Benzoic Acid Market, By Application (Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizer, Alkyd Resin, Benzoyl Chloride, Feed Additive), By End-Use (Food & Beverages, Chemical Industry, Pharmaceutical Industry), By Region Analysis - Global Analysis and Industry Forecast Report Till 2030.

Benzoic Acid Market is projected to grow from $1.20 billion to $1.60 billion, at a CAGR of 6.05% in terms of revenue during the forecast period.

Benzoic acid, a crystalline carboxylic acid with antibacterial and antifungal qualities, finds usage in a range of end-use industries including the food and beverage, pharmaceutical, and chemical sectors. As a food preservative, benzoic acid keeps fruits and vegetables fresher for longer periods of time by preventing the growth of bacteria on their surfaces. The demand for benzoic acid in the food and beverage industries is anticipated to increase as processed and convenience food products become more popular throughout the world. Manufacturers around the world are always looking to increase production capacity and maintain a major benzoic acid market share.

Benzoic acid is a naturally occurring organic compound with a sweet odor, which was consumed as an additive to food and beverages, especially pickles and pickled food items. Increased demand for benzoic acid is anticipated as a result of the production of artificial flavors, fragrances, and tobacco flavors, among other things. Additionally, rising consumer demand for edible goods including fruit juices, jams, barbecue sauces, soft drinks and acidic meals like pickles and pickled food items is predicted to fuel the expansion of the benzoic acid market during the forecast period

Market Dynamics:     

Drivers:

Benzoic acid demand has been driven by the growing demand for benzoic acid in a number of industries. Benzoic acid is used as an intermediate for the production of many products, such as disinfectants and household cleaners. The need for benzoic acid has been fueled by the increasing usage of benzoic acid as an intermediary in the production of many goods to meet this expanding demand.

A rise in the consumption of food products that are processed, packaged and mass-produced can be attributed to consumers' interest in lifestyle options such as fasting. The common practice of skipping meals in European nations has increased consumer demand for processed and packaged foods and beverages. Benzoic acid is a flavour enhancer that has been actively sought by the beverage industry for use in soft drinks and other fruit-flavoured beverages.

Restraints:

Antifungal, antibacterial and preservative properties have made benzoic acid a popular food additive. However, some studies show that consuming meals high in benzoic acid can have negative effects on the lungs and digestive system. Legislation in certain regions also limits the use of benzoic acid. These laws place limits on how much benzoic acid can be added to packaged goods and beverages.

The cost of raw materials, notably oil, is unpredictably rising. The expansion of the benzoic acid market as a whole would subsequently be negatively impacted by the fluctuating price of toluene.

Opportunities:

The use of phthalate plasticizers in the European and North American regions has been a contentious issue for many years. The health and environmental risks associated with these substances have led to increasing pressure on companies to replace them with non-phthalate plasticizers. In recent years, there has been a significant shift towards the use of non-phthalate plasticizers in both the European and North American regions as an alternative to phthalates. As a result, the demand for non-phthalate plasticizers has increased rapidly over the past decade.

The growing pressure to reduce products' impact on the environment and improve worker safety has led to a shift away from phthalates, which are used to soften plastic. Companies are increasingly turning to non-phthalate plasticizers as a way of meeting these demands, while also reducing their environmental impact.

Key Players:

• Tianjin Dongda Chemical Group Co. Ltd.

• Choice Organochem LLP

• Hemadri Chemicals

• Emerald Performance Materials

• Wuhan YouJi Industries Company Limited

• Alfa Aesar

• Avantor

• MP Biomedicals LLC

• Aarsha Chemicals,

• Navyug Pharmachem,

• Reliance Industries,

• IG Petrochemicals,

• Krishna Chemicals,

• Liao Ning Huayi Chemical Industry & Commerce Co.,

Market Segmentation:

Benzoic Acid Market, By Application

• Potassium Benzoate

• Benzyl Benzoate

• Benzoate Plasticizer

• Alkyd Resin

• Benzoyl Chloride

• Feed Additive

Benzoic Acid Market, By End-User

• Food & Beverages

• Chemical Industry

• Pharmaceutical Industry

Benzoic Acid Market, By Region

• North America

• Europe

• Asia-Pacific

• Latin America

• Middle East & Africa (MEA)

Regional Analysis:

Asia Pacific is anticipated to dominate the benzoic acid market over the projection period. A notable development driver for the Asia Pacific benzoic acid market during the projection period is the rising demand for frozen and packaged food products in nations like India, Thailand, China, and numerous other growing APAC countries. The production of benzoic acid on a global scale as well as its exports to other locations is mostly supported by the nations of China and India.

The demand for preservatives like benzoic acid is predicted to increase along with the demand for frozen goods in South America, which will fuel the expansion of the region's benzoic acid market in the years to come. Due to their busy lifestyles and greater reliance on convenience foods, Europe and North America are the two regions with the highest per capita consumption of processed food products worldwide. These factors are anticipated to support the expansion of the benzoic acid market in each of these regions. The expansion of the market could be hampered by strict regulations on food additives in developed regions.

Scope of the report:

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