Benzoic Acid Market size is forecast to reach $2.4 billion by 2025, after growing at a CAGR of 9.5% during 2020-2025. Benzoic acid is an aromatic carboxylic acid that is colorless and crystalline. Benzoic originally was derived from tree resin which belonged to the genus Styrax. Benzoic acid is commonly used in food and beverage industries to preserve foodstuffs. It helps to curb the growth of the bacteria and fungi. Even the benzoic acid is used as a chemical reagent. The demand for packaged food and beverages has fueled the market for benzoic acid due to the increase in working-class people and rapid urbanization. Rising hours of work and the need for nutrient-rich food have made customers opt for prepared food rather than homemade meals. Currently, due to pandemic, various chemical industries have experienced huge loss, and a small number of companies are manufacturing chemical reagents, which tends to constrain the market growth.
Benzoic Acid Market Segment Analysis – By Application
Over the forecast period, the use of benzoic acid in the preparation of benzoyl chloride and phenols will also likely remain a major driver for the global benzoic acid industry. Benzoyl chloride is the main component in benzyl benzoate processing, and is used in flavors as well as other uses such as insect repellents. Over the forecast period the diverse usability of such benzoic acid derivatives is likely to be a major driver for the global benzoic acid market.
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Benzoic Acid Market Segment Analysis – By End-Use
Benzoic acid is commonly used in processed food products & drinks as a preservative. Among other things, it is primarily used to preserve acidic food products & beverages such as pickles, jams, fruit juices, aerated drinks and sparkling drinks. The increased use of benzoic acid as a food preservative may be due to not altering or changing the flavor of the food items or beverages to which it is applied. The growth of the benzoic acid market segment of the end-use food & beverages industry is also attributed to changes in consumer preferences for packaged food items & beverages, and increased consumer per capita income. The processed and packaged food & beverages industry is also experiencing substantial growth due to the increased demand for frozen food products & drinks across the globe. The rising demand for food preservatives in China and India is expected to drive the growth of the benzoic acid market segment of the end-use food & beverages industry worldwide.
Benzoic Acid Market Segment Analysis – By Geography
Over the past few years Asia Pacific has been the biggest buyer. — per capita disposable income levels coupled with shifting to dependence on processed foods and RTD beverages is likely to drive regional demand, especially in China and India. Asia Pacific is also expected to achieve substantial gains over the forecast period as phenol production increases coupled with growth in end-use industries such as food & beverages, personal care, and pharmaceuticals. Over the forecast period North America is expected to see steady growth rates. The substitution of benzoate plasticizers for phthalate plasticizers due to strict government regulations is likely to favor growth in this field. For the aforementioned cause, benzoate plasticizers are expected to see an increase in demand in North America over the forecast period.
Benzoic Acid Market Drivers
Growing demand in packaged food and beverages
Increasing demand of packaged food and beverages drive the demand for Benzoic acid market across the world. Food preservation is necessary to increase the shelf life of the packaged food products which drives the growth of Benzoic acid market. Increasing demand for the replacement of phthalate plasticizers by benzoate plasticizers for different applications is likely to drive the demand for Benzoic acid market.
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Benzoic Acid Market Challenges
Regulations across the globe tends to constrain the growth of the market
Strict regulation in developing countries has impeded the growth of alkyd resins, hampering the development of the benzoic acid industry. In the coming years, however, adverse health effects associated with benzoic acid could impede the market. Moreover, its repeated use and exposure can damage the lungs and digestive tracts.
Benzoic Acid Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Benzoic Acid market. In 2019, the market of Benzoic Acid has been consolidated by the top five players accounting for xx% of the share. Benzoic Acid Market top 10 companies are Emerald Performance Materials, Tianjin Dongda Chemical Group, Wuhan Youji Industries Co., Liao Ning Huayi Chemical Industry & Commerce Co., Ganesh Benzoplast Limited, Shri Hari Chemicals, Hebei Smart Chemicals Co. Ltd., Merck Group, Novaphene Specialties Pvt Ltd., Chemcrux Enterprises, Apollo Scientific, Shree Chemopharma Ankleshwar Pvt. Ltd., and Clarion Drugs Ltd., among others.
Due to its dominance in the application segments over the past few years, the benzoic market has seen a positive growth and is expected to continue to achieve growth at a faster pace during the forecast period.
Replacing phthalate plasticizers with non-phthalate plasticizers particularly in European as well as North American regions has generated a great market opportunity for the manufacturers of benzoic acid with growing application in the paper industry.
Related Reports :
A. Sodium Benzoate Market
B. Benzalkonium Chloride Market
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