Sodium Bicarbonate Market is set to witness a compound annual growth rate of USD 13 Billion at 4.85% during the forecast period.
Research Reports
Mar 24, 2022
Market Overview
The global Sodium Bicarbonate Market is set to grow steadily at a moderate CAGR during the forecast period (2022-2030), reports Market Research Future (MRFR). The consumption of meat, sugar, and dairy products makes the body acidic which the body tries to nullify by holding the alkaline salts. However, the presence of tissue acidity leads to health problems like arthritis, digestive disorders, and heartburn. This issue can be taken care of by consuming sodium bicarbonate or baking soda with water as it helps reduce acidity being alkaline in nature. MRFR report identifies that the benefits of baking soda or sodium bicarbonate is expected to be one of the main growth drivers for the global sodium bicarbonate market in the coming years. Moreover, the demand for sodium bicarbonate is bound to rise on account of its usage in the treatment of ventricular dysrhythmias, which is caused due to excessive use of cocaine.
Although the market’s future prospects seem bright, fluctuating price of sodium bicarbonate globally can potentially undermine the market growth in the coming years. However, major market trends are gaining traction which positively shapes the sodium bicarbonate market dynamics, such as increasing use of baking soda as a deodorizing agent. As baking soda neutralizes acidity, it is an ideal element used to absorb odor and act like a deodorant. Furthermore, baking soda or sodium bicarbonate is free of chemical additives unlike many other products, a fact that makes the product highly appealing to large number of consumers, leading to massive demand globally.
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Market Segmentation
MRFR report states that the global sodium bicarbonate market is segmented on the basis of application, end users and region.
By application, the global sodium bicarbonate market is segmented on the basis of medical, soap & detergents, baking powder, animal feed, chemical raw material, agrochemical, fire-extinguishing agent, and others. There is a high demand for sodium bicarbonate in the medical field, majorly used as antacids. It is used to treat the symptoms of stomach or duodenal ulcers. Moreover, it is also used to relieve heartburn and acid indigestion by neutralizing excess stomach acid.
By end users, the market is segmented on the basis of pharmaceutical, personal care, textile industry, food & beverages, chemical industry, agriculture and others. Sodium bicarbonate in food and beverage industry is extensively used in baking goods, legumes and beans, food coloring, effervescent soda, and vegetable and fruit scrub. Hence, the plethora of applications of sodium bicarbonate in the food and beverage industry propels its demand and leads to the segment growth.
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Regional Analysis
The global sodium bicarbonate market is geographically spread across Asia Pacific, North America, Europe and the Rest of the World (RoW).
Among all regions, the Asia-Pacific region is at the top position with the largest market share in terms of production and consumption. In the region, China is the largest producer and consumer of sodium bicarbonate making it the dominating market segment. Burgeoning demand for soaps & detergents, food & beverages, and chemical raw materials in countries such as China, India, Thailand and Indonesia has fuelled the sodium bicarbonate market demand. Also, the application of sodium bicarbonate as an ingredient in animal feeds is expected to result in tremendous market growth during the forecast period. Furthermore, established market players such as Solvay and Novacap are targeting to invest in Asian countries as they foresee untapped potential in the region.
MRFR also observes that the region of North America holds the second position globally with the second largest market share of sodium bicarbonate. The United States majorly contributes to this growth and also gives tough competition to Asia Pacific market, owing to strong presence of sodium bicarbonate manufacturers who offer the products with low cost and also over dumping of sodium bicarbonate in Asia-Pacific countries. Moreover, changing lifestyle and changing food habits due to rising urbanization has led to heavy consumption of sodium bicarbonate for its health benefits.
The Europe market is growing at a sluggish rate and seems to have reached a plateau due to strict regulations by the government for producing sodium bicarbonate. However, elevated demand from the detergent and soap industry in the region is projected to fuel the market growth of sodium bicarbonate in near future.
The Middle East and Africa markets are growing steadily and are deemed to maintain the growth due to lenient government regulations as well as growing awareness about the health benefits of sodium bicarbonate. Not just this but high demand in food and agriculture industry gives a major leeway to the market growth in the region.
Key Players
FMC Corporation. (US), Blue Bird Foods India Pvt. Ltd. (India), Tata Chemicals Ltd. (India), Solvay S.A. Chemicals Company (Europe), Tosoh Corporation (Japan), and Asahi glass Co. Ltd (Japan) are some of the key players in the global sodium bicarbonate market.
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Industry News
Belgium-based Solvay is planning to invest USD 5 million to modernize the gas cogeneration units in its soda ash and sodium bicarbonate facility in Bernburg, Germany. This investment will enable the company to solidify the facility’s long-term position and also boost its competitiveness while maintaining the current production capacity. Moreover, this move further establishes Solvay’s commitment to sustainable development, reducing the intensity of carbon dioxide.
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