According to a new market report published by Credence Research Inc., “Sodium Benzoate Market by Application Type (Food & Beverages, Pharmaceutical, Cosmetics and Others)” – Growth, Future Prospects, Competitive Analysis and Forecast, 2016 – 2023”, the worldwide sodium benzoate market was valued at US$ 122.94 Mn in 2015. In the same year, in terms of volume the market was 72.75 kilo tons.
Sodium benzoate is extensively used as a preservative in various industries to improve product safety, maintain product quality and to extend product shelf-life. It is not recommended as a preservative at pH level more than 4.5. As a preservative, the effectiveness of sodium benzoate increases with the declining pH level. The global market for sodium benzoate is growing steadily owing to rise in demand for convenience foods and food products with longer shelf life. Moreover, rising use of synthetic preservatives on poultry and meat in Asia Pacific and Middle East and Africa regions is another factor contributing towards the market growth.
However, rise in concerns about the use of synthetic preservative especially in Europe and North America regions the market is declining and being replaced with natural preservatives. Improving standard of living, continuous urbanization, and rise in food safety concerns and convenience foods particularly in Asia Pacific and Middle East regions provides huge market opportunities for the sodium benzoate players.
The market is moderately competitive owing to presence of various large, small and medium scale firms. Players are adopting various strategies to maintain their market position. Merger and acquisition is the key strategy adopted by the market players.
Asia Pacific and Middle East regions offers huge untapped market potential
Rising demand for convenience and ready to eat food and beverages
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