Sodium bicarbonate market Demand, Analysis, Strategic Assessment, Trend Outlook, And Business Opportunities 2022-2030
The global sodium bicarbonate market is projected to register a CAGR of 4.85% from 2022 to 2030. Increased consumption of sodium bicarbonate in varying end-use industries, including food, pharmaceuticals, animal feed, chemicals, and water treatment, is the driving factor for the rise in the market. The sodium bicarbonate market size is expected to reach approximately USD 12.78 billion by 2030
Market Segmentation
The global sodium bicarbonate market segmentation is done on the basis of end-user and grade.
By grade, the market is segmented into pharmaceutical, food, feed, and technical. With 45.05% of the market share till 2017, the feed grade segment holds the leading position in the global standings. The market is further expected to grow at a gradual pace during the forecast period. The increasing animal feed production has steered forward a far greater requirement of sodium bicarbonate purchase. On the other hand, the food grade segment is expected to register a high CAGR during the forecast period. This growth of the segment is primarily due to the growing usage of baking soda in bakery and confectionary items. With the bakery industry projected to grow in numbers in the forthcoming years, it will, in turn, steer the demand for the food grade segment in the sodium bicarbonate market.
By end-user, the market divides into flue gas treatment, animal feed, food & beverages, food & beverages, detergents & cleaning agents, personal care & pharmaceuticals, hemodialysis, textile, chemicals, and others. Herein, the animal feed segment is a highly attractive end-user market and is expected to remain the same in the forthcoming years. At present, the valuation of the segment stands at USD 300 million and is anticipated to expand with an above-average CAGR. Due to its highly favorable attributes, sodium bicarbonate is used extensively in the animal feed sector as it makes up for a precise ingredient for improving the quality of the feed. Not to mention, the food & beverages segment too is expected to garner a strong growth in the near future due to the widening range of applications sodium bicarbonate holds in the sector.
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Regional Analysis
The global sodium bicarbonate market is geographically segmented into the following key regions: Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa (MEA).
Geographically, the market is spearheaded by the Asia Pacific region. The region holds the maximum market share and is expected to witness a compound annual growth of 5.56% during the forecast period. In this region, the growth of various industries like the food & beverages, animal nutrition, agriculture, and the personal care & pharmaceutical sector has led to the increasing demand for sodium bicarbonate. This has propelled the regional market and has positioned it into the top and will continue to contribute in the same manner. Other factors that are influencing the global sodium bicarbonate market in the Asia Pacific region is the rapid scale industrialization and the surging per-capita income of.
Competitive Landscape
The global sodium bicarbonate market comprises of various prominent players, including Kazan Soda Elektrik, Tosoh Corporation, Tata Chemical Ltd., Novacap, Sisecam Group, CIECH Group, Church & Dwight Co., Inc., Bashkir Soda Company, Solvay, Natural Soda LLC and AGC Inc.
April 2nd, 2019, a new Blue Agave plus Baking Soda Bioré® Skincare's Newest Dynamic Duo is introduced in the market that helps deep clean and nourish one’s skin with its composition.
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