The Sodium Benzoate Market size was valued at USD 1.34 billion in 2022. It is estimated to hit USD 2.12 billion by 2030 and grow at a CAGR of 5.9% over the forecast period of 2023-2030.
The market for sodium benzoate is driven by the rising demand for processed and packaged food products, especially in developing economies. The convenience and longer shelf life offered by these products have made them increasingly popular among consumers. Additionally, the expanding beverage industry, including carbonated drinks, juices, and energy drinks, has further fueled the demand for sodium benzoate. Sodium benzoate, a chemical compound widely used as a preservative in various industries, has become an essential ingredient in the food and beverage sector. This compound effectively inhibits the growth of bacteria, yeast, and fungi, thereby extending the shelf life of products. In recent times, there has been a growing concern among consumers regarding the safety of food and beverage products.
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The powder form segment dominated the sodium benzoate market with the highest revenue share of about 61.4% in 2022. The powder segment's dominance is attributed to the convenience and ease of use. It can be effortlessly mixed with other ingredients, ensuring a seamless integration into various products. The powder form's ability to prolong the shelf life of perishable goods contributes significantly to its market dominance.
The food and beverage end-user segment dominated the sodium benzoate market with a revenue share of about 46.8% in 2022. Increasing demand for convenience foods and ready-to-drink beverages has propelled the growth of the food and beverage end-user segment. As consumers seek quick and easy meal options, manufacturers have responded by incorporating sodium benzoate into their products to ensure their longevity and safety. This has led to an increased demand for natural and organic preservatives. However, sodium benzoate continues to dominate the market due to its effectiveness, affordability, and wide availability.
Drivers
Growing demand for processed food and beverages
Rising awareness among consumers regarding food safety testing
Restrain
Potential health risks associated with consumption of sodium benzoate
Sodium benzoate, a commonly used food preservative, has been linked to certain health concerns. Studies have suggested that when combined with certain ingredients, such as vitamin C, sodium benzoate can form benzene, a known carcinogen. This has raised concerns among consumers and regulatory bodies regarding its safety. The presence of potential health risks has led to a decline in the demand for sodium benzoate in various industries, including food and beverages. Consumers are becoming increasingly conscious of the ingredients they consume and are seeking alternatives that are perceived as safer and healthier.
Opportunities
Increasing demand for clean-label products and natural preservatives
In recent years, there has been a notable shift in consumer preferences towards natural and healthier food products. As a result, the food and beverage industry has witnessed a surge in the demand for preservatives derived from natural sources. Sodium Benzoate offers several advantages over its synthetic counterparts. It not only effectively inhibits the growth of bacteria, yeast, and molds but also extends the shelf life of food and beverage products. Additionally, it does not alter the taste, color, or texture of the preserved items, ensuring that the original quality is maintained. The Sodium Benzoate Market has witnessed a significant upsurge due to these factors.
Rising demand for sodium benzoate in the pharmaceutical industry
Challenges
Availability of alternative preservatives, such as potassium sorbate and calcium propionate
The conflict between Russia and Ukraine has had a detrimental impact on supply chains, resulting in a decrease in production and availability of sodium benzoate in the global market. One immediate consequence of this disruption is the rise in prices of sodium benzoate. The increased costs of crude oil and freight charges, caused by the Russia-Ukraine conflict, have driven up the price of sodium benzoate in the domestic market. For example, in Germany, the assessed prices of sodium benzoate were USD 1824/MT in January, steadily increasing until March 2022. In India, the price of sodium benzoate USP reached USD 2451.24/MT in March 2022. Similarly, in China, the price of sodium benzoate settled at USD 1670/MT FOB Qingdao in March 2022. The elevated prices of food additives and raw materials, due to the geopolitical unrest in Russia and Ukraine, as well as the volatile nature of oil prices, have caused concern among domestic traders and buyers throughout the quarter. With dwindling supply and relatively stable demand, prices have surged. This price hike presents a significant challenge for businesses that rely on sodium benzoate as a preservative in their products.
