NEW YORK, June 16, 2022 /PRNewswire/ -- As per Zion Market Research study, The global benzoic acid market attained revenue growth of 1.22 billion in 2021 and it is projected to reach around USD 1.72 billion by 2028, growing at a 5.58% CAGR. Benzoic acid is a white and crystalline aromatic carboxylic acid. Benzoic was first made from the resin of trees belonging to the genus Styrax. Benzoic acid is widely used to preserve items in the food and beverage sectors. It aids in the control of bacterial and fungal development. Benzoic acid is employed as a chemical reagent as well. Because of the rise in working-class people and rising urbanization, demand for packaged foods and drinks has propelled the market for benzoic acid.
Key Industry Insights & Finding of the Benzoic Acid Market Reports:
- As per the analysis shared by our research analyst, the Benzoic Acid Market is expected to grow annually at a CAGR of around 5.58 % (2022-2028).
- Through the primary research, it was established that the Benzoic Acid Market was valued approximately USD 1.22 Billion in 2021 and is projected to reach to roughly USD 1.72 Billion by 2028.
- Rising per-capita disposable income and a steady move toward packaged goods, the use of benzoic acid has gradually increased across Asia Pacific during the last few years.
- India and China are the two highest contributors in this area. During the forecasted period, North America is expected to grow at a healthy CAGR after Asia Pacific.
- Developments in preservation methods that use benzoic acid are introducing new alternatives of ready-to-go meals, ranging over a wide spectrum of dairy products, bakeries, snacks, meals, poultry, confectionery, ready meals, and others.
Zion Market Research published the latest report titled as "Benzoic Acid Market By End User (Food & Beverage, Chemical Industry, Pharmaceutical Industry, & Others), By Application (Benzoates, Benzoate Plasticizers, Alkyl Resins, & Others) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 - 2028." into their research database.
Benzoic Acid Market: Overview
The global benzoic acid market is growing in response to the rising global supply of processed foods and drinks. To prolong the shelf life of such items, benzoic acid is used. Because the capacity to create intended impact is dependent on the pH of food, benzoic acid is often used to preserve acidified food items such as pickles, effervescent beverages, and fruit juice.
Benzoic acid is used in a variety of sectors, including polymers, pharmaceuticals, chemicals, and others. Animal feed, color compounds, and medicinal applications are all possible uses for benzoic acid. Athlete's feet, ringworm, tinea, and other fungal skin infections are treated with benzoic acid. As a disinfectant, benzoic acid is used extensively in the cosmetics industry. Benzoic acid is found in toothpaste, antiperspirants, mouth rinses, and other products.
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Industry Dynamics:
Benzoic Acid Market: Growth Drivers
- Increased demand for processed food items to drive market growth.
To satisfy their daily meal requirements, customers are moving their approach towards processed food and beverage goods such as appetizers, fruit drinks, processed meat, and others. In several European nations, the popularity of omitting breakfasts or lunch has led to consumers' increased desire for packaged and processed food and beverage goods. Because preservatives, such as benzoic acid, are an essential component in packaged food and beverage products, end-user sectors are constantly searching for benzoic acid advancements, which has given producers great opportunities to acquire a substantial market placement by diversifying their product profile and introducing new products.
Benzoic Acid Market: Restraints
- Fluctuating price of toluene to restrain the market growth.
The variation in crude oil prices is the most recent market pattern gaining traction. The aromatic chemical toluene is a key element to make benzoic acid. Gasoline is a major component in the production of toluene, which is produced during the production of coke from coal. The price of crude oil influences the price of raw materials, which influences the cost of producing toluene, in turn affecting the global benzoic acid market.
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Global Benzoic Acid Market: Opportunities
- Increased variety of preserved and processed food items to provide opportunities for market growth.
Developments in preservation methods that use benzoic acid are introducing new alternatives of ready-to-go meals, ranging over a wide spectrum of dairy products, bakeries, snacks, meals, poultry, confectionery, ready meals, and others. Several regional, traditional and local meals are now available in ready-to-go packs, which are affordable for the middle working-class community, offering opportunities for growth of the global benzoic acid market.
