Benzoic acid is a carbolic acid with several functional properties like antibacterial and antifungal properties, which has made it prominent among several end use industries. Benzoic acid is found naturally in several fruits like prunes, plums, cranberries, and raspberries and is extensively used in the chemical, F&B, and pharmaceutical industries. The global Benzoic acid Market, as per a report by Market Research Future (MRFR) is touted to register a CAGR of 5.9%, surpassing a valuation of USD 1,219 million during the forecast period (2018-2023).
The benzoic acid market has gained huge attention over the past few years due to the surging demand from the F&B industry. Benzoic acid and its potassium, sodium, and calcium salts are highly used as a preservative in food owing to their effective antifungal property. It helps in warding off yeast and mold and also has a minor protective effect against bacteria. Such attributes have led to their increased demand across the globe. The surging demand for packaged and preserved food is predicted to trigger the demand for effective natural preservatives like benzoic acid. The soaring demand for beverages like fruit juices, soft drinks, and acidic food items like pickles will fuel the demand for benzoic acid during the assessment period. The use of benzoic acid in the preparation of phenols and benzoyl chloride will remain a key factor responsible for the market growth.
On the contrary, benzoic acid possesses certain toxic properties, which is likely to stagnate the market growth in the years to come.
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Competitive Dashboard
The top players operating in the benzoic acid market include Hemadri Chemicals (India), Ganesh Benzoplast Limited (India), Navyug Pharmachem (P) Ltd. (India), Emerald Performance Materials (U.S.), Tianjin Dongda Chemical Group Co. Ltd. (China), Eastman Chemical Company (U.S.), Thermo Fisher Scientific (U.S.), Alfa Aesar, Wuhan YouJi Industries Company Limited (China), GFS Chemicals Inc. (U.S.), MP Biomedicals LLC (U.S.), Spectrum Chemical Manufacturing Corp. (U.S.), Choice Organochem LLP (India), and Avantor (U.S.).
Global Benzoic Acid Market: Segmental Analysis
The benzoic acid market has been segmented on the basis of application and end use.
By application, the benzoic acid market is segmented into potassium benzoate, sodium benzoate, benzoate plasticizers, benzyl benzoate, benzoyl chloride, alkyd resin, feed additives, and others. Considering the dominance of the F&B sector, sodium benzoate is likely to gain prominence. It is a derivative of benzoic acid, which is used as a preservative in the F&B industry and is likely to exhibit a healthy CAGR of 6.64%, touching a valuation of USD 406.9 million by the end of 2023.
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The end use segment comprises food and beverage, chemicals industry, pharmaceuticals industry, and others. Of these, the food & beverage industry is likely to register the strongest share and expand at the highest rate owing to the mounting demand for packaged food and beverages. The segment is likely to showcase a healthy CAGR of 6.3% in the foreseeable future.
Regional Frontiers
Geographically, the benzoic acid market spans across the Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific is likely to dominate the benzoic acid market owing to the surging demand from the emerging nations. The regional market acquired 47% of the market share and will surpass a valuation of USD 588.9 million by the end of 2023. In this region, China is considered the largest contributor, and the growth is credited to the booming power and chemical industries in the region. The surging consumption of frozen food items in China has also led to an increased demand for benzoic acid.
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Europe acquires the second position and is predicted to surpass a valuation of USD 312.5 million, attaining a CAGR of 5.53% by the end of 2023.