The recession has had a significant impact on the sodium benzoate market, resulting in a decline in demand and subsequent decrease in sales. In the second quarter of 2023, sodium benzoate prices in the US market experienced a significant drop due to sporadic fluctuations between supply and demand throughout the month. The price was valued at the end of Q2 2023, representing an average quarterly decline of 3.75%. Similarly, the price of sodium benzoate in the APAC area saw a drastic decrease during the first quarter of 2023. This was primarily due to a fall in consumer demand from the food, pharmaceutical, and nutraceutical industries downstream. By the end of Q1 2023, prices were accessible at USD 1280/MT FOB-Shanghai, with an average quarterly decline of 2.40%. The downstream market demand was widespread, and the price of sodium benzoate remained low and stable. The sodium benzoate market is currently facing several challenges in the wake of the recession. Firstly, the reduced demand has resulted in excess inventory, creating a surplus that further hampers market growth. Additionally, the decrease in sales has forced manufacturers to reassess their production capacities, potentially leading to layoffs and downsizing. Furthermore, the economic downturn has also impacted the supply chain, causing disruptions and delays in the delivery of raw materials. These factors further exacerbate the challenges faced by the industry.
By Form
Granules
Powder
Flakes
Others
By Application
Antimicrobial Agent
Antifungal Agent
Preservative
Rust and Corrosion Inhibitor
Others
By End-user
Cosmetics
Pharmaceuticals
Food & Beverages
Others
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Europe dominated the sodium benzoate market with a revenue share of about 41.5% in 2022. Europe's strong regulatory framework and stringent quality standards have played a pivotal role in establishing its dominance. The European Union has implemented rigorous regulations regarding food safety and additives, including sodium benzoate. These regulations ensure that only products meeting the highest quality standards are allowed in the market, giving European manufacturers a competitive edge. Moreover, growing awareness among consumers regarding the importance of food safety and the harmful effects of microbial contamination has also contributed to the increased adoption of sodium benzoate in the region.
The Asia Pacific region is expected to grow with the highest CAGR of about 6.2% during the forecast period of 2023-2030. The Asia Pacific region boasts a burgeoning population, coupled with increasing disposable incomes. As a result, there is a rising demand for processed food and beverages, which often utilize sodium benzoate as a preservative. This trend is further fueled by changing lifestyles and a preference for convenience foods. Moreover, the Asia Pacific region is witnessing rapid urbanization and industrialization, leading to the establishment of numerous food and beverage manufacturing facilities. These industries rely heavily on sodium benzoate to extend the shelf life of their products and maintain their quality during transportation and storage.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
The major key players are DuPont de Nemours Inc., Lanxess AG, PENTA CHEMICALS, Merck KGaA, Avantor Inc., Foodchem International Corporation, Tulstar Products Inc., Wuhan Youji Industries Co. Ltd., Spectrum Chemicals, FBC Industries Inc., and other key players mentioned in the final report.
In March 2023, LANXESS, a leading specialty chemicals company, showcased its extensive range of preservatives, multifunctional, and fragrances for cosmetics and personal care products at the prestigious In-Cosmetics event held in Barcelona from March 28 to 30.
In July 2022, LANXESS successfully completed the acquisition of the microbial control business unit of the renowned U.S. group, International Flavors & Fragrances Inc. (IFF). This strategic acquisition was valued at approximately USD 1.3 billion.
| Report Attributes | Details |
| Market Size in 2022 | US$ 1.34 Bn |
| Market Size by 2030 | US$ 2.12 Bn |
| CAGR | CAGR of 5.9% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Form (Granules, Powder, Flakes, and Others) • By Application (Antimicrobial Agent, Antifungal Agent, Preservative, Rust and Corrosion Inhibitor, and Others) • By End-user (Cosmetics, Pharmaceuticals, Food & Beverages, and Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | DuPont de Nemours Inc., Lanxess AG, PENTA CHEMICALS, Merck KGaA, Avantor Inc., Foodchem International Corporation, Tulstar Products Inc., Wuhan Youji Industries Co. Ltd., Spectrum Chemicals, FBC Industries Inc. |
| Key Drivers | • Growing demand for processed food and beverages • Rising awareness among consumers regarding food safety |
| Market Restraints | • Potential health risks associated with consumption of sodium benzoate |
Ans: The Sodium Benzoate Market was valued at USD 1.34 billion in 2022.
