The Sodium Bicarbonate Market is set to grow from its current market value of more than $6 billion to over $9 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Global sodium bicarbonate market is forecast to grow with a CAGR of 4.9% till 2024. The growth is accelerated by increasing application of sodium bicarbonate in food and beverage industry. Increasing consumption in bakery and confectionary products such as cakes, cookies, wafers and others are positively influencing the market over forecast period. In addition, change in consumer preferences towards international cuisine is increasing the consumption tendency of meat, dairy and fish products. As a result, this has led rise to various health issues such as gases and acidity globally among people. Thus, sodium bicarbonate is primarily used for treating alkaline level and pH level of body which is likely to grow the market in coming years.
Agriculture industry is growing immensely with rising population globally which has led to increase in cultivation activities to feed such large population which in turn is driving the market for agrochemicals industry. Sodium bicarbonate is one of the natural bleaching agent used in different agrochemical products such as pesticides, insecticides and others. Therefore, higher agricultural actives will promote demand for agrochemical products which will gain significant market revenue over the forecast period.
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The global market is significantly driven by shift in consumer grooming habitat which has increased the demand for personal care products. Sodium bicarbonate properties such as soothing, calming and neutralizing makes it suitable application for various personal care products. Moreover, it absorbent and antimicrobial characteristics promotes its usage in mouth cleanser, deodorant and perfume products. Excellent properties and ongoing grooming trend among consumers will notably grow the market by the end of 2024.
Excessive consumption or intake of sodium bicarbonate can cause certain side effect which will negatively impact market demand. Further consumption of sodium bicarbonate for longer interval may lead to arthritics and respiratory problem. Therefore, market growth is hindered by several health hazards caused on the consumption of sodium bicarbonate.
Substitute products like yeast & sodium acetate is challenging the market demand over the period. Increasing usage of sodium bicarbonate in several food products will decelerate market growth for sodium bicarbonate products over the forecast timeframe.
Crystal/powdered crystal segment is growing by a CAGR 5.5%. Growing application in numerous industries like food and beverage will majorly drive the segment. Followed by crystal/powdered crystal segment, liquid market is expected to grow by CAGR of 4.6% owing to rising usage in pharma industry.
The fastest growing segment is food and beverage with a CAGR 5.3%. Second highest market growth is expected from agrochemical industry. Increasing application of sodium bicarbonate in biochemicals products like pesticide will augment market growth by end of forecast period.
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Asia Pacific market is significantly growing with CAGR growth over 5.7% where China & India is majorly dominating the market. Rapid industrialization and rising population in the province is augmenting the demand in various industries. LATAM is growing significantly due to increasing application in food and beverage products.
Some of the leading market players in the sodium bicarbonate market have integrated activities such as TATA chemical and Solvay. Major players include FMC Corporation, Blastrite, Natural Soda, Solvay Specialty, Tosoh Corporation, Tata Chemicals, Crystal Mark and Opta Minerals.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.