Sodium Benzoate Prices

Sodium Benzoate Prices December 2023

The sodium benzoate prices in the United States for Q4 2023 reached 1310 USD/MT in December. The market experienced frequent fluctuation in prices, with an overall increase except for a sharp decline in November. Supply remained moderate, while demand was relatively low. Price reductions were driven by surplus inventories and reduced international demand. Economic suspicions of inflation and recession fears also played a role in market dynamics.

The price trend for sodium benzoate in China for Q4 2023 reached 1207 USD/MT in December. The market saw price fluctuations, largely driven by changes in supply and demand. While demand surged during festive seasons, reduced production capacities of raw materials caused supply shortages. Moreover, by mid-quarter, the prices dropped as regional suppliers cut margins to clear excess inventory, further influenced by weakening overseas demand and declining benzoic acid rates.

The price trend in Germany for Q4 2023, reached 1305 USD/MT in December. The market witnessed overall price increases, despite a mid-quarter dip in November. Strong demand from the food and pharmaceutical sectors, along with supply constraints, drove prices up. However, high inventories and decreased inflation rates helped ease the upward pressure, resulting in a temporary price decline during the quarter's mid-point.

Sodium Benzoate Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Sodium Benzoate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of sodium benzoate pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of sodium benzoate at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of sodium benzoate price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing sodium benzoate price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Sodium Benzoate Market Analysis

The global sodium benzoate market size reached US$ 630.8 Million in 2023. By 2032, IMARC Group expects the market to reach US$ 892.6 Million, at a projected CAGR of 3.90% during 2023-2032.

• Sodium benzoate is commonly used as preservative by food and beverage companies to prevent the development of microorganisms and wooden spoons at hand. High level of processed food and beverage intake by consumers around the world is responsible to the growing demand for sodium benzoate. In the developing countries, the process of urbanization and the changing lifestyles are leading to diets that will have more packaged food.
• According to a report published by the Department of Economic and Social Affairs of the United Nations, India, China, and Nigeria are anticipated to account for 35% of the total global urban population growth from 2018 to 2050. By 2050, projections suggest that India will have added 416 million people to its urban areas, China will have increased by 255 million urban dwellers, and Nigeria will see its urban population rise by 189 million.
• The legislation on food additives plays a decisive role in favoring the sodium benzoate industry. In Europe and North America, where accepted levels of food preservatives are regulated strictly by authorities and their health impact is also investigated carefully, market dynamics are driven by such policies.
• There is increasing consumer interest in chemical-free additives, such as sodium benzoate which has led to a gradual decline in the sales of synthetic additives. This trend is driven by the growing consciousness about health and wellbeing, thereby consumers preferentially going for clean label products, that are wholly free of synthetic chemicals.
• While the production technologies that promote the effectiveness of preservatives and decrease the environmental impact of the process of manufacturing preservatives have also been very crucial. Such technologies enable manufacturers to keep within the framework of environmental regulations and at the same time augment profitability.
• The market has experienced the price volatility of raw materials, benzoic acid being the main component for sodium benzoate making. Global economy states, energy prices and the supply chain of sodium benzoate are the major driving factors determining the pricing of sodium benzoate.

Sodium Benzoate News

The report covers the latest developments, updates, and trends impacting the global sodium benzoate market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in sodium benzoate production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the sodium benzoate price trend.

Latest developments in the sodium benzoate industry:

• On 4^th April 2024, Caris Life Sciences announced partnership with Merck KGaA, Darmstadt, Germany to Discover Novel Cancer Targets and Accelerate First-In-Class Antibody Drug Conjugate Development.
• On 2^nd November 2021, DuPont has entered into a definitive agreement to acquire Rogers Corporation. Rogers is a global leader in engineered materials and components, with unmatched application engineering expertise and leading positions in markets where its advanced technology solutions offer competitive advantages.

Product Description

Sodium benzoate is a well-known chemical compound that is commonly used in food, beverage, pharmaceutics, and cosmetics for the purpose of preservation. Recognized as an effective means of inhibiting the growth of mold, yeast, and bacteria, it is used on many products to increase their acidity which includes salad dressings, mineral waters, jams, and fruit juices.

Sodium benzoate as a corrosion inhibitor not only can be found in antifreeze products, but also used to cover the bad taste of pharmaceuticals and cosmetics as a preservative. Its functionality is based on its ability to convert into benzoic acid in an acidic environment, which is the active form that reduces the number of microorganisms.

Due to its low toxicity and high effectiveness at low concentrations, it remains a popular additive that allows manufacturers to maintain product safety and increase shelf-life.

Regional Coverage

The report provides a detailed analysis of the sodium benzoate market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the sodium benzoate price trend.

Global Sodium Benzoate Price

The report offers a holistic view of the global sodium benzoate pricing trends in the form of sodium benzoate price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights the current price but also provides insights into sodium benzoate historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into sodium benzoate price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed sodium benzoate demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

North America Sodium Benzoate Price

During Q4 2023, the North American sodium benzoate market witnessed significant shifts, particularly in the USA, with a general price surge despite a notable drop in mid-quarter. The market's supply remained medium to high, while demand hovered between low to moderate levels. A key factor driving price fluctuations was the on-demand purchasing approach of end-user sectors, which balanced supply and demand. Increased costs for raw materials and energy also influenced price hikes. On the other hand, lower global demand and supplier excess inventory led to price reductions on the market. Broader economic concerns regarding potential recession and inflation, also affected the market, contributing to cautious buying behavior and influencing overall market trends.

Specific sodium benzoate historical data within the United States and Canada can also be provided.

Asia Pacific Sodium Benzoate Price

In the Asia-Pacific region, Q4 2023 saw fluctuating prices largely influenced by changing supply and demand dynamics. The market experienced upward pressure due to seasonal factors, like increased consumer expenditure during festive periods, leading to a surge in demand. Simultaneously, reduced operational capacities among Benzoic acid manufacturers constrained supply, pushing prices higher. Demand was further heightened by businesses placing deliberate consignments to stock up inventories. But, as suppliers with excess stock reduced their margins to clear inventory in November, prices fell. Weakened foreign demand and reduced Benzoic acid prices also contributed to the price decline. China's market saw a notable impact, with local suppliers reducing prices due to softening international demand.

This sodium benzoate price analysis can be expanded to include a comprehensive list of countries within the region.

Europe Sodium Benzoate Price

Europe saw numerous influencing factors, leading to price fluctuations in Q4 2023. Prices rose overall but saw a significant dip in November due to high inventories and reduced international demand. The market in Germany, in particular, was shaped by strong demand from the food and pharmaceutical sectors, along with supply limitations and rising production costs. Supply chain pressures were exacerbated by freight delays and increased energy prices, especially due to conflicts in the Suez Canal and the Red Sea, which raised shipping charges. Despite economic challenges, Moreover, lowering rates of inflation later in the quarter brought some relief to pricing.

This analysis can be extended to include detailed sodium benzoate price information for a comprehensive list of countries.

Middle East and Africa Sodium Benzoate Price

The report explores the sodium benzoate pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on sodium benzoate prices for countries can also be provided.

Latin America Sodium Benzoate Price

The analysis of sodium benzoate prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of sodium benzoate pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting sodium benzoate price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The sodium benzoate price charts ensure our clients remain at the forefront of the industry.