The Europe 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 Europe 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.
Eastman Chemical Company; Foodchem International Corporation; A.M FOOD CHEMICAL CO., LIMITED; Spectrum Chemical; LANXESS; MERCK KGaA; Tianjin Dongda Chemical Group Co.; and Jarchem Innovative Ingredients LLC; are some of the major players operating in the Europe sodium benzoate market. Players operating in the Europe sodium benzoate market are adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitors in the market. Market players are highly focused towards the development of high quality and innovative product offerings to fulfil the customer’s requirements.
The size of overall Europe sodium benzoate market has been derived using both primary and secondary source.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, as well as to gain more 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 Europe sodium benzoate market.
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