How will a growing food & beverage sector impact sodium bicarbonate market outlook?
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The product is facing robust demand from the agricultural sector as well. This can be largely attributed to extensive use of sodium bicarbonate in the formation of insecticides and pesticides. Increasing agricultural activities globally driven by a burgeoning food demand will further boost sodium bicarbonate industry outlook.
Asia Pacific sodium bicarbonate market share led by India and China will register a CAGR of over 5.7% up to 2024. Rapid industrialization in the Asia Pacific along with an increasing population is driving the regional demand.
Strict government norms in European countries pertaining to reduction of emission levels is anticipated to boost the product demand. Sodium bicarbonate finds wide use in flue gas treatment. Europe sodium bicarbonate industry share will exceed USD 400 million by 2024.
Based on form, sodium bicarbonate market share is segmented into crystal/powdered crystal, liquid and slurry. Liquid sodium bicarbonate industry size is projected to register a 4.6% CAGR up to 2024.
Crystal/powdered sodium bicarbonate is prominently used in several end-use industries for a range of applications, including pharmaceutical. Crystal/powdered sodium bicarbonate market share will hold about 85% of the global share, witnessing gains at over 5% during the analysis timespan.
Global sodium bicarbonate market share is segmented into food & beverage, personal care, animal feed, pharmaceuticals, and agrochemicals, among other end-use sectors. Food grade sodium bicarbonate acts as an essential ingredient for the formulation of baking soda and acid neutralizing agents. Extensive product application in bakery products will further stimulate the market demand.
Sodium bicarbonate market size from food & beverage application segment will generate revenues in excess of USD 450 million by 2024. An ever-growing world population along with evolving eating trends and habits of consumers are anticipated to provide favorable growth opportunities to sodium bicarbonate industry.
Increasing consumption of meat and dairy products have subsequently resulted into high body pH levels. Baking soda is largely used to maintain the alkaline level of the human body.
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Robust growth in U.S. manufacturing sector is anticipated to boost sodium bicarbonate industry trends in the next few years. Manufacturing is a crucial end-use segment in the country, employing over 12.4 individuals and garnering over USD 2.18 trillion during 2016. The sector is further estimated to grow owing to technological advances, strong economic growth and rising domestic energy production.
An expanding manufacturing sector will in turn fuel the demand for soft abrasive blasting across various end-use industries such as steel & iron, oil & gas, heavy equipment manufacturing, and metal fabrication, among others. This will significantly favor the sodium bicarbonate market trends across the region.
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