In the last few years, sodium acetate market has witnessed vast commercialization prospects due to widespread use across various business verticals such as leather and textile, food processing and pharmaceutical industry. Prominently used as a food preservative, sodium acetate has registered extensive use as a neutralizing agent, buffering and pickling agent as well as diuretic agent.
Rapid industrialization along with high FDI investment in developing countries has spurred the growth potential of the aforementioned industry verticals, that has positively influenced the consumption of the compound worldwide. According to reports, sodium acetate market size could cross USD 220 million in annual remunerations globally by 2024.
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Mentioned below are some of the factors expected to influence the industry size in the coming years.
Wide product application in processed food sector
Owing to superior food preservation features, sodium acetate is popularly used in the food processing industry, which has proven to be extremely beneficial for the overall demand and consumption of key ingredients. The widescale use of the chemical is attributed to the rise in the consumption of canned food products due to the busy lifestyles of the people in both developed as well as developing countries. This has subsequently offered considerable boost to the growth potential across sodium acetate industry.
Processed food has garnered momentum in terms of consumption with augmented disposable incomes in emerging economies. Products like ready to eat, burger patties and other offerings need key ingredients like sodium acetate to maintain shelf life. The industry potential can be understood from the fact that over the past decade, Europe food and drink exports have doubled to reach over USD 106.3 billon.
High product demand in APAC and North America
With respect to regional expanse, APAC and North America sodium acetate markets could emerge as key revenue terrains in the near future. Both the regions will together be responsible for nearly 70% of the total market share, which is indicative of the tremendous packaged food & beverage demand across countries like the U.S., Canada, China, India, Japan and many others.
Considerable production, low cost of labor and raw materials coupled with mature food processing and textile industry in APAC will support regional product demands. On the other hand, developed pharmaceutical industry in North America due to the need for advanced medical services as well as high disposable income among people will support the need for the compound.
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Trihydrate sodium acetate to witness traction
Trihydrate sodium acetate has gained considerable recognition in the product domain, since the compound is less expensive as compared to its alternatives. It also finds integral use in the textile and leather industries due to superior hydrophilic, pH controlling characteristics.
Globally, the demand for textiles is only increased with the growing population, purchasing power and expanding modes of product distribution. Leather products have sustained market demand with the popularity of fashion trends and availability of numerous buying option.
Some of the leading sodium acetate companies worldwide include Tokyo Chemical Industry, Nandosal Chem Industries, Avantor Performance Materials, CABB, Daito Chemical, American Elements and Shanxi Xinzhou Chemical, among various others.
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