SAN FRANCISCO, Nov. 3, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Sodium Bicarbonate - Global Market Trajectory & Analytics." The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 7; Released: October 2021
Executive Pool: 479
Companies: 64 - Players covered include AGC Inc.; Church & Dwight Co. Inc.; CIECH S.A.; Ciner Group; Crystal Mark, Inc.; FMC Corporation; Haohua Honghe Chemical Co. Ltd.; Natural Soda, LLC; Opta Minerals Inc; SEQENS Group; Sisecam Group; Soda Sanayii AS; Solvay SA; Solvay Specialty Polymers USA, LLC; Tata Chemicals Ltd.; Tokuyama Corp.; Tokyo Chemical Industry Co. Ltd.; Tosoh Corp. ; Vitro SAB De CV and Others.
Coverage: All major geographies and key segments
Segments: Form (Crystal / Powdered Crystal, Liquid, Slurry); End-Use (Animal Feed, Food and Beverage, Pharmaceutical, Agrochemical, Industrial, Personal Care, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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ABSTRACT-
Global Sodium Bicarbonate Market to Reach US$1.7 Billion by the Year 2026
Popular as baking soda, sodium bicarbonate represents a white crystalline powder that is slightly salty and alkaline in taste like that of sodium carbonate or washing soda. Sodium bicarbonate is offered in various grades and used in a broad range of industries like animal feed, pharmaceuticals, food & beverages, agriculture, manufacturing and cleaning products. Growth in the global market is set to be driven by rising demand from several end-use industries. The strong demand for sodium bicarbonate is attributed to its easy availability and low production cost. The food & beverages industry is expected to continue representing one of the most attractive domains for sodium bicarbonate in the coming years. The increasing demand for sodium bicarbonate in the industry can be credited to rising consumption of packaged and processed foods as a result of changing lifestyle and food preferences. The compound is widely used in the animal feed and nutrition industry and to de-color textiles. Some of the other prominent applications of sodium bicarbonate include leather, detergents, dyes and flue gas desulfurization. Sodium bicarbonate is also used in various personal care products as deodorizing agent.
Amid the COVID-19 crisis, the global market for Sodium Bicarbonate estimated at US$1.3 Billion in the year 2020, is projected to reach a revised size of US$1.7 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Crystal/ Powdered Crystal, one of the segments analyzed in the report, is projected to grow at a 5.5% CAGR to reach US$1.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquid segment is readjusted to a revised 4.3% CAGR for the next 7-year period. This segment currently accounts for a 12% share of the global Sodium Bicarbonate market. The crystal form of sodium bicarbonate is used as electrolyte replenishers, topical cleaning solutions, systemic alkalizer and buffering agent. Growth in the powder segment is favored by enhanced user convenience and increasing demand for sodium hydrogen carbonate within baking powder applications.
The U.S. Market is Estimated at $317 Million in 2021, While China is Forecast to Reach $352.1 Million by 2026
The Sodium Bicarbonate market in the U.S. is estimated at US$317 Million in the year 2021. The country currently accounts for a 23.92% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$352.1 Million in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR while Rest of European market (as defined in the study) will reach US$371.8 Million by the end of the analysis period. Asia-Pacific enjoys a dominant position in the market, buoyed by increasing demand for the compound from diverse industries including food & beverages, animal nutrition, pharmaceuticals, personal care and agriculture. The Asia-Pacific market is gaining from high dependence on poultry farming along with expansion of the personal care and pharmaceutical industries. The North American market is anticipated to benefit from rising uptake of sodium bicarbonate across the animal feed, pharmaceuticals, food, water treatment and pesticides industries. The regional market is also bolstered by increase in government funding to support R&D activity for finding novel application areas for the compound.
Slurry Segment to Reach $122.9 Million by 2026
Slurry form is used in pharmaceuticals and as an abrasive cleaning agent in industries. In the global Slurry segment, USA, Canada, Japan, China and Europe will drive the 3.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$73.2 Million in the year 2020 will reach a projected size of US$94.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$15.4 Million by the year 2026, while Latin America will expand at a 4% CAGR through the analysis period. More
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