Sodium Benzoate Price Trend

Sodium Benzoate Prices December 2023

In Q4 2023, the sodium benzoate market in the United States displayed a dynamic trend, with prices peaking at 1310 USD/MT. Despite an overall quarterly price increase of 0.21%, there was a notable dip in November due to global market shifts and increased economic uncertainties. The market conditions were marked by moderate to high supply levels, low to moderate demand, and a balanced supply-demand scenario driven by strategic inventory management among U.S. businesses.

In Q4 2023, China's sodium benzoate market saw prices increase, reaching 1207 USD/MT, with an average quarterly rise of 0.42%. This escalation was driven by a rise in demand during the festive season and constrained supply due to reduced production capacities. However, November witnessed a price reduction as suppliers, facing excess inventories, lowered prices to clear stocks and accommodate new supplies, reflecting adjustments to decreased foreign demand and lower raw material costs.

In Q4 2023, Germany's sodium benzoate market witnessed a price of 1305 USD/MT CFR Hamburg, marking an average quarterly increase of 1.28%. The rise was primarily due to robust demand from the pharmaceutical and food industries and heightened production costs. Despite an overall uptrend, prices dipped in November due to abundant inventories and lowered inflation rates, prompting suppliers to reduce prices to clear stocks amid economic pressures and improved manufacturing sector performance.

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 current price of sodium benzoate but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into 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

Throughout Q4 2023, the sodium benzoate market in North America experienced fluctuations, with an overall increase in prices but a notable drop in November. The U.S. market demonstrated moderate to high supply and low to moderate demand. On-demand procurement balanced demand and supply, yet rising costs of energy and materials influenced prices. Global price declines and economic uncertainties further impacted the market, leading to cautious purchasing behaviors.

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

Asia Pacific Sodium Benzoate Price

In Q4 2023, the Asia Pacific sodium benzoate market encountered price volatility due to increased demand during festive seasons and limited supply from reduced benzoic acid production. Strategic bulk buying initially drove prices up, but November saw reductions as suppliers cleared excess inventory amid weakening foreign demand. This price adjustment was necessary to make room for new stocks and respond to the falling costs of raw materials.

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

Europe Sodium Benzoate Price

The Europe sodium benzoate market in Q4 2023 saw general price rises driven by robust demand from pharmaceutical and food sectors, despite a price drop in November. Economic challenges persisted, but consumer confidence remained strong, supporting demand. Nevertheless, an oversupply led to reduced prices as suppliers aimed to clear stocks amid improved economic indicators, suggesting a potential easing of previously high inflation levels.

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.