Sodium Bicarbonate Price Trend and Forecast

Regional Price Overview

Get the latest insights on price movement and trend analysis of Sodium Bicarbonate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East & Africa).

Sodium Bicarbonate (Baking Soda) Price Trend for the Q1 of 2024

Asia

The sodium bicarbonate price trajectory was observed to be largely tepid during the given time period. Especially in the Chinese market, as the feedstock sodium carbonate prices declined consistently here. Chemical, bleaching, and detergent industries are among the main consumers of sodium bicarbonate.

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The first quarter began with already overflowing inventories since the demands have been dwindling since the very last quarter. This supplier struggled a lot more to maintain the market dynamics during this time as both the upstream and downstream outlooks started to pull the price trend down. As the holiday season got over, the end-user consumption from the bread, baking, and food industries also declined substantially, giving another jerk to the sodium bicarbonate prices. The Indian market, on the other hand, exuded a little more optimism; however, the regional prices were mostly wavering on the lower end of the curve.

Europe

In the European sodium bicarbonate market the price situation was not much different from the Asian market as the prices remained on a downhill trail here as well. The European region was still engulfed in complications because of the Russia and Ukraine conflict since the war stretched beyond expectations.

The black sea deal negotiated by the United Nations also got over last year, which further curtailed the supply chain situation for the region. Domestic consumption was underwhelming, and as Iraq reduced its oil supply quota after exceeding in January, the OPEC+ inclined the oil prices in the international markets. Overall, a dull market performance was seen for sodium bicarbonate during Q1’24.

North America

The American sodium bicarbonate market also mimicked its Asian and European counterparts during the said period of Q1 of 2024. The price graph was mostly faced downwards as the gap between supply and demand dynamics kept widening. The rise in production costs kept driving the upstream trajectory upwards, while the dwindling demands kept the downstream trajectory downward. The shipping hurdles in the international waters were also giving the suppliers a tough time. Overall, a weak price trend was observed in Q1’24.

Analyst Insight

According to Procurement Resource, sodium bicarbonate prices are likely to remain wavering for some time in the coming months as well. The market drivers do not project any substantial change immediately going forward.

Sodium Bicarbonate Price Trend for October - December of 2023

Asia

In the fourth quarter of 2023, the Sodium Bicarbonate Price Trend in Asia, particularly in China, witnessed significant deflation, primarily driven by a decrease in production costs and an oversupply situation due to overinvestment. The overall price dynamics were lesser compared to the global price trend and as compared to the Q3’2023. The prices seen in October were approximately 2150 RMB/ton while in December, the prices were recorded at 2688 RMB/ton.

The reduction in gasoline and diesel retail prices in China led to lower energy costs, which, in turn, decreased the production expenses for Sodium Bicarbonate. Additionally, the market faced an oversupply issue due to increased production, which was not met by corresponding demand from domestic and international markets. This surplus led to a buildup of inventory and a decline in Sodium Bicarbonate prices across the region.

Europe

In Europe, the Sodium Bicarbonate Price Trend experienced a distinct increase in prices during the fourth quarter of 2023, particularly as the holiday season approached. The surge in demand, especially from the baking industry, in anticipation of festive celebrations like New Year's and Epiphany, led to an uptick in Sodium Bicarbonate prices.

This was further influenced by strategic shifts in the raw material market, particularly with Solvay's decision to reduce soda ash production at its Torrelavega facility in Spain. Despite the reduction, the demand for premium-grade Sodium Bicarbonate remained high, contributing to the price increase in the European market.

North America

The North American Sodium Bicarbonate Price Trend in the fourth quarter of 2023 mirrored the global trend of fluctuating prices. The market initially faced challenges due to the global oversupply and deflationary pressures observed in Asia. However, strategic expansions in soda ash production by major players like Solvay, particularly in the United States, indicated a potential stabilization and gradual increase in Sodium Bicarbonate prices.

