Benzoic Acid Market Outlook 2031:
The benzoic acid market ize was valued at USD 43.51 Million in 2022 and is projected to reach USD 66.92 Million by 2031, expanding at a CAGR of 4.9% during the forecast period 2023 - 2031. The growth of the market is attributed to continuous urbanization and transformation in consumer lifestyle.
Benzoic acid is a carboxylic acid having a variety of useful properties, such as antifungal and antibacterial properties, that have made it popular in a variety of end-use applications. Benzoic acid may be found in a variety of fruits, such as plums, prunes, cranberries, and raspberries, and is largely employed in the food and beverage, chemical, and pharmaceutical sectors.
Benzoic acid is a colorless aromatic carboxylic acid with a crystalline structure. Benzoic was first isolated from the resin of a tree belonging to the genus Styrax. In the food and beverage sector, benzoic acid is widely used to preserve food items. It aids in the control of fungus and bacteria development. Chemically, benzoic acid is employed as a reagent.
The Covid-19 pandemic affected the demand and supply of benzoic acid market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Benzoic Acid Market Trends, Drivers, Restraints, and Opportunities
- Rising pharmaceutical industry is projected to fuel the market during forecast period.
- Continuous urbanization and transformation in consumer lifestyle, notably in Asia Pacific is key factor propelling the market.
- Shifting price of toluene is expected to restrict the market growth.
- Stringent regulations on the use of preservatives, particularly benzoic acid, in industrialized nations act as major challenge that can hinder the market during the forecast period.
- Substitution of phthalate plasticizers with non-phthalate plasticizers, notably in Europe and North America is expected to created lucrative opportunities for the market players.
Scope of the Benzoic Acid Market Report
The report on the benzoic acid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Benzoic Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Application Type [Food & Beverage (Bakery and Confectionery, Meat Products, Beverages, Sauces/Dips/ Salad Dressings, Dairy Products, and Others), Chemicals, Plasticizers, Animal Feed and Others]
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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The Chemical Company; Chemcrux Enterprises Ltd; Emerald Performance Materials; Merck KGaA; I G Petrochemicals Ltd. (IGPL)
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Benzoic Acid Market Segment Insights
The food & beverages segment is projected to hold a major market share
In terms of application type, the benzoic acid market is divided into food & beverage, chemicals, plasticizers, animal feed, and others. The food and beverages segment is further sub-segmented into bakery and confectionery, meat products, beverages, sauces/dips/ salad dressings, dairy products, and others.
The food and beverage segment is expected to represent a key share of the market during the forecast period. To satisfy daily meal requirements, consumers are shifting their paradigm toward processed food and beverage items such as snacks, fruit juices, processed meat snacks, and others. In many European nations, the frequency of missing meals such as breakfast has led in consumers' increased desire for processed and packaged food and beverage items.
Since preservatives, such as benzoic acid, is an important ingredient in processed food and beverage products, end-user industries are actively looking for benzoic acid innovation, which has set manufacturers a great opportunity to gain a significant market position by expanding their product portfolio and launching new products.
The demand for benzoic acids is being fueled by an increase in the number of food and beverage processing facilities in emerging countries such as India, Australia, China, and others.
Asia-Pacific is expected to dominate the market
On the basis of regions, the benzoic acid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia-Pacific is anticipated to dominate the market during forecast period owing to its widespread use in a variety of end-user sectors.
Apart from the food and beverage sectors, India and China have significant per capita plastic use, which has increased the usage of plasticizers, increasing the benzoic acid industry.
Another factor boosting the overall benzoic acid market is a substantial increase in demand for sodium and potassium benzoate in the region. The animal feed segment is growing in a number of Asian nations, including India, which is driving up demand for benzoic acid in the area.
Segments
The market has been segmented on the basis of
Application Types
- Food & Beverage
- Bakery and Confectionery
- Meat Products
- Beverages
- Sauces/Dips/ Salad Dressings
- Dairy Products
- Others
- Chemicals
- Plasticizers
- Animal Feed
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the market include The Chemical Company, Chemcrux Enterprises Ltd, Emerald Performance Materials, and Merck KGaA.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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