Selbyville, Delaware, United States, October 13 2020 (Wiredrelease) Global Market Insights, Inc –:Sodium Bicarbonate Market is estimated to surpass USD 9 billion by 2024; according to a new research report by Global Market Insights, Inc. Global demand for sodium bicarbonate will be driven by increasing demand from food & beverage industry. Rising population worldwide is growing the demand for sodium bicarbonate coupled with shift in consumer eating habits, favoring the sodium bicarbonate market. Consumption of dairy, meat, fish etc. have predominantly resulted into higher body PH value, to treat alkaline level of human body sodium bicarbonate is used. Further its application in bakery product will positively impact sodium bicarbonate market growth over coming years.
The sodium bicarbonate market is witnessing high demand from agrochemical industry. Growing usage of sodium bicarbonate product in pesticides and insecticides is accelerating market growth over forecast period. Further, increasing percentage of cultivation land will augment the usage of sodium bicarbonate in agrochemical product.
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Shift in consumer preferences toward grooming products is enhancing the sodium bicarbonate market growth in personal care industry. Excellent features of sodium bicarbonate for instance neutralizing and soothing, make it suitable application in personal care industry. In addition, its antimicrobial and absorbent characteristic acts as mouth cleanser and perform like an absorbent in perfume & deodorants products. Hence sodium bicarbonate application in personal care product will substantially grow the sodium bicarbonate market size in projected timeframe.
The global sodium bicarbonate market is hindered by complication and side effect on the its consumption. High consumption of this products for longer period can cause severe health problem such as allergic reactions, arthritics and breathing problem. Further there are certain restriction on sodium bicarbonate on its application in food and medical items which will negatively influence the market growth by 2024.
Increasing usage of sodium acetate and yeast alternative to sodium bicarbonate will decelerate the sodium bicarbonate market growth in coming years. Growing application of sodium acetate product in food industry coupled with its excellent antibacterial properties is likely to challenge market demand in forecast period.
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Crystal/powdered crystal is one of the growing segment in the sodium bicarbonate market with a CAGR of 5.5%. The product segment is driven by increasing usage in several end-user industries. Growing food & beverage industry is primarily driving the segment, favoring the consumption of crystal/powdered crystal form in various food products. Second highest market growth is projected by liquid form which is likely to grow with a CAGR of 4.6% with increasing application in pharmaceutical industry.
Food and beverage industry is among fastest growing industry, by a CAGR of 5.3%. Followed by food and beverage, agrochemical industry is witnessing high demand for sodium bicarbonate products. Rising application of this products in pesticide chemical is likely to accelerate sodium bicarbonate market demand by 2024.
Asia Pacific sodium bicarbonate market is substantially growing with a CAGR of 5.7%, the region is majorly dominated by China and India. Rapid urbanization and industrialization in these countries is rising the demand for sodium bicarbonate products in end-user industries. Followed by Asia Pacific market, LATAM is increasing predominantly owing to massive demand from food and beverage industry.
The sodium bicarbonate market has several market players with numerous local & global manufacturers, supplier and distributors functioning across the globe. Some of these key market players follow both backward integration such as TATA chemical and Solvay. Prominent industry players include Blastrite, FMC Corporation, Solvay Specialty, Natural Soda, Tosoh Corporation, Crystal Mark, Tata Chemicals, Opta Minerals and Vitro S.A.B.
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