Global Benzoic Acid Market: Challenges
- Strict regulation of food additives and preservatives to affect market growth.
The expansion of the benzoic acid industry has been hampered by strict regulation in emerging nations, which has hampered the rise of alkyd resins. However, unfavorable health concerns connected with benzoic acid may stymie the industry in the next years. Furthermore, constant exposure and usage might harm the gastrointestinal system and lungs.
Global Benzoic Acid Market: Segmentation
- The market is bifurcated based on applications, end-users, and region.
The market, by application is divided into benzoates, benzoate plasticizers, alkyd resins, and others. Due to the increasing consumption of non-plasticizers, which also include benzoate plasticizers in varied uses such as wires & cables, flooring & wall coverings, and consumer products, among others, the benzoate plasticizers industry is estimated to exhibit the highest growth over the forecast period.
The market, by end-user is segregated into food & beverages, chemical industry, pharmaceutical industry, and others. In the given period, the food & beverage category held the largest market share of the entire market. Growth of the market for processed foods is being driven by growing urbanization and lifestyle changes of the population.
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List of Key Players of Benzoic Acid Market:
- The Chemical Company
- Merck KGaA
- Chemcrux Enterprises
- Emerald Performance Materials
- IG Petrochemicals Ltd.
Key questions answered in this report:
- What are the growth rate forecast and market size for Benzoic Acid Market?
- What are the key driving factors propelling the Benzoic Acid Market forward?
- What are the most important companies in the Benzoic Acid Market Industry?
- What segments does the Benzoic Acid Market cover?
- How can I receive a free copy of the Benzoic Acid Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market size value in 2021 | USD 1.22 Billion |
Revenue forecast in 2028 | USD 1.72 Billion |
Growth Rate | CAGR of almost 5.58 % 2022-2028 |
Base Year | 2020 |
Historic Years | 2016 - 2021 |
Forecast Years | 2022 - 2028 |
Segments Covered | By Product Type, By Application, and By End Use |
Forecast Units | Value (USD Billion), and Volume (Units) |
Quantitative Units | Revenue in USD million/billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Companies Covered | The Chemical Company,Merck KGaA,Chemcrux Enterprises,Emerald Performance Materials,IG Petrochemicals Ltd. |
Report Coverage | Market growth drivers, restraints, opportunities, Porter's five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
Customization Scope | Avail customized purchase options to meet your exact research needs. https://www.zionmarketresearch.com/custom/3306 |
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Recent Developments:
- In 2021, Lanxess (German-based chemicals giant), acquired the Emerald Kalama (American chemicals business) brand to increase its reach in benzoic acid manufacturing, strengthening its position in the market.
- In 2021, Tata Consumer Products acquired Tata SmartFoodz, a brand of ready-to-eat meals and processed food items, strengthening its grip over the Asian food market. Tata SmartFoodz was known to use innovative technologies to preserve taste, texture, and nutritional value of processed foods.
Regional Dominance:
- Asia Pacific to lead global market due to increased preference for packed foods in India and China.
Because of rising per-capita disposable income and a steady move toward packaged goods, the use of benzoic acid has gradually increased across Asia Pacific during the last few years. India and China are the two highest contributors in this area. During the forecasted period, North America is expected to grow at a healthy CAGR after Asia Pacific.
Global Benzoic Acid Market is segmented as follows:
Benzoic Acid Market: By End-User Outlook (2022-2028)
- Food & Beverage
- Chemical Industry
- Pharmaceutical Industry
- Others
Benzoic Acid Market: By Application Outlook (2022-2028)
- Benzoates
- Benzoate Plasticizers
- Alkyl Resins
- Others
Benzoic Acid Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Benzoic Acid Market: https://www.zionmarketresearch.com/news/global-benzoic-acid-market
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