Sodium Benzoate Prices are Presumably to Curtail in German Market

Hamburg: Based on ChemAnalyst data Prediction, Sodium Benzoate prices in the German domestic market are predicted to decline in the third week of December 2022. As a salt of Benzoic Acid, Sodium Benzoate is easily dissolved in water, has no taste or odour, and is used as a preservative in Food & Beverage industries in precisely calculated dosages since it has antifungal and antibacterial effects. It prevents the development of mold, yeast, and bacteria.

Falling costs of the main component, Benzoic Acid, and other factors, such as low demand and an abundance of inventories, support the declining price trend of Sodium Benzoate in Germany. Additionally, at this time, the domestic Benzoic Acid market produced by the toluene (partial oxidation of toluene with oxygen) process was weak down this week in the domestic market of China. In terms of crude oil, the market is clouded by unfavorable sentiment, the crude oil market is weighed down by worries about an impending economic downturn, and the anticipation that the Fed (Federal Fund Rates) would raise interest rates placed pressure on crude oil prices. Since Germany imports most of its goods from China, the prices of Sodium Benzoate are currently low and are predicted to fall in the future.

One of the main factors driving growth in the market for Sodium Benzoate is the rising demand for Food & Beverages due to the expanding global population. Leading market participants are also concentrating on product innovations and tactical alliances to increase the scope of their product portfolios and market penetration. Despite this, there is a drop in demand for German Food & Beverage products because domestic companies have an adequate supply of Sodium Benzoate and require fewer imports from China.

According to ChemAnalyst, the price of Sodium Benzoate is expected to retrench due to the continuing decline in feed prices.