Overview and Scope
Benzoic acid is a white crystalline solid compound. It belongs to the class of aromatic carboxylic acids and is derived from benzene. Benzoic acid is naturally found in various fruits, such as cranberries, plums, apples, and some spices. It has a distinct, somewhat sweet odor.
Sizing and Forecast
The benzoic acid market size has grown strongly in recent years. It will grow from $1.31 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to food preservation demand, pharmaceutical applications, chemical intermediate, growing end-use industries, stringent regulatory standards..
The benzoic acid market size is expected to see strong growth in the next few years. It will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to population growth, rising healthcare needs, technological advancements, economic development, sustainable practices.. Major trends in the forecast period include shift towards benzoic acid salts, increasing demand in plasticizers production, growth in end-use industries in emerging economies, research and development for novel applications..
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Segmentation & Regional Insights
The benzoic acid market covered in this report is segmented –
1) By Form: Powder, Granules
2) By Application: Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, Other Applications
3) By End Use: Food And Beverages, Chemical Industry, Pharmaceutical Industry, Other End Uses
North America was the largest region in the global benzoic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the benzoic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for processed foods is expected to drive the benzoic acid market going forward. Processed foods refer to food products that have undergone various alterations or modifications through processing techniques before they are consumed. These alterations can include the addition of preservatives and additives. Benzoic acid is widely used as a preservative in processed food products due to its antimicrobial properties, which help prevent the growth of bacteria, fungi, and yeast. It helps extend the shelf life of food items and maintain their quality and safety. For instance, in November 2022, according to OJ digital solutions, a US-based marketing agency company, the US online grocery market, which also sells packaged foods, is expected to earn $187.7 billion in revenue by 2024, up from around $95.8 billion in revenue in 2020. Therefore, the increasing demand for processed foods will drive the benzoic acid market.
Key Industry Players
Major companies operating in the benzoic acid market report are Emerald Kalama LLC, IG Petrochemicals Ltd., Merck KGaA, Chemcrux Enterprises Ltd., The Chemical Company, Ganesh Benzoplast Ltd., Huayin Jinqiancheng Pharmaceutical Co Ltd., Wuhan Youji Industries Co Ltd., Tianjin Dongda Chemical Group Co Ltd., Lanxess AG, Eastman Chemical Company, Avantor Inc., Novaphene Specialities Pvt Ltd, DuPont de Nemours Inc., Krishna Speciality Chemicals Pvt Ltd., Srihari Chemicals, Nantong Haiers, Huangshi Taihua Industry, Yash Rasayan & Chemicals, JQC (Huayin) Pharmaceutical, Wuhan Dico Chemical, Hubei Phoenix Chemical, Changzhou Hubin Medicine, Tengzhou Tenglong Chemical, Remi Fine, Hebei Smart Chemicals Company, Liao Ning Huayi Chemical, Zhejiang Shengxiao Chemicals Co. Ltd., Yasho Industries, Wuhan Ruiji Chemical Co. Ltd.
The benzoic acid market report table of contents includes:
1. Executive Summary
2. Benzoic Acid Market Characteristics
3. Benzoic Acid Market Trends And Strategies
4. Benzoic Acid Market – Macro Economic Scenario
5. Global Benzoic Acid Market Size and Growth
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31. Global Benzoic Acid Market Competitive Benchmarking
32. Global Benzoic Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Benzoic Acid Market
34. Benzoic Acid Market Future Outlook and Potential Analysis
35. Appendix
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