The expansion of the Green River plant in Wyoming and the development of a new export terminal in Vancouver, Washington, were key factors that might influence the Sodium Bicarbonate market positively in North America. This strategic positioning was expected to cater to the growing export demands and potentially balance the market dynamics in the region.

Analyst Insight

According to Procurement Resource, the global Sodium Bicarbonate Price Trend will see a meshed trend in 2024. The supply and demand dynamics are expected to keep the prices oscillatory throughout the year.

Sodium Bicarbonate Price Trend for the July - September of 2023

Asia

The Asian Sodium Bicarbonate Price Trend were mostly found to be fluctuating on the higher end of the price curve during the third quarter of the year 2023. Along with the astonishing offtakes from the downstream industries, baking soda’s demand as a regular kitchen ingredient was also high. The major industrial consumer remained the soap and detergent industry. Since the chemical manufacturing industries were slowly reviving in China after the removal of COVID-19 pandemic restrictions, sodium bicarbonate prices also moved up on the price graph, indicating good customer consumption.

The looming inflation in the global market had adversely affected most international trade activities, and the processing costs enhanced and added to the existing cost pressure for suppliers. The raw materials carbon dioxide and brine costs were also inclined during the said period, which further promoted the rising trend for sodium bicarbonate. Overall, positive market sentiments were observed for sodium bicarbonate during the discussed time period.

Europe

The European sodium bicarbonate market trend were in contrast to its Asian counterpart. The slow pace of economic recovery in Europe still kept the European sodium bicarbonate market riddled with the consequences of the Russia-Ukraine war. Dull demands and ample supply pushed the sodium bicarbonate prices down during Q3’23, and a downward-facing price curve was observed for the whole period.

North America

The gap between the sodium bicarbonate supply and demand dynamics was shorter in the American market compared to other key global markets. So, the prices here mostly fluctuated within a very narrow range. Overall, mixed market sentiments were observed.

Analyst Insight

According to Procurement Resource, Sodium Bicarbonate prices are likely to continue fluctuating in a similar manner going forward, given the current demand fundamentals and market dynamics.

Sodium Bicarbonate Price Trend for First Half of 2023

Asia

The price trend of sodium bicarbonate showcased mixed signals in the first quarter of 2023 due to the weak performance of the downstream industries and rising levels of inventories. In addition to this, the market momentum of sodium bicarbonate further slowed down as the cost of soda ash and other derivatives slumped in the first quarter.

The conditions became much more dire in the second quarter, where the trend declined significantly throughout the quarter. Lower levels of offtakes from pharmaceuticals, depreciation in the costs of feedstock material, and weakening of Asian currency had a negative impact on the price trend of sodium bicarbonate.

Europe

European nations witnessed a slight decline in sodium bicarbonate prices in the first quarter of 2023 as high rates of production hampered the growth of the Sodium Bicarbonate Price Trend. The decline was much more prominent in the second quarter as, in addition to lackluster demand and excess availability of sodium bicarbonate in the region, the rising rates of inflation and hikes in interest proved to be a challenge for the growth of sodium bicarbonate. The hike in the cost of energy and the weak purchasing potential of buyers further added to the declining trend of sodium bicarbonate prices.

North America

In North America, the price trend of sodium bicarbonate fell significantly as the sales of downstream industries declined. Additionally, the high level of inventories, the struggling condition of retailers, and striking rates of inflation further proved to be a problem for the Sodium Bicarbonate Price Trend. Domestic demand specifically dipped in both the first and second quarters of 2023 and along with this, low production costs further hampered the growth of Sodium Bicarbonate Price Trend.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Bicarbonate is expected to decline due to subdued demand and challenging market conditions.

Sodium Bicarbonate Price Trend for Second Half of 2022

Asia

The Asia-Pacific region in the third and fourth quarters of 2022 witnessed a consistent decline in the price trend of sodium bicarbonate. The major cause of this decline was the poor performance of the feedstock materials, sliding market activities of the downstream industries, and the smaller number of offtakes. In addition to this, several manufacturing plants underwent maintenance shutdown, and with extreme weather conditions, the Sodium Bicarbonate Price Trend remained weak. The fourth quarter, in addition to these problems, also struggled with a fluctuating economy and strict restrictions due to the rise in COVID cases.

