Report : South America Sodium Benzoate Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Application (Food and Beverages, Pharmaceuticals, Cosmetics, Agriculture, and Others)
At 2.5% CAGR, the SAM sodium benzoate market is speculated to be worth US$ 2817.76 thousand by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM sodium benzoate market was valued at US$ 2377.91 thousand in 2021 and is expected to reach US$ 2817.76 thousand by 2028, registering an annual growth rate of 2.5% 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.
Rising consumer spending and growing population are expected to boost the personal care industry growth during the forecast period, aiding the sodium benzoate market. Sodium benzoate is used as a preservative in cosmetics and personal care products due to its antimicrobial and antifungal properties. The low cost and easy availability of cosmetic and chemical preservatives make them a popular option for most personal care and cosmetic producers.
The demand for halal cosmetics is rising, which is expected to build a proper base for the growing preservatives market in the coming years. Sodium benzoate is a corrosion inhibitor, fragrance component, and preservative included in a wide range of cosmetics and personal care products. When coupled with caffeine, it can act as sunscreen and antioxidant and give UVB protection. Sodium benzoate is commonly used in hair care products, baby wipes, toothpaste, and mouthwash. Increasing population and rising disposable income worldwide are driving the cosmetics & personal care sector. Thus, the growing cosmetics & personal care industry worldwide is creating lucrative growth opportunities for the sodium benzoate market.
On the contrary, rise in various safety concerns related to sodium benzoate hurdles the growth of SAM sodium benzoate market.
Based on application, the SAM sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. Food & beverages held 62.9% market share in 2021, amassing US$ 2,813.71 thousand. It is projected to garner US$ 3470.14 thousand by 2028 to expand at 3.0% CAGR during 2021–2028.
Our regional analysis states that the Rest of SAM captured 37.2% market share in 2021. It was assessed at US$ 1662.41 thousand in 2021 and is likely to hit US$ 1976.92 thousand by 2028, exhibiting a CAGR of 2.5% during the forecast period.
Key players dominating the SAM sodium benzoate market are A.M FOOD CHEMICAL CO., LIMITED; Akema S.r.l.; Eastman Chemical Company; 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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