Market participants in India's domestic market believe that until the last week of June, Sodium Benzoate prices will likely decline. Sodium Benzoate is used extensively in several end-user sectors, including food and beverage, pharmaceutical, and others, that rely heavily on imports, particularly from China. Indian dealers have recently started cutting their prices in the local market due to major Chinese manufacturers lowering the costs of Sodium Benzoate. Two main factors contributing to this price reduction in China were a two-month lockdown and an unreasonable zero-covid policy implemented by the Chinese government. 

The Indian pharmaceutical industry has come a long way to earn the label of "the pharmacy of the world" by exporting low-cost, high-quality medicines to more than 200 countries, including developed countries like the US and Europe. Previously, India imported all of its drugs. Excipients are crucial for maintaining APIs' potency, stability, and security during the manufacturing process of pharmaceutical formulations (active pharmaceutical ingredients). Excipients are inert substances that serve as vehicles for pharmaceuticals or other active agents. Coloring agents, preservatives, and fillers are a few examples. For the most part, utilized as an excipient, Sodium Benzoate is a tablet and capsule lubricant in the pharmaceutical manufacturing sector as well as an antibacterial preservative and flavoring additive in the food business. It is a common ingredient in many pharmaceuticals and is typically taken orally, applied topically (as in the case of antifungals), or injected intravenously.

The downstream demand from overseas markets is dwindling in the Indian markets due to the local merchants' ample supply of Sodium Benzoate, another factor contributing to the fall in price in India. Additionally, because of the constant seasonal fluctuation, several traders worry that their stock will retain moisture and degrade. ChemAnalyst predicts that until the end of July, the prices of Sodium Benzoate will fall further in India, considering the current market scenario.