Benzoic Acid Market

Benzoic Acid Market is valued at USD 1041.4 Million in 2021 and expected to reach USD 1506.9 Million by 2028 with the CAGR of 5.42% over the forecast period. 

Global Benzoic Acid Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing demand for processed food items, rising use of benzoic acid as an intermediate in the synthesis of various products, and growing demand in packaged food and beverages are some of the major factors driving the growth of the Global Benzoic Acid Market. 

Scope of Global Benzoic Acid Market Report- 

Benzoic acid is a white solid with the formula C6H5CO2H. It is the simplest aromatic carboxylic acid. The name is derived from gum benzoin, which has long been its sole source. Benzoic acid is found naturally in many plants and acts as a mediator in the biosynthesis of many secondary metabolites. Benzoic acid salts are used as food preservatives. Its commercial production includes partial oxidation of toluene with oxygen. It is also found naturally in various plants. Many different fruits, including plums, prunes, prunes, raspberries, and cranberries, contain this naturally occurring chemical. In the formation of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, benzoic acid is used as an intermediate product. 

The Covid-19 pandemic has also impacted the growth of the global benzoic acid market. Unexpected outbreaks of Covid and severe government regulations were enforced, resulting in increased demand for canned or packaged foods, beverages, and sweets worldwide which also supplemented the demand for benzoic acid. The benzoic acid market has developed well in recent years due to the spread in the application categories and it is likely to continue to grow rapidly after the pandemic phase. However, the supply chain network disturbance has affected the market growth. 

The global benzoic acid market is segmented based on the application, end-use, and region & country level. Based on application, the global benzoic acid market is segmented into benzoates, feed additives, benzoate plasticizers, benzoyl chloride, alkyd resin, and others. By end-use, the global benzoic acid market is segmented into food & beverage, pharmaceutical, chemical, and others. 

The regions covered in the global benzoic acid market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global benzoic acid is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc. 

Key Players of Global Benzoic Acid Market Report- 

Some major key players for the global benzoic acid market report cover prominent players like Ganesh Benzoplast Limited, Choice Organochem LLP, Tianjin Dongda Chemical Group Co. Ltd., Spectrum Chemical Manufacturing Corp., Emerald Performance Materials, Hemadri Chemicals, Wuhan YouJi Industries Company Limited, Thermo Fisher Scientific, Alfa Aesar, MP Biomedicals LLC, Avantor, FOOD Chem, Dayang Chem, and others.  

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2022 - 2028
Market Size in 2021:	USD 1041.4 Million
Base year considered	2021
Forecast Period CAGR %:	5.42%
Market Size Expected in 2028:	USD 1506.9 Million
Tables, Charts & Figures:	175
Pages	200
Benzoic Acid Comapnies	Ganesh Benzoplast Limited, Choice Organochem LLP, Tianjin Dongda Chemical Group Co. Ltd., Spectrum Chemical Manufacturing Corp., Emerald Performance Materials, Hemadri Chemicals, Wuhan YouJi Industries Company Limited, Thermo Fisher Scientific, Alfa Aesar, MP Biomedicals LLC, Avantor, FOOD Chem, Dayang Chem, and others.
Segments Covered	By Application, By End-User
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa

 

News- 

Adven Collaborated with Eastman on an Innovative Energy Project in Estonia 

On July 7th, 2021; Eastman, a global specialty materials company, partnered with Adven to convert benzoic acid production into by-product energy. This innovative solution made energy production more environmentally friendly as well as economical. Eastman's Estonia site manufactures benzoic acid, sodium benzoate, and plasticizers at its Kohtla-Jarve factory. The plant exports most of its products outside of Estonia, including North America, Europe, and Asia.  

Increasing Demand for Processed Food Items, Rising Use of Benzoic Acid as an Intermediate in the Synthesis of Various Products, and Growing Demand in Packaged Food and Beverages are Driving the Market Growth  

One of the major factors driving the growth of the benzoic acid market is the increasing demand for processed food items. To meet their daily meal needs, consumers are turning their attention to processed foods and beverages such as appetizers, fruit drinks, processed meats, and more. In many countries, the popularity of skipping breakfast or lunch has increased consumers ’desire for packaged and processed foods and beverages. As preservatives, such as benzoic acid, are an essential ingredient in packaged food and beverage products, end-user areas are constantly exploring the advancement of benzoic acid, giving growers a great opportunity to diversify their product profiles and gain a solid market. For instance; according to med Rxiv, in 2022; GroceryDB indicates that 73% of U.S. food supplies are ultra-processed, and the average ultra-processed food is 52% cheaper than minimally processed options.  

In addition, the rising use of benzoic acid as an intermediate in the synthesis of various products is also boosting the growth of the benzoic acid market. Benzoic acid is used to produce many chemicals such as benzoyl chloride, benzoyl peroxide, and phenol, and is also used to synthesize benzoyl chloride. Further, benