Sodium Bicarbonate Market size estimated at USD 1.2 billion in 2018 and will grow at a CAGR of more than 5% from 2019 to 2024.
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The market growth will be driven by increasing demand for convenience food across the globe due to busy and fast-paced lifestyle. A study says, Americans are preferring processed edible items over freshly baked products, which has significantly reduced the prices of food product over past few years. The consumers are choosing edible products which are ready to eat or take less time to cook or bake. The above mentioned trends will boost the convenience food sector and is likely to drive the sodium bicarbonate market size in future. The food industry uses sodium bicarbonate as an additive to regulate acidity, protect anti-caking, and enhance product shelf-life. The product is used in a wide range of products including confectioneries, ciders, dairy, cereals, increasing the volume of cakes, wafers, and crackers will drive the market. Usage of sodium bicarbonate in agrochemical is driven by practice of treating insects in farmlands and washing pesticides from fruits & vegetables. Furthermore, it is environment friendly natural agent therefore used in the form of pesticides in agricultural farm which will accelerate sodium bicarbonate market demand over the coming years.
The government authorization and approval in various countries are favoring the growth of sodium bicarbonate. For instance, the European Union has devised E500(ii) and registered sodium bicarbonate as a food ingredient, which is used as the raising agent. E numbers are the codes for the substance that are permitted to be used as a food additive, for use in the European Union or European Free Trade Association. In addition, the government has demonstrated its characteristics and functions for proper utilization of the product. Similarly, in the U.S., the Federal regulatory authorities have declared sodium bicarbonate as an ingredient through section 184.1736, permitting the use of sodium bicarbonate in flood flavorings, food enzymes, and additives. Therefore, the sodium bicarbonate market will accelerate in the coming years due to government support and increasing applications in the food industry.
|Market Size in 2018:||1.2 Billion (USD)|
|Forecast Period:||2019 to 2024|
|Forecast Period 2019 to 2024 CAGR:||5%|
|2024 Value Projection:||2 Billion (USD)|
|Historical Data for:||2013 to 2018|
|No. of Pages:||300|
|Tables, Charts & Figures:||392|
|Segments covered:||Form, End-user and Region|
|Pitfalls & Challenges:|
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The product is an antacid that helps in treating diseases related to kidney, diabetes, cancer, and asthma. The product is used in pharmacies and hospitals for treating toxic substances in the body. There are certain unwanted effects related to human health on the consumption of drugs that contain sodium bicarbonate The product is not recommended for treating serious illnesses as any medicine containing sodium bicarbonate may cause certain medical emergencies. One of the major substitutes of sodium bicarbonate is yeast. Strong applications in food & beverages owing to the shift in consumer preferences toward international cuisines are favoring the growth of yeast. The above-mentioned factors may hinder the sodium bicarbonate market growth in forecast spell.
Sodium Bicarbonate Market, By Form
Based on form, the sodium bicarbonate market is segregated into crystal/powdered crystal, liquid and slurry. Among these, crystal form sodium bicarbonate was valued over USD 1 billion in 2018 and will likely grow at significant rate by 2025. The product is usually used as a buffering agent, systemic alkalizer, topical cleansing solutions and an electrolyte replenisher. Slurry form sodium bicarbonate will witness the significant growth with more than 3.5% CAGR in future. The segment is majorly driven by increasing application in pharmaceutical and industrial in abrasives cleaning part.
Sodium Bicarbonate Market, By End-User
Food & beverage, industrial, pharmaceutical, personal care, agrochemical and animal feed are the major end-users in sodium bicarbonate market. The other end-users include fire extinguisher, textiles, leather, etc. Among these, pharmaceutical segment was valued over USD 160 million in 2018 and is likely to grow with substantial rate in coming year. The product is used for the metabolic acidosis treatment and this may occur in severe renal disease, uncontrolled diabetes, circulatory insufficiency. Availability at low price and superior properties of sodium bicarbonate make it ideal for pharmaceutical application.
Sodium Bicarbonate Market, By Region
In terms of volume, Asia Pacific sodium bicarbonate market will experience significant growth rate of 5.2% from 2019 to 2024. Positive demand for sodium bicarbonate comes majorly from China, which has a rapidly growing population that utilizes the product on a large scale. North America region was valued more than USD 250 million in 2018 due to extensive utilization of sodium bicarbonates in various end-use industries. In North America, animal feed segment is expected to hold larger market size due to extensive consumption of animal feed products in order to increase the dairy products quality and quantity.
Competitive Market Share
The sodium bicarbonate market is highly fragmented with the presence of a large number of players across the globe. Some of the prominent players in this market are Solvay SA, Church & Dwight Company, Ciner Group, ?i?ecam, Tata Chemicals, Natural Soda, and Ciech Group. The company is adopting organic growth strategies such as increasing production capacity to enhance penetration in emerging economies of Asia Pacific. It has commissioned the largest sodium bicarbonate plant of South East Asia in Thailand with an annual capacity to produce 10,000 ton to serve the healthcare, food, and other consumer markets in Asia.
The sodium bicarbonate is manufactured by soda ash and carbon dioxide. The quality of sodium bicarbonate products depends on the suitable quantity and quality of raw material used in the manufacturing process of sodium bicarbonate. Therefore, companies of this market are estimated to have a remarkable market share during the next few years. Market integration is high, most of the companies have backward integration which is helping them to serve large customer base. Increasing application of yeast and sodium acetate over sodium bicarbonate in pharmaceutical, food & beverage, and home care industries will hinder sodium bicarbonate market growth in future.