Europe

The declining trajectory of Sodium Bicarbonate Price Trend in the third and fourth quarter of 2022 in European countries was due to the lack of demand from downstream industries such as food and beverage industries etc. Further, sanctions on trade with Russia due to the ongoing Russia-Ukraine conflict and the reduction in the number of offtakes pushed the price trend of sodium bicarbonate further downwards.

North America

In the third quarter of 2022, the price trend of sodium bicarbonate suffered from a restricted supply of products due to the adoption of zero-covid policy in the region. This subdued supply resulted in poor production rates in the food and beverage industries, and with strong heat waves and shortage of power, the price trend of sodium bicarbonate dipped in the region. However, the trend improved in the second quarter as the demand increased. In addition to this, the rise in the cost of feedstock materials also supported the rise in prices, but weak market conditions hampered the rate of inclination of the price trend of sodium bicarbonate.

Analyst Insight

According to Procurement Resource, the price trend of Sodium Bicarbonate is expected to decline in the upcoming quarters as the cost of feedstock materials and global economic outlook do not seem to support the rise in the prices of sodium bicarbonate.

For the Second Quarter of 2022

Asia

During the second quarter of 2022, sodium bicarbonate prices in the Asian Pacific Region demonstrated signs of improvement. The domestic food and beverage sector in China experienced robust end-user demand.

The covid outbreak effectively delayed the delivery of the product in the international markets, which resulted in soaring freight charges as well as supply and port delays given that China is the world's top supplier of food additives. Supply chains were harmed by China's "irrational" Zero Covid policy, which slowed down the manufacturing and transportation. In June, prices were in the range of 400-430 USD/MT.

North America

In the second quarter of 2022, the market trend of the chemical in the North American region remained stable due to consistent offtakes in food,beverages and pharmaceutical industry.  The return of COVID -19 in China's commercial hubs during the last week of April hampered the availability of sodium bicarbonate in the country at a time when the US was already dealing with high inflation and supply constraints.

Because of the geopolitical unrest in Russia and Ukraine as well as the fluctuating nature of oil prices, local dealers and buyers were concerned during the entire quarter about the high prices of food additives and raw materials.

Europe

Despite the geopolitical situation between Russia and Ukraine, the domestic market trend for sodium bicarbonate in the European region grew during the second quarter of 2022. While the crisis increased transportation costs and slowed the movement of goods into Europe, it also made it more difficult for countries to run business. End-user industries, notably the food and beverage industries, saw high offtakes during the entire quarter since suppliers had ample inventory to satisfy all domestic demand. As a result , sodium carbonate prices observed an upward trajectory.

For the First Quarter of 2022

Asia

Sodium Bicarbonate prices in India rose from 432.2 USD/MT on 7th January 2022 to 464.5 USD/MT in 14th January 2022, increasing by 7.2% in just one week. The prices rise came as a result of increased freight costs and surging raw material prices. Electric power and coal faced supply shortages which in turn increased in the energy costs causing sodium bicarbonate prices to shoot up in the region.

Indian imports from China also declined with the rise in shipping costs which affected the supply and impacted the prices. As the omicron virus spread in the region, lockdowns were imposed in China which caused supply chain disruptions as a result of delivery issues and worker shortages. At the same time, demand for sodium bicarbonate in the food and beverage industry increased rapidly in the domestic Indian market contributing to the price rise.

For the Fourth Quarter of 2021

Asia

In the Chinese domestic market, sodium carbonate prices were estimated at 452 USD/MT FOB Qingdao during the first week of October, owing to solid offtakes. In India, prices for Ex-Mumbai increased dramatically in the fourth quarter, rising from 378.04 USD/MT to 415.11 USD/MT between October and December.

