Benzoic Acid Market Size, Share, Growth & Forecast 2031

Benzoic Acid Market Size, Share, Growth & Forecast 2031

Segments - Benzoic Acid Market by Application Type [Food & Beverage (Bakery and Confectionery, Meat Products, Beverages, Sauces/Dips/ Salad Dressings, Dairy Products, and Others), Chemicals, Plasticizers, Animal Feed, and Others] and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 - 2031

https://growthmarketreports.com/Riddhesh
Author : Riddhesh Dani
https://growthmarketreports.com/Harneet
Fact-checked by : Harneet Meher
https://growthmarketreports.com/Shruti
Editor : Shruti Bhat

Upcoming | Report ID :MC-2075 | 4.7 Rating | 81 Reviews | 178 Pages | Format : PDF Excel PPT

Report Description


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 Market Outlok

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.

  • 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.

Attributes

Details

Report Title

Benzoic Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Application Type [Food & Beverage (Bakery and Confectionery, Meat Products, Beverages, Sauces/Dips/ Salad Dressings, Dairy Products, and Others), Chemicals, Plasticizers, Animal Feed and Others]

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

The Chemical Company; Chemcrux Enterprises Ltd; Emerald Performance Materials; Merck KGaA; I G Petrochemicals Ltd. (IGPL)

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.

Benzoic Acid Market Application Type

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.

Benzoic Acid Market Region

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.

Benzoic Acid Market Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Benzoic Acid Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Benzoic Acid Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Benzoic Acid Market - Supply Chain
  4.5. Global Benzoic Acid Market Forecast
     4.5.1. Benzoic Acid Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Benzoic Acid Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Benzoic Acid Market Absolute $ Opportunity
5. Global Benzoic Acid Market Analysis and Forecast by Region
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Region
     5.2.2. Y-o-Y Growth Projections by Region
  5.3. Benzoic Acid Market Size and Volume Forecast by Region
     5.3.1. North America
     5.3.2. Latin America
     5.3.3. Europe
     5.3.4. Asia Pacific
     5.3.5. Middle East and Africa (MEA)
  5.4. Absolute $ Opportunity Assessment by Region
  5.5. Market Attractiveness/Growth Potential Analysis by Region
  5.6. Global Benzoic Acid Demand Share Forecast, 2019-2026
6. North America Benzoic Acid Market Analysis and Forecast
  6.1. Introduction
     6.1.1. Basis Point Share (BPS) Analysis by Country
     6.1.2. Y-o-Y Growth Projections by Country
  6.2. North America Benzoic Acid Market Size and Volume Forecast by Country
     6.2.1. U.S.
     6.2.2. Canada
  6.3. Absolute $ Opportunity Assessment by Country
  6.4. Market Attractiveness/Growth Potential Analysis
     6.4.1. By Country
     6.4.2. By Product Type
     6.4.3. By Application
  6.5. North America Benzoic Acid Demand Share Forecast, 2019-2026
7. Latin America Benzoic Acid Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
     7.1.3. Latin America Average Pricing Analysis
  7.2. Latin America Benzoic Acid Market Size and Volume Forecast by Country
      7.2.1. Brazil
      7.2.2. Mexico
      7.2.3. Rest of Latin America
   7.3. Absolute $ Opportunity Assessment by Country
  7.4. Market Attractiveness/Growth Potential Analysis
     7.4.1. By Country
     7.4.2. By Product Type
     7.4.3. By Application
  7.5. Latin America Benzoic Acid Demand Share Forecast, 2019-2026
8. Europe Benzoic Acid Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Europe Average Pricing Analysis
  8.2. Europe Benzoic Acid Market Size and Volume Forecast by Country
     8.2.1. Germany
     8.2.2. France
     8.2.3. Italy
     8.2.4. U.K.
     8.2.5. Spain
     8.2.6. Russia
     8.2.7. Rest of Europe
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. Market Attractiveness/Growth Potential Analysis
     8.4.1. By Country
     8.4.2. By Product Type
     8.4.3. By Application
  8.5. Europe Benzoic Acid Demand Share Forecast, 2019-2026
9. Asia Pacific Benzoic Acid Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Asia Pacific Average Pricing Analysis
  9.2. Asia Pacific Benzoic Acid Market Size and Volume Forecast by Country
     9.2.1. China
     9.2.2. Japan
     9.2.3. South Korea
     9.2.4. India
     9.2.5. Australia
     9.2.6. Rest of Asia Pacific (APAC)
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Market Attractiveness/Growth Potential Analysis
     9.4.1. By Country
     9.4.2. By Product Type
     9.4.3. By Application
  9.5. Asia Pacific Benzoic Acid Demand Share Forecast, 2019-2026
10. Middle East & Africa Benzoic Acid Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Middle East & Africa Average Pricing Analysis
  10.2. Middle East & Africa Benzoic Acid Market Size and Volume Forecast by Country
     10.2.1. Saudi Arabia
     10.2.2. South Africa
     10.2.3. UAE
     10.2.4. Rest of Middle East & Africa (MEA)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Market Attractiveness/Growth Potential Analysis
     10.4.1. By Country
     10.4.2. By Product Type
     10.4.3. By Application
  10.5. Middle East & Africa Benzoic Acid Demand Share Forecast, 2019-2026
11. Competition Landscape
  11.1. Global Benzoic Acid Market: Market Share Analysis
  11.2. Benzoic Acid Distributors and Customers
  11.3. Benzoic Acid Market: Competitive Dashboard
  11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     11.4.1. The Chemical Company
     11.4.2. Chemcrux Enterprises Ltd
     11.4.3. Emerald Performance Materials
     11.4.4. I G Petrochemicals Ltd. (IGPL)
     11.4.5. Merck KGaA

Methodology

Our Clients

The John Holland Group
Dassault Aviation
Nestle SA
Siemens Healthcare
General Mills
Deloitte
Honda Motor Co. Ltd.
Microsoft