The Growing demand for food preservation to enhance the shelf life of the packaged food is likely to fuel the market growth. The market is also expected to witness significant growth during the forecast period owing to its growing widespread applications in the production of sodium and potassium benzoate, Benzoyl Chloride and other derivatives. Also, growing usage of benzoic acid across other application such as adhesives, PVC, urethane resins, as high functional plasticizers is again boosting the market growth.
According to the Value Market Research, the Benzoic Acid Market is estimated to reach USD 1,450.4 MN by 2024 (by revenue) with a CAGR of 4.8%. In terms of volume, the market was estimated at XX.X KT in 2017 and is expected to reach XX.X KT by 2024 with a CAGR of X.X%.
RISING DEMAND FROM THE FOOD INDUSTRY HAS EMERGED AS THE LARGEST APPLICATION AREA
Potassium benzoate and Sodium benzoate are salt of benzoic acid and have extensive application in food preservation to improve product safety, maintain product quality and to extend product shelf-life. They are expected to bring nearly 682.63 USD MN by 2024. Sodium benzoate is also used as a preservative in cosmetics and medicines. The growing demand from the food industry is the major driving factor for the benzoate industry. Other industries that include pharmaceutical and cosmetic industries are also expected to boost demand for benzoates in the market. Moreover, rising applications of synthetic preservatives in poultry and meat is another key factor contributing towards the positive market growth.
ASIA-PACIFIC IS RULING THE GLOBAL BENZOIC ACID MARKET
Asia Pacific dominates the benzoic acid market and is expected to maintain its dominance over the forecast period. The growth of the benzoic acid market in this region is primarily driven by an increase in per-capita disposable income levels along with shifting trend towards processed and packaged foods and ready-to-drink beverages particularly in countries like China and India. This has boosted the need for packaged food and beverage products. This benefit the regional market since benzoic acid acts as a preservative by inhibiting the growth of food pathogens. The rise in phenol production coupled with growth in end-use industries such as food & beverages, personal care, and pharmaceuticals is anticipated to drive the market growth during the forecast period.
PROMINENT PLAYERS
Emerald Kalama, Hubei Phoenix, Fushimi, Nantong Haiers, Huayin Jin Qian Cheng, San Fu, and Wuhan Youji Industries
As per this study, the global Benzoic Acid market was valued USD 2.04 MN (by revenue) in 2021 and is anticipated to reach USD 3.15 MN by 2028 with a CAGR of 6.4%. By volume, the market was estimated at XX KT in 2021 and is expected to reach XX KT by 2028 with a CAGR of XX%.
Benzoic acid is a naturally occurring as well as synthetically produced substance. It is the simplest member of the aromatic carboxylic acid family which comprises antifungal and antiseptic properties. Benzoic acid and its derivates such as salts, alkyl esters, benzyl alcohol, benzaldehyde, and benzoyl peroxide, are commonly used as antibacterial and antifungal preservatives and as flavoring agents in food, cosmetic, hygiene, and pharmaceutical products.
Market Dynamics
Benzoic acid and its salts are essential preservatives in the food and beverage industry. Growing demand for food preservation to enhance the shelf life of the packaged food is likely to fuel the market growth. The market is expected to witness significant growth during the forecast period owing to its widespread applications in the production of sodium and potassium benzoate, Benzoyl Chloride and other derivatives. On the other hand, fluctuating prices of raw material may hamper the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of benzoic acid.
Market Segmentation
The broad benzoic acid market has been sub-grouped into application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Application
- Preservatives
- Sodium & Potassium Benzoate
- Benzoyl Chloride
- Benzoate Plasticizers
- Alkyd Resins
- Animal Feed
- Others (Including Medicinal, Etc.)
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for benzoic acid in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Benzoic Acid Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the benzoic acid market includes Emerald Kalama, Fushimi, Huayin Jin Qian Cheng, Hubei Phoenix, Nantong Haiers, San Fu, and Wuhan Youji Industries. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.