe sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. Food & beverages held 55.9% market share in 2021, amassing US$ 16,539.48 thousand. It is projected to garner US$ 22,293.88 thousand by 2028 to expand at 4.4% CAGR during 2021–2028.
Our regional analysis states that the Rest of Europe captured 27.5% market share in 2021. It was assessed at US$ 8,127.29 thousand in 2021 and is likely to hit US$ 10,540.86 thousand by 2028, exhibiting a CAGR of 4.1% during the forecast period.
Key players dominating the Europe 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.
Contact Us
Contact Person: Sameer Joshi
Phone: +1- 646- 491- 9876
Email Id: sam@businessmarketinsights.com