The sodium benzoate market in MEA is expected to grow from US$ 4,472.03 thousand in 2021 to US$ 5,429.56 thousand by 2028; it is estimated to grow at a CAGR of 2.8% from 2021 to 2028. The surging trend of consuming packaged food and beverages is the major factor driving the growth of the MEA sodium benzoate market. The growing 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 led to an increase in the working population, which is 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 food products have grown in popularity in recent years due to their hygienic nature. They are convenient to use and carry a reduced risk of tampering and adulteration.
Furthermore, since the onset of the COVID-19 pandemic, 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 beverage consumption is expected to boost the sodium benzoate market growth during the forecast period.
With new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the MEA sodium benzoate market at a notable CAGR during the forecast period.
MEA Sodium Benzoate Market Revenue and Forecast to 2028 (US$ Thousand)
MEA Sodium Benzoate Market Segmentation
The MEA sodium benzoate market is bifurcated into application and country. Based on application, the MEA sodium benzoate market is segmented into food and beverages, pharmaceuticals, cosmetics, agriculture, and others. In 2021, the food and beverages segment accounted for the largest revenue share. Based on country, the MEA sodium benzoate market is segmented into Saudi Arabia, South Africa, the UAE, and the Rest of MEA. Further, the Rest of MEA held the largest market share in 2021.
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. are among the leading companies operating in the sodium benzoate market in the MEA.