The ‘Global Benzoic Acid Market Analysis, Share, Trends, Growth, Key Players, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global benzoic acid market, assessing the market on the basis of its segments like applications, end uses, and major regions.
Benzoic Acid Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): Over USD 1.18 Billion
- Forecast CAGR (2023-2028): 5.50%
There is a growing utilisation of benzoic acid as an antimicrobial preservative in food and beverage applications, particularly in carbonated beverages, owing to its excellent antibacterial activities. Benzoic acid is extensively used to prevent nutritional losses and enhance the shelf life of food and beverage products.
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In both developed and developing countries, the preference for packaged food and beverage products is significantly increasing among consumers with high disposable incomes. In addition to this, rapid urbanisation, surging population levels, and increasing demand for ready-to-eat products are driving the demand for potassium benzoate and sodium benzoate, hence stimulating the benzoic acid market growth.
Benzoic acid finds diverse applications in medical, animal feed, and dye intermediates, and it is utilised to treat fungal infections like tinea, athlete’s foot, and ringworm, among others. With the robust growth of the cosmetics and personal care sector, the use of benzoic acid as an antimicrobial agent in deodorants and mouthwashes, among others, is likely to surge in the coming years.
Benzoic Acid Industry Definition and Major Segments
Benzoic acid refers to a crystalline organic compound that consists of a carboxyl group attached to a benzene ring. It naturally occurs in plants and acts as an intermediate in secondary metabolite biosynthesis. The product is commonly used as a preservative in the cosmetics and food and beverage sectors.
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The market, on the basis of application, is categorised into:
- Sodium Benzoate
- Benzyl Benzoate
- Alkyd Resin
- Benzoyl Chloride
- Potassium Benzoate
- Feed Additives
Based on end use, the market is divided into:
- Food and Beverage
The major regional markets of benzoic acid include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Benzoic Acid Market Trends
Some of the key benzoic acid market players trends include the surging preference for packaged food and beverages, the rising usage of benzoate plasticisers as a substitute for phthalate plasticisers in various applications, and the widespread availability and cost-effectiveness of the product.
In the robustly growing animal feed sector, benzoic acid is widely used in animal feed as an acidity regulator to improve gut function is increasing. Besides, the its growing demand for products in the manufacturing of diverse products like insect repellents, cleansing products, dyes, and perfumes, among others, is increasing, propelling the market.
Additionally, tThere is a growing demand for benzoic acid as an antifungal and antimicrobial preservative as well as capsule and tablet lubricant. The product is also combined with salicylic acid to be used as an antifungal agent to treat ringworm and athlete’s foot.
Key Market Players
The major players in the benzoic acid market report are Chemcrux Enterprises Ltd, FUSHIMI Pharmaceutical Co., Ltd., SINTEZA S.A., Shri Hari Chemicals India, LANXESS AG, and JQC(Huayin) Pharmaceutical Co.,Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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