South Korea Sodium Benzoate Market Size & Outlook
South Korea sodium benzoate market , 2018-2030 (US$M)
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South Korea sodium benzoate market highlights
- The South Korea sodium benzoate market generated a revenue of USD 6.3 million in 2023 and is expected to reach USD 9.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.3% 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.
Sodium benzoate market data book summary
| Market revenue in 2023 | USD 6.3 million |
| Market revenue in 2030 | USD 9.0 million |
| Growth rate | 5.3% (CAGR from 2023 to 2030) |
| Largest segment | Powder |
| Fastest growing segment | Powder |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, South Korea accounted for 1.5% of the global sodium benzoate market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China sodium benzoate market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 100.1 million by 2030.
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Sodium Benzoate Market Scope
Sodium Benzoate Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea 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 57.14% in 2023. Horizon Databook has segmented the South Korea sodium benzoate market based on powder, granules covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea sodium benzoate market is expected to grow over the forecast period. This growth is attributed to a rise in demand for preservatives in the food & beverage industry. This rise in production of soft drinks has led to a rise in demand for sodium benzoate, which is used a preservative in the soft drinks, they inhibit the growth of unwanted microorganisms in the product and keep the product safe from microorganism attack.
For instance, in February 2024, Coca-Cola announced the limited-time release of Coca-Cola K-Wave Zero Sugar. As part of its mission to keep consumers interested in its wide range of beverages, CocaCola launched a creation platform that creates unique and temporary flavors and enhances Coca-Cola's perception as a lifestyle brand through merchandise and virtual experiences.
With its new creations launch, Coca-Cola is tapping into the incredible popularity of K-pop among younger consumers worldwide. Coca-Cola K-Wave Zero Sugar is now available in select markets across the globe, including Spain, Singapore, the U.S., and South Korea. This Coca-Cola product uses sodium benzoate to inhibit the growth of microorganisms, in turn, driving the market in the country.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea sodium benzoate market , including forecasts for subscribers. This country databook contains high-level insights into South Korea sodium benzoate market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea sodium benzoate market report size, by form, 2018-2030 (US$M)
South Korea Sodium Benzoate Market Share, 2023 & 2030 (US$M)
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