Sodium Benzoate Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Sodium Benzoate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Sodium Benzoate Price Trend for the First Half of 2023

Asia

The market for sodium benzoate declined in the first and second quarters of 2023 in the Asia-Pacific region. The fall in the trend was much more significant in the later months of the second quarter as compared to the first quarter. In both quarters, the weak performance of domestic and international markets and the declining prices of feedstock materials affected the price trends. However, a slight incline was observed in the first two months of the second quarter when the demand for sodium benzoate from the food and beverage sector increased. These months were also supported by positive trading activities and higher costs of raw materials. But the trend could not be sustained in the region, and ultimately, consumer confidence in the market fell along with sodium benzoate prices.

Europe

In Europe, the sodium benzoate price trend declined throughout the first two quarters of 2023. The market dynamics were adversely affected by the rising stockpiles in the region due to weak demand from the downstream industries. The trend improved slightly in the initial phase of the second quarter due to increasing demand and energy production costs as OPEC+ announced cuts in oil outputs. But soon, the trend returned to its declining phase as consumers were unable to purchase the product amid soaring energy costs and declining market dynamics. The falling costs of raw materials, overflow of stocks, and increased number of imports contributed significantly to this fall in the price trend.

North America

The market of sodium benzoate in North America mimicked the trend seen in Europe and Asia Pacific regions. The prices first declined in the first quarter, then witnessed a slight jump, and ultimately declined again in the second quarter. The rise in the first few months of the first quarter was due to high demand from the end-user sector. But the declining trajectory of the price trend of sodium benzoate was due to the weak performance of downstream industries, a halt in the economic development of the region, and increasing fluctuations in the crude oil sector, which significantly impacted the sodium benzoate price trend.

Analyst Insight

According to Procurement Resource, the price of Sodium benzoate is estimated to depict an uncertain trend as the declining global economic conditions and reduced demand from the end-sector industries are expected to adversely affect the market.

Procurement Resource provides latest prices of Sodium Benzoate. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.