Global Sodium Benzoate Prices to Demonstrate a Positive Trend during Q1-2023

At the start of Q1 of 2023, Sodium Benzoate (Exp) prices are projected to climb across the globe due to surging energy costs, rising sales for the downstream pharmaceutical excipients, and improving imports from exporting nations.

China is a significant exporter of Sodium Benzoate to other nations, primarily Germany and the United States. The prices are likely to witness a surge of around 2.28 percent during January and probably would follow a similar tendency throughout the end of the first quarter of 2023. The cost of procuring Pharmaceutical raw materials is rising steadily, primarily due to ongoing supply disruptions across the globe. According to the market players, the demand for Sodium Benzoate from the Pharmaceutical, Food & Beverage sector is expected to surge considerably, helping them to increase their market values and destock the previous stockpiles. Furthermore, it is projected that some of China's pharmaceutical excipient manufacturing might be shifted to domestic use in early 2023. Also, traders from the international market emphasize placing newer orders to restock their shelves for Sodium Benzoate amidst rising customer inquiries. Because of this, the Chinese production units will focus on increasing their manufacturing capacity.

In the United States and Germany, the prices of Sodium Benzoate are expected to follow a similar outlook in the same way as that of China. Strong customer inquiries in the United States will almost completely restore pre-pandemic trends in overall supplies within the domestic and international markets. Rising upstream Benzoic Acid excipient cost is expected to support the increasing trend for Sodium Benzoate in the European region.

As per the Chemanalyst: "the prices of Sodium Benzoate are likely to increase in a positive direction in the forthcoming months. The rising end-user demand from the domestic market might keep the price trend for Sodium Benzoate in the northward direction. Further, the trading momentum from China to other regions anticipates a positive trend that might further support Sodium Benzoate market sentiments across the globe.