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How is the Growth Rate of the Sodium Benzoate Market Estimated for 2024-2033?

The market size for sodium benzoate has seen robust growth in the past few years. The market is predicted to expand from $0.61 billion in 2023 to $0.64 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 5.3%. This surge in growth during the historical period is a result of factors such as stability and shelf-life requirements, growth in the beverage industry, the globalization of the food sector, evolving consumer habits, and regulatory approvals.

We can anticipate robust expansion in the sodium benzoate market in the upcoming years, with estimated growth to $0.8 billion in 2028, maintaining a compound annual growth rate (CAGR) of 5.9%. This surge during the forecast period can be traced back to the rise in organic preservatives, growing demand in developing regions, emergence of clean label trends, changes in regulations, and beverages’ expansion. Key trends for this future period include educating consumers on food safety, products free from allergens, enhanced transparency in labeling, innovative packaging, and substitution in personal care products.

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What Key Drivers Are Propelling the sodium benzoate Market’s Growth?

The burgeoning needs of the cosmetic industry are predicted to propel the expansion of the sodium benzoate market. Cosmetics are a form of health and beauty products aimed at enhancing a person’s physical appeal. Sodium benzoate is used as a preservative in both cosmetics and food products because it hinders the proliferation of both bacteria and fungi. For example, Loreal, a cosmetics manufacturer based in France, revealed that the global cosmetics market amassed $228 billion in 2021. As a result, the rising needs of the cosmetic industry are stimulating the development of the sodium benzoate market.

What Are the Distinct Segments of the Sodium Benzoate Market?

1) By Type: Industrial Grade, Food Grade, Pharmaceutical Grade

2) By Form: Powder, Granules, Flakes, Other Forms

3) By Distribution Channel: Online Retailer, Offline Retailer

4) By Application: Antifungal Agent, Antimicrobial Agent, Rust And Corrosion Inhibitor, Preservative, Other Applications

Which New Trends Are Making Waves in the Sodium Benzoate Market?

Advancements in product innovation is a significant trend escalating within the sodium benzoate market. Prominent businesses in the sector are emphasising on product innovation to maintain their market dominance. For instance, in January 2021, Emerald Kalama, an American chemicals business, introduced Kalama Sodium Benzoate Liquid. This superior preservative effectively incorporates the company’s premium-quality sodium benzoate NF/FCC in a unique water-based solution, boosting processing efficiency. This liquid can prevent the growth of bacteria, as well as yeast and mould in various products under normal or high process temperatures.

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Which Regions Are Significant to the Growth of the Sodium Benzoate Market?

Asia-Pacific was the largest region in the sodium benzoate market in 2023. The regions covered in the sodium benzoate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Sodium Benzoate Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the sodium benzoate market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Sodium Benzoate Market Include

1. Sodium Benzoate Market Executive Summary

2. Sodium Benzoate Market Segments

3. Sodium Benzoate Market Size And Template Market Growth Rate

4. Key Sodium Benzoate Market Trends

5. Major Sodium Benzoate Market Drivers

……

25. Key Mergers And Acquisitions In The Sodium Benzoate Market

26. Top Sodium Benzoate Companies

27. Sodium Benzoate Market Opportunities And Strategies

28. Sodium Benzoate Market, Conclusions And Recommendations

29. Appendix

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