European Sodium Benzoate Market Forecast to 2028: Surging Demand for Sodium Benzoate in Food & Beverages Industry - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Europe Sodium Benzoate Market Forecast to 2028 - COVID-19 Impact and Regional Analysis - by Application" report has been added to ResearchAndMarkets.com's offering.
The European sodium benzoate market was valued at US$ 29,571.1 thousand in 2021 and is projected to reach US$ 39,681.6 thousand by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
Sodium benzoate is a chemical made by using raw materials, such as benzoic acid and sodium hydroxide. The diverse application of sodium benzoate in various industries, such as automotive and agriculture, has widen the scope of the sodium benzoate market.
Europe is one of the major regions for automotive manufacturing across the world. Sodium benzoate is used as corrosion inhibitor or rust preventive agent in anti-freeze fluids of cars and other vehicles. Also, the agriculture production in Europe has increased in past few years with countries, such as France, Italy, Turkey, and Germany, playing the key role in contribution of the agriculture sector in the GDP of Europe.
The growth of the sodium benzoate market in Europe is driven by the surging usage of sodium benzoate in the food & beverage, cosmetics, and agriculture industries. Owing to the COVID-19 outbreak, the demand for sodium benzoate has increased from the pharmaceutical industry in Europe. However, various factors, such as labor cost, weather, and demand and supply, cause fluctuations in raw material prices. The fluctuations in the prices of raw materials hamper the Europe sodium benzoate market growth.
The European sodium benzoate market, based on application, is segmented into food and beverage, pharmaceutical, cosmetic, agriculture, and others. The food and beverage segment held the largest share in the market in 2020. The increasing consumption of beverages, especially among adolescents age group population, has boosted the sales of packaged food in Europe and created opportunity for the sodium benzoate market. The packaged food is the major segment of the food & beverage industry. In Europe, the growing food & beverage industry and increasing production of packaged food would create huge demand for sodium benzoate as a food preservative in the coming years.
Based on country, the Europe sodium benzoate market is segmented into Germany, France, the UK, Italy, Russia, Turkey, and the rest of Europe. In 2020, the rest of Europe held the largest revenue share of the market. The Netherlands, Spain and Switzerland are the major markets for sodium benzoate in the Rest of Europe region. The growing use of sodium benzoate in various industries is creating demand for sodium benzoate in the region. In Rest of Europe the pharmaceutical and food & beverage processing creates demand for sodium benzoate.
Key Topics Covered:
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Europe Sodium Benzoate Market Landscape
4.1 Market Overview
4.2 Porter's Five Forces Analysis
4.3 Expert Opinion
4.4 Ecosystem Analysis
4.5 Price Trend Analysis, 2020
4.6 List of Key Producers, By Country
4.7 Production Capacity, By Europe
5. Sodium Benzoate Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Surging Demand for Sodium Benzoate in Food & Beverages Industry
5.1.2 Rise in Demand for Sodium Benzoate in Various End-use Industries
5.2 Market Restraints
5.2.1 Restrictions by Government Authorities on Usage of Sodium Benzoate
5.3 Market Opportunities
5.3.1 Growing Cosmetics & Personal Care Sector Globally
5.4 Future Trends
5.4.1 Rising Trend of Consuming Packaged Food and Beverage Products
5.5 Impact Analysis of Drivers and Restraints
6. Sodium Benzoate - Europe Market Analysis
6.1 Sodium Benzoate Market Overview
6.2 Europe Sodium Benzoate Market - Revenue and Forecast to 2028
6.3 Competitive Positioning - Key Market Players
7. Europe Sodium Benzoate Market Analysis - By Application
7.2 Europe Sodium Benzoate Market Breakdown, by Application, 2020 & 2028
7.3 Food and Beverage
8. Europe Sodium Benzoate Market - Country Analysis
9. Impact of COVID-19
9.1 Europe: Impact Assessment of COVID-19 Pandemic
10. Industry Landscape
10.1 Merger & Acquisition
11. Company Profiles
- Eastman Chemical Company
- Foodchem International Corporation
- A.M Food Chemical
- Spectrum Chemical
- Activated Carbon Technologies
- Tianjin Dongda Chemical Group
- Archer Daniels
- DuPont de Nemours
For more information about this report visit https://www.researchandmarkets.com/r/ntww8h
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