Increased production costs as a result of price inflation also led to the country's price escalation. Due to the persistent need in the Indian domestic economy, manufacturers of sodium bicarbonate changed their offers to maintain profit margins. Sodium bicarbonate prices are predicted to remain stable in Q1 2022 since the domestic demand fundamentals are unlikely to alter anytime shortly in the country.

Europe

Sodium Bicarbonate's market trend in Europe was stable throughout the fourth quarter. In Q4 2021, downstream manufacturers reported an increase in demand. Commodity price increases, ballooning freight costs, high input prices, supply constraints, and the advent of the Omicron aggravated the European region's market for the chemical. In terms of demand, this quarter saw robust offtakes from the food and pharma & beverage industries.

North America

Sodium bicarbonate prices continued to rise in the Q4 of 2021 across the North American region, owing to strong demand from food and beverage, pharma, and other downstream businesses. In Q4, the fragmented supply chain and rising raw material costs aided the market trend. Soaring freight costs, lengthy transportation challenges, and the unexpected emergence of the coronavirus Omicron have compounded the surge in sodium bicarbonate prices across the market in North America.

Latin America

The market was boosted by rising building activity and increased usage of sustainable materials across a variety of end-use sectors. The glass industry is a significant end-user of soda ash, which is produced using sodium bicarbonate as a feedstock.

Consumer choice for glass containers over plastic alternatives increased as environmental concerns and consumer awareness of sustainable products increased, boosting product demand. Along with it, the increased demand for agro-chemicals, especially in Brazil, to boost crop yields and meet an exploding population's constant demand for food boosted soda ash usage in the chemical sector.

For First, Second and Third Quarters of 2021

Asia

In Q1, the Asian market exhibited mixed sentiments, with demand mostly differing by nation. However, demand for the Asia-Pacific market as a whole remained constant, with prices oscillating within a narrow range. In China, its value continued its downward trend, supported by stable demand and widespread availability. In India, prices dipped in February before regaining strength in March. This was due to increased production operations in the face of low demand. Sodium bicarbonate prices in China and India were around 300 USD/MT and 261.8 USD/MT in February.

The Asian market experienced conflicting attitudes throughout Q2, which differed by nation. In China, the chemical remained buoyant throughout the quarter despite unpredictable demand conditions, while pricing remained firm due to factors such as inflation and rising raw material costs.

Meanwhile, in India, pricing was mostly determined by demand dynamics, which were rapidly altering as a result of the country's epidemic comeback. However, numerous Indian manufacturers increased their sodium bicarbonate offerings significantly to offset the substantial increase in overall manufacturing costs. In June, Tata Chemicals increased their ex-works bids for Technical Class sodium bicarbonate to 275.61 USD/MT, an increase of around 13 USD/MT over the previous revision.

Sodium bicarbonate prices increased significantly in Asia during the Q3 of 2021, owing to strong demand from downstream sectors. Additionally, delayed imports exacerbated by various causes such as congestion on interoceanic trade routes, lack of shipping containers, and coronavirus minimal protocol measures resulted in feedstock scarcity, which impacted the pricing trajectory of the chemical.

In India, the market outlook remained positive, owing to robust demand and constrained supply fundamentals that maintained a high pricing trend throughout the quarter. Additionally, increased manufacturing costs as a result of freight congestion and inflation prompted manufacturers to create positive changes to maintain profitability. As a result, the price increased significantly and stabilised at roughly 374.07 USD/MT Ex-Mumbai.
 
Europe

The European market remained stable in Q1 2021, aided by a slowly strengthening economy following the March pandemic. Raw material accessibility remained a worry in the region for a variety of reasons, including lower transportation activity following adverse weather situations that restricted imports from the United States and a significant scarcity of shipping containers aggravated the region's supply shortage. However, demand from downstream categories such as animal feed and pharmaceuticals remained stable, which aided the market's overall performance in this quarter.

European makers of the chemical likewise reported stable sodium bicarbonate prices while supply remained adequate. In Europe, demand stayed constant in the pharmaceutical industry, where it is used in the manufacture of antacids, but demand in other industries remained low.

