Potassium Benzoate Prices in USA
- United States: 2415 USD/MT
In December 2023, the price of potassium benzoate in the USA reached 2,415 USD per metric ton for Q4 2023. The latest report by IMARC Group, titled "Potassium Benzoate Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data" delivers a comprehensive analysis of potassium benzoate prices on a global and regional scale, highlighting the pivotal factors contributing to price changes. This detailed examination includes spot price evaluations at key ports and an analysis of pricing structures, such as Ex Works, FOB, and CIF, across North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Potassium Benzoate Prices December 2023:
- United States: 2415 USD/MT
- China: 2245 USD/MT
- Germany: 2430 USD/MT
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The study delves into the factors affecting potassium benzoate price variations, including alterations in the cost of raw materials, the balance of supply and demand, geopolitical influences, and sector-specific developments.
The report also incorporates the most recent updates from the market, equipping stakeholders with the latest information on market fluctuations, regulatory modifications, and technological progress. It serves as an exhaustive resource for stakeholders, enhancing strategic planning and forecast capabilities.
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Potassium Benzoate Price Trend- Q4 2023
The potassium benzoate market is experiencing growth, primarily driven by the increasing demand for food preservatives that ensure food safety and extend shelf life. Potassium benzoate is widely used in the food and beverage (F&B) industry, particularly in acidic foods, such as salads, pickles, and fruit juices, due to its effectiveness in inhibiting the growth of mold, yeast, and bacteria. Additionally, the shift towards preservatives that are perceived as safer compared to synthetic alternatives is contributing to the market expansion. Consumer preferences are increasingly leaning towards preservatives that are effective yet mild, making potassium benzoate a preferred choice. The global push for cleaner labels and more natural ingredients in food products also bolsters the demand for potassium benzoate. Moreover, regulatory approvals in various regions, recognizing potassium benzoate as a safe food additive, further enhance its market penetration and acceptance, thereby driving its market growth.
Potassium Benzoate Market Analysis
The global potassium benzoate market size reached 20 Thousand Tons in 2023. By 2032, IMARC Group expects the market to reach 29.9 Thousand Tons, at a projected CAGR of 4.60% during 2023-2032. In the last quarter of 2023, the North American potassium benzoate market saw fluctuating prices due to high production and supply, driven by substantial orders which improved inventory levels. Despite a slight average price decline of 2.61%, demand remained strong, influenced by end-user sectors. A strategic inventory clearance by market participants ensured a fresh start for 2024.
The European potassium benzoate market in Q4 2023 faced a decline due to surplus inventory and falling raw material costs, notably benzoic acid, reducing production expenses. Global price drops, led by major exporters like China, and low demand exacerbated the decline. However, in December, tensions in the Red Sea and Suez Canal disrupted shipments, increasing freight costs and leading to a slight price surge, with the latest potassium benzoate price in Hamburg at USD 2435/MT, marking a 1.51% quarterly decline.
Conclusively, the prices of potassium benzoate in the last quarter were influenced by fluctuations in raw material costs, particularly benzoic acid and potassium compounds, and changes in energy prices, both exacerbated by global trade tensions and geopolitical factors. Regulatory changes and stricter safety standards have also necessitated costly compliance measures. Meanwhile, rising demand for safer food preservation methods has pushed prices up, although competition and market saturation have moderated these increases.
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Key Points Covered in the Potassium Benzoate Pricing Report:
The report delivers the following key findings, alongside a comprehensive breakdown of prices by region:
- Potassium Benzoate Prices
- Potassium Benzoate Price Forecast
- Potassium Benzoate Demand & Supply
- Potassium Benzoate Market Analysis
- Demand Supply Analysis by Type
- Demand Supply Analysis by Application
- Demand Supply Analysis of Raw Materials
- Potassium Benzoate Price Analysis
- Potassium Benzoate Industry Drivers, Restraints, and Opportunities
- Potassium Benzoate News and Recent developments
- Global Event Analysis
- List of Key Players
Regional Price Analysis:
- Asia Pacific: China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Thailand, South Korea, Malaysia, Nepal, Taiwan, Sri Lanka, Hongkong, Singapore, Australia, and New Zealand
- Europe: Germany, France, United Kingdom, Italy, Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland, Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece
- North America: United States and Canada
- Latin America: Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru
- Middle East & Africa: Saudi Arabia, UAE, Israel, Iran, South Africa, Nigeria, Oman, Kuwait, Qatar, Iraq, Egypt, Algeria, and Morocco
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Note: The current country list is selective, detailed insights into additional countries can be obtained for clients upon request.
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