The sodium benzoate market is projected to reach US$ 182,965.2 thousand by 2028 from US$ 132,214.6 thousand in 2021; it is expected to grow at a CAGR of 4.5% during 2021-2028.

The food industry's demand for sodium benzoate remained strong throughout, aided by the widespread requirement for quick snack meals. Despite an abundant supply of sodium benzoate to meet global demand, its prices have risen due to global inflation in upstream costs due to hurricane Ida's landfall on the Gulf Coast of the US at the end of August. Hurricane-related logistical challenges piled more pressure on the sodium benzoate industry post COVID-19 pandemic. However, the growth in demand from end users such as food and beverages and pharmaceutical industry is propelling the demand for sodium benzoate across the globe.

Furthermore, the expanding number of food and beverage manufacturing facilities in developing countries is driving the sodium benzoate industry. In addition, rising consumer expenditure and a growing population will enhance the pharmaceutical and personal care industries, boosting the sodium benzoate market in the region. The chemical is used to prevent food and cosmetics from decaying over time. The need for sodium benzoate is increasing all the time.

Based on application, the sodium benzoate market is segmented into food and beverage, pharmaceuticals, cosmetics, agriculture, and others. The cosmetics segment is expected to register the highest growth rate over the forecast period. The increasing adoption of sodium benzoate for the formulation of various cosmetic and personal care products due to its antifungal properties is one of the major factors expected to drive the demand for sodium benzoate in the cosmetic industry during the forecast period. Sodium benzoate is also utilized in the formulation of compact powder, facial cleansers, lipsticks, and other cosmetic products. Sodium benzoate acts as a corrosion inhibitor, fragrance component, and preservative in a wide range of cosmetics and personal care products.

Sodium benzoate is mainly an antifungal preservative, but it also has some antibacterial properties. It is not a broad-spectrum preservative for cosmetics and should be used in conjunction with other preservatives. For instance, when sodium benzoate is coupled with caffeine, it can act as a sunscreen and give UVB protection with antioxidant activity. Thus, a wide range of applications for cosmetics and personal care products drive the segment.

By region, the sodium benzoate market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). In 2020, North America held the largest share of the market. Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. Asia Pacific comprises Australia, China, India, Japan, South Korea, and the Rest of APAC. In Asia Pacific, the growing packaged foods market and pharmaceutical industry are driving the market.

Eastman Chemical Company; Foodchem International Corporation; A.M FOOD CHEMICAL CO., LIMITED; Jarchem Innovative Ingredients LLC; MERCK KGaA; LANXESS; Akema S.r.l.; Zancheng Life Sciences Ltd.; FBC Industries; and Reagents are among the key players operating in the sodium benzoate market. These companies provide a wide range of product portfolios for the market. The companies have their presence in the developing regions, which provides lucrative opportunities for the sodium benzoate market growth. The market players are developing high-quality and innovative products to meet the customers' requirements.

The overall sodium benzoate market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the sodium benzoate market.