Ans: The expected CAGR of the global Sodium Benzoate Market during the forecast period is 5.9%.
Ans: The pharmaceutical industry has also emerged as a significant consumer of sodium benzoate. The compound is used as an excipient in various medications, ensuring their stability and extending their shelf life. The increasing prevalence of chronic diseases and the growing pharmaceutical sector are expected to drive the demand for sodium benzoate in the coming years.
Ans: The revenue share of the Asia Pacific region for the Sodium Benzoate Market is about 17.5% in 2022.
Ans: Yes, you can buy reports in bulk quantity as per your requirements. Check Here for more details.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Ukraine- Russia war
4.2 Impact of ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Sodium Benzoate Market Segmentation, By Form
8.1 Granules
8.2 Powder
8.3 Flakes
8.4 Others
9. Sodium Benzoate Market Segmentation, By Application
9.1 Antimicrobial Agent
9.2 Antifungal Agent
9.3 Preservative
9.4 Rust and Corrosion Inhibitor
9.5 Others
10. Sodium Benzoate Market Segmentation, By End-user
10.1 Cosmetics
10.2 Pharmaceuticals
10.3 Food & Beverages
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Sodium Benzoate Market by Country
11.2.2North America Sodium Benzoate Market by Form
11.2.3 North America Sodium Benzoate Market by Application
11.2.4 North America Sodium Benzoate Market by End-user
11.2.5 USA
11.2.5.1 USA Sodium Benzoate Market by Form
11.2.5.2 USA Sodium Benzoate Market by Application
11.2.5.3 USA Sodium Benzoate Market by End-user
11.2.6 Canada
11.2.6.1 Canada Sodium Benzoate Market by Form
11.2.6.2 Canada Sodium Benzoate Market by Application
11.2.6.3 Canada Sodium Benzoate Market by End-user
11.2.7 Mexico
11.2.7.1 Mexico Sodium Benzoate Market by Form
11.2.7.2 Mexico Sodium Benzoate Market by Application
11.2.7.3 Mexico Sodium Benzoate Market by End-user
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Sodium Benzoate Market by Country
11.3.1.2 Eastern Europe Sodium Benzoate Market by Form
11.3.1.3 Eastern Europe Sodium Benzoate Market by Application
11.3.1.4 Eastern Europe Sodium Benzoate Market by End-user
11.3.1.5 Poland
11.3.1.5.1 Poland Sodium Benzoate Market by Form
11.3.1.5.2 Poland Sodium Benzoate Market by Application
11.3.1.5.3 Poland Sodium Benzoate Market by End-user
11.3.1.6 Romania
11.3.1.6.1 Romania Sodium Benzoate Market by Form
11.3.1.6.2 Romania Sodium Benzoate Market by Application
11.3.1.6.4 Romania Sodium Benzoate Market by End-user
11.3.1.7 Turkey
11.3.1.7.1 Turkey Sodium Benzoate Market by Form
11.3.1.7.2 Turkey Sodium Benzoate Market by Application
11.3.1.7.3 Turkey Sodium Benzoate Market by End-user
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Sodium Benzoate Market by Form
11.3.1.8.2 Rest of Eastern Europe Sodium Benzoate Market by Application
11.3.1.8.3 Rest of Eastern Europe Sodium Benzoate Market by End-user
11.3.2 Western Europe
11.3.2.1 Western Europe Sodium Benzoate Market by Form
11.3.2.2 Western Europe Sodium Benzoate Market by Application
11.3.2.3 Western Europe Sodium Benzoate Market by End-user
11.3.2.4 Germany
11.3.2.4.1 Germany Sodium Benzoate Market by Form
11.3.2.4.2 Germany Sodium Benzoate Market by Application
11.3.2.4.3 Germany Sodium Benzoate Market by End-user
11.3.2.5 France
11.3.2.5.1 France Sodium Benzoate Market by Form
11.3.2.5.2 France Sodium Benzoate Market by Application
11.3.2.5.3 France Sodium Benzoate Market by End-user
11.3.2.6 UK
11.3.2.6.1 UK Sodium Benzoate Market by Form
11.3.2.6.2 UK Sodium Benzoate Market by Application
11.3.2.6.3 UK Sodium Benzoate Market by End-user
11.3.2.7 Italy
11.3.2.7.1 Italy Sodium Benzoate Market by Form
11.3.2.7.2 Italy Sodium Benzoate Market by Application
