Sodium Benzoate Price in USA
- United States: 1310 USD/MT
In the fourth quarter of 2023, there was a notable fluctuation in the sodium benzoate market within the United States, reaching its peak price at 1310 USD per metric ton.
The latest report by IMARC Group, titled " Sodium Benzoate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data " delivers a comprehensive analysis of sodium benzoate prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Sodium Benzoate Prices December 2023:
- United States: 1310 USD/MT
- China: 1207 USD/MT
- Germany: 1305 USD/MT
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The study delves into the factors affecting sodium benzoate price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Sodium Benzoate Price Trend- Q4 2023
The sodium benzoate excipient market is driven by its widespread use as a preservative in the pharmaceutical, food, and beverage (FB) industries. Its effectiveness in inhibiting the growth of mold, yeast, and bacteria extends the shelf life of various products, making it an essential ingredient in preserving liquid medicines, cosmetics, and processed foods. The growing demand for convenient, long-lasting food products in the fast-paced consumer lifestyle significantly boosts the market. Concurrently, the pharmaceutical industry's expansion, driven by the increasing prevalence of chronic diseases and the rising consumption of over-the-counter (OTC) medications, contributes to the demand for sodium benzoate as a safe and efficient preservative. Furthermore, stringent regulations on food safety and quality by health authorities globally necessitate the use of approved preservatives like sodium benzoate, ensuring its sustained demand. The market is also propelled by innovations in product formulations, where manufacturers strive to meet consumer preferences for natural and safe additives without compromising product stability and quality.
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 . In Q4 2023, the North American sodium benzoate excipient market saw a consistent price surge due to increased winter demand for preserved foods, compounded by global pharmaceutical expansion. Rising material costs, especially benzoic acid excipients, and currency fluctuations further propel the prices. Port congestion and labor shortages in key industries exacerbated challenges, leading to heightened demand and optimistic business investments, particularly during festive periods. Bulk orders to replenish dwindling inventories drove up demand, resulting in increased quotations. Meanwhile, the APAC sodium benzoate excipient market encountered challenges but remained optimistic. October saw rising demand, boosted by post-Golden Week momentum and winter onset abroad. However, November witnessed production disruptions in China, driving up costs and exacerbating supply chain issues. This imbalance, coupled with higher benzoic acid excipient prices, sustained price surges. Factories, maintaining low inventories, gradually increased production to meet demand. Despite weakened feedstock costs, prices continued to rise into December. Additionally, localized sorbate demand spikes surpassed production capacity, leading to regional price hikes. Furthermore, the European sodium benzoate exp market, notably in Germany, saw a positive phase, with prices steadily rising. Increased demand from processed food sectors drove shortages, propelling prices upwards throughout the quarter. Rising upstream benzoic acid exp costs further boosted sodium benzoate exp prices. Even with fluctuations, suppliers maintained ample stocks, meeting demand from the food, pharmaceutical, and healthcare sectors.
Key Points Covered in the Sodium Benzoate Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Sodium Benzoate Prices
- Sodium Benzoate Price Trend
- Sodium Benzoate Demand Supply
- Sodium Benzoate Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Sodium Benzoate Price Analysis
- Sodium Benzoate Industry Drivers, Restraints, and Opportunities
- Sodium Benzoate News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Colombia, Chile, Ecuador, and Peru
- Middle East Africa : Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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