Latin America Sodium Benzoate Market Size & Outlook
Latin America sodium benzoate market , 2018-2030 (US$M)
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Latin America sodium benzoate market highlights
- The Latin America sodium benzoate market generated a revenue of USD 46.3 million in 2023.
- The market is expected to grow at a CAGR of 5.2% from 2024 to 2030.
- In terms of segment, powder was the largest revenue generating form in 2023.
- Powder is the most lucrative form segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2024 to 2030.
Latin America data book summary
| Market revenue in 2023 | USD 46.3 million |
| Market revenue in 2030 | USD 65.9 million |
| Growth rate | 5.2% (CAGR from 2023 to 2030) |
| Largest segment | Powder |
| Fastest growing segment | Powder |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Powder, Granules |
| Key market players worldwide | Foodchem International Corporation, Avantor Inc, Merck KGaA, Azelis Group NV, Spectrum Chemicals, DuPont de Nemours Inc, Tulstar Products, Lanxess AG |
Other key industry trends
- In terms of revenue, Latin America region accounted for 10.7% of the global sodium benzoate market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 294.8 million by 2030.
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Sodium Benzoate Market Scope
Sodium Benzoate Market Companies
| Name | Profile | # Employees | HQ | Website |
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Latin America sodium benzoate market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to sodium benzoate market will help companies and investors design strategic landscapes.
Powder was the largest segment with a revenue share of 60.48% in 2023. Horizon Databook has segmented the Latin America sodium benzoate market based on powder, granules covering the revenue growth of each sub-segment from 2018 to 2030.
The sodium benzoate market is expected to grow in the region. This growth is attributed to the rising demand for sodium benzoate in the food & beverage industry. Sodium benzoate is used as the preservative in foods and beverages, leading to a rise in demand in the region.
In January 2024, according to the Pan American Health Organization (PAHO), the sales of ultra processed food grew in Latin America with a 26% increase between 2000 and 2013. Colombia witnessed a similar growth trend of around 25% during the same period.
The highest consumption was observed among adolescents, with UPF contributing 20.3% to the total daily energy intake. This rise in the consumption of processed food has boosted the demand for sodium benzoate in Central & South America.
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Horizon Databook provides a detailed overview of continent-level data and insights on the Latin America sodium benzoate market , including forecasts for subscribers. This continent databook contains high-level insights into Latin America sodium benzoate market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Latin America sodium benzoate market report size, by country, 2018-2030 (US$M)
Latin America Sodium Benzoate Market Share, 2023 & 2030 (US$M)
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