11.3.2.7.3 Italy Sodium Benzoate Market by End-user
11.3.2.8 Spain
11.3.2.8.1 Spain Sodium Benzoate Market by Form
11.3.2.8.2 Spain Sodium Benzoate Market by Application
11.3.2.8.3 Spain Sodium Benzoate Market by End-user
11.3.2.9 Netherlands
11.3.2.9.1 Netherlands Sodium Benzoate Market by Form
11.3.2.9.2 Netherlands Sodium Benzoate Market by Application
11.3.2.9.3 Netherlands Sodium Benzoate Market by End-user
11.3.2.10 Switzerland
11.3.2.10.1 Switzerland Sodium Benzoate Market by Form
11.3.2.10.2 Switzerland Sodium Benzoate Market by End-user
11.3.2.10.3 Switzerland Sodium Benzoate Market by Application
11.3.2.11.1 Austria
11.3.2.11.2 Austria Sodium Benzoate Market by Form
11.3.2.11.3 Austria Sodium Benzoate Market by Application
11.3.2.11.4 Austria Sodium Benzoate Market by End-user
11.3.2.12 Rest of Western Europe
11.3.2.12.1 Rest of Western Europe Sodium Benzoate Market by Form
11.3.2.12.2 Rest of Western Europe Sodium Benzoate Market by Application
11.3.2.12.3 Rest of Western Europe Sodium Benzoate Market by End-user
11.4 Asia-Pacific
11.4.1 Asia-Pacific Sodium Benzoate Market by Country
11.4.2 Asia-Pacific Sodium Benzoate Market by Form
11.4.3 Asia-Pacific Sodium Benzoate Market by Application
11.4.4 Asia-Pacific Sodium Benzoate Market by End-user
11.4.5 China
11.4.5.1 China Sodium Benzoate Market by Form
11.4.5.2 China Sodium Benzoate Market by Application
11.4.5.3 China Sodium Benzoate Market by End-user
11.4.6 India
11.4.6.1 India Sodium Benzoate Market by Form
11.4.6.2 India Sodium Benzoate Market by Application
11.4.6.3 India Sodium Benzoate Market by End-user
11.4.7 Japan
11.4.7.1 Japan Sodium Benzoate Market by Form
11.4.7.2 Japan Sodium Benzoate Market by Application
11.4.7.3 Japan Sodium Benzoate Market by End-user
11.4.8 South Korea
11.4.8.1 South Korea Sodium Benzoate Market by Form
11.4.8.2 South Korea Sodium Benzoate Market by Application
11.4.8.3 South Korea Sodium Benzoate Market by End-user
11.4.9 Vietnam
11.4.9.1 Vietnam Sodium Benzoate Market by Form
11.4.9.2 Vietnam Sodium Benzoate Market by Application
11.4.9.3 Vietnam Sodium Benzoate Market by End-user
11.4.10 Singapore
11.4.10.1 Singapore Sodium Benzoate Market by Form
11.4.10.2 Singapore Sodium Benzoate Market by Application
11.4.10.3 Singapore Sodium Benzoate Market by End-user
11.4.11 Australia
11.4.11.1 Australia Sodium Benzoate Market by Form
11.4.11.2 Australia Sodium Benzoate Market by Application
11.4.11.3 Australia Sodium Benzoate Market by End-user
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Sodium Benzoate Market by Form
11.4.12.2 Rest of Asia-Pacific Sodium Benzoate Market by Application
11.4.12.3 Rest of Asia-Pacific Sodium Benzoate Market by End-user
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Sodium Benzoate Market by Country
11.5.1.2 Middle East Sodium Benzoate Market by Form
11.5.1.3 Middle East Sodium Benzoate Market by Application
11.5.1.4 Middle East Sodium Benzoate Market by End-user
11.5.1.5 UAE
11.5.1.5.1 UAE Sodium Benzoate Market by Form
11.5.1.5.2 UAE Sodium Benzoate Market by Application
11.5.1.5.3 UAE Sodium Benzoate Market by End-user
11.5.1.6 Egypt
11.5.1.6.1 Egypt Sodium Benzoate Market by Form
11.5.1.6.2 Egypt Sodium Benzoate Market by Application
11.5.1.6.3 Egypt Sodium Benzoate Market by End-user
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Sodium Benzoate Market by Form
11.5.1.7.2 Saudi Arabia Sodium Benzoate Market by Application
11.5.1.7.3 Saudi Arabia Sodium Benzoate Market by End-user
11.5.1.8 Qatar
11.5.1.8.1 Qatar Sodium Benzoate Market by Form
11.5.1.8.2 Qatar Sodium Benzoate Market by Application
11.5.1.8.3 Qatar Sodium Benzoate Market by End-user
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Sodium Benzoate Market by Form
