Global Sodium Bicarbonate Market – Industry Analysis and Forecast (2020-2027)
Global Sodium Bicarbonate Market was valued at US$ 1.42Bn in 2019, and is expected to reach US$ 2.03 Bn by 2027, at a CAGR of 4.6 % during forecast period
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Sodium bicarbonate market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, report also focuses on competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in near future to emerging segment in Sodium bicarbonate market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Sodium bicarbonate is a white solid crystalline powder and commonly known as baking soda. It has a slightly salty, alkaline taste resembling that of washing soda (sodium carbonate). Sodium bicarbonate is manufactured by wet and dry process, generally in a large scale production wet process is used in which sodium bicarbonate is precipitated as crystals by infusing carbon dioxide gas into caustic soda derived by electrolysis to cause a reaction.
Based on the grade, the feed grade accounts the largest market share in the 2017. High demand of Sodium carbonate from animal nutrition industry which produced the animal feed that will grow the market at a significant rate over the forecast period. Whereas, the food grade segment is projected to show a relatively higher CAGR. This is mainly attribute to the increasing use of Sodium bicarbonate in the bakery and confectionary products. The bakery industry will continue to grow in the forthcoming years, which will continue to drive the demand for food grade Sodium bicarbonate.
It has a multitude of uses from everyday goods to pharmaceuticals and beyond. Different grades of sodium bicarbonate that currently available in market. This is primarily to differentiate the usability of the product based on its grade in Food & Beverages, pharmaceutical, and feed. Sodium bicarbonate is primarily used in baking as a leavening agent. Some of its applications in Food & Beverages include chemical leavening agent in ready-to-eat cakes and pastries, odor absorbent, fruit washing agent and cleaning agent.
Food grade sodium bicarbonate (baking soda) is used in processed food items to control pH levels and increase stability and shelf-life. The Food & Beverages segment is expected to remain highly attractive during the forecast period. Over the past few years, consumption of processed and packaged food items has ascended all over the world due to changing lifestyle, which has created flourishing opportunities for different types of food preservatives including sodium bicarbonate. Further, Sodium bicarbonate is used in personal carte product such as deodorizing agent is partly fueling the demand for sodium bicarbonate. The use of sodium bicarbonate substitutes in medical and food applications may promote the growth of the market during the forecast period. However, environmental implications and health hazards of sodium bicarbonate is leading to reduction in usage it may hinder the market.
Based on the region, Asia pacific region is currently commands the largest market share and set to witness at a high CAGR during the assessment period. Demand of sodium bicarbonate from industries such as animal nutrition, food & beverages, personal care & pharmaceuticals, and agriculture in Asia pacific.
North America is the second largest consumer off the sodium bicarbonate owing to increasing demand of sodium bicarbonate from various end-use industries. Whereas, the Europe region is projecting steady growth in the Global Sodium Bicarbonate Market due to the stringent regulations over the production of Sodium Bicarbonate.