Demand for food-grade materials also increased significantly, with rising prices also affecting regional demand. On the other side, the price of this product was primarily influenced by strong demand from the region's automotive sector, since the European automotive industry demonstrated higher offtakes than other regions.

The pricing trend accelerated in the European market during the third quarter of 2021. The demand prognosis remained stable during the quarter, owing to an increase in its offtake from downstream industries as a result of the revival of commercial and industrial activity. Additionally, delayed imports and hefty freight costs contributed to the increase in the price of Sodium Carbonate during this period.

North America

Demand in North America was relatively stable throughout the quarter. The food, pharmaceutical, and animal feed segments drove demand, but other segments such as water treatment and industrial chemicals performed poorly in the region.

Despite constant demand, supply remained constrained across the region, owing to the scarcity of raw materials such as ammonia and weather-related restrictions. The freezing impact in the United States of America slowed industrial activity in several downstream sectors, reducing the availability of critical raw materials.

Sodium bicarbonate prices continued to grow steadily during the third quarter, supported by robust demand from downstream end users and rising input prices. On the demand side, robust demand from the provincial pharmaceuticals sector was noted all across the quarter, while demand from other categories increased dramatically due to industrial recovery. Additionally, leading makers of sodium bicarbonate indicated that the automobile and solar cell markets were very active. As a result, a significant rise in the cost of this product was seen in the United States of America during Q2 2021.

In the third quarter of 2021, sodium bicarbonate prices in North America increased. Demand from the feed, food, and pharmaceutical industries remained strong in the United States during this quarter. Despite the abundant supply of the chemical, a price increase was noted, owing to the increase in the prices of its raw components.

Additionally, many production models in the United States remained closed as a result of the Ida hurricane, which made landfall on the Gulf Coast of the United States in August and directly impacted the feedstock supply chain, resulting in a spike in the price during this period.

Latin America

Due to the growing demand for soda ash in the pharma industry, the market for soda ash developed considerably. Sodium bicarbonate is a critical component in the production of soda ash. Due to its increasing demand, the price grew substantially throughout the year.

For the Year 2020

Asia

Since the Asia Pacific Region dominates the region in terms of sodium bicarbonate manufacturing, it has seen extraordinary growth, as evidenced by its steady increase in usage during the Covid-19 Outbreak. For the quarter ended December, one of India's top suppliers of the chemical reported a significant increase in its imports.

While domestic demand in nations such as India and China remained stable to solid, the pharmaceutical sector's consistent increase in export demand provided a major boost to its market fundamentals. As a result, sodium bicarbonate prices in India averaged 280 USD/MT for the quarter ended December.

Europe

In Europe, demand remained stable to solid, owing to its continued use in the pharmaceutical and healthcare sectors. As was the case in Europe, demand for packaged food materials grew in response to the danger of a new coronavirus, which increased its demand in the food business. In keeping with the minor increasing trend in demand fundamentals in Europe, regional market prices climbed marginally as well.

North America

In Q4, demand from end-use industries such as chemicals, pharmaceuticals, and water treatment was robust as people maintained a high degree of hygiene and cleanliness following the re-emergence of Coronavirus in several areas across the United States. The demand remained robust, bolstered by government attempts to boost regional R&D operations. Pharmaceutical firms aided in the region's high demand for sodium bicarbonate in Q4, 2020.

Latin America

Coronavirus's quick spread had a significant impact on South American markets, which had been in lockdown mode in 2020. Due to the significant lockout, the consumer sector has also lost interest in sodium carbonate materials. The abolition of all types of domestic transit within countries is one of the industry's biggest challenges.

Additionally, due to the temporary closure of large segments of the construction and automotive industries in several countries as a result of an increase in COVID-19 cases among workers on manufacturing sites and to contain the spread of COVID-19 in the South America region, the market grew significantly slower.

Procurement Resource provides latest prices of Sodium Bicarbonate. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.