11.5.1.9.2 Rest of Middle East Sodium Benzoate Market by Application
11.5.1.9.3 Rest of Middle East Sodium Benzoate Market by End-user
11.5.2 Africa
11.5.2.1 Africa Sodium Benzoate Market by Country
11.5.2.2 Africa Sodium Benzoate Market by Form
11.5.2.3 Africa Sodium Benzoate Market by Application
11.5.2.4 Africa Sodium Benzoate Market by End-user
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Sodium Benzoate Market by Form
11.5.2.5.2 Nigeria Sodium Benzoate Market by Application
11.5.2.5.3 Nigeria Sodium Benzoate Market by End-user
11.5.2.6 South Africa
11.5.2.6.1 South Africa Sodium Benzoate Market by Form
11.5.2.6.2 South Africa Sodium Benzoate Market by Application
11.5.2.6.3 South Africa Sodium Benzoate Market by End-user
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Sodium Benzoate Market by Form
11.5.2.7.2 Rest of Africa Sodium Benzoate Market by Application
11.5.2.7.3 Rest of Africa Sodium Benzoate Market by End-user
11.6 Latin America
11.6.1 Latin America Sodium Benzoate Market by Country
11.6.2 Latin America Sodium Benzoate Market by Form
11.6.3 Latin America Sodium Benzoate Market by Application
11.6.4 Latin America Sodium Benzoate Market by End-user
11.6.5 Brazil
11.6.5.1 Brazil Sodium Benzoate Market by Form
11.6.5.2 Brazil Sodium Benzoate Market by Application
11.6.5.3 Brazil Sodium Benzoate Market by End-user
11.6.6 Argentina
11.6.6.1 Argentina Sodium Benzoate Market by Form
11.6.6.2 Argentina Sodium Benzoate Market by Application
11.6.6.3 Argentina Sodium Benzoate Market by End-user
11.6.7 Colombia
11.6.7.1 Colombia Sodium Benzoate Market by Form
11.6.7.2 Colombia Sodium Benzoate Market by Application
11.6.7.3 Colombia Sodium Benzoate Market by End-user
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Sodium Benzoate Market by Form
11.6.8.2 Rest of Latin America Sodium Benzoate Market by Application
11.6.8.3 Rest of Latin America Sodium Benzoate Market by End-user
12. Company profile
12.1 DuPont de Nemours Inc.
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Lanxess AG
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Products/ Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 PENTA CHEMICALS
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Products/ Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Merck KGaA
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Products/ Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Avantor Inc.
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Products/ Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Foodchem International Corporation
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Products/ Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Tulstar Products Inc.
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Products/ Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Wuhan Youji Industries Co. Ltd.
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Products/ Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Spectrum Chemicals
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Products/ Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 FBC Industries, Inc.
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Products/ Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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The Defoamers Market size was valued at USD 3.6 billion in 2022. It is expected to grow to USD 5.35 billion by 2030 and grow at a CAGR of 5.1% over the forecast period of 2023-2030.
The Hydrogen Fluoride Gas Detection Market Size was valued at USD 783 million in 2023 and is expected to reach USD 1.20 billion by 2031 and grow at a CAGR of 5.5% over the forecast period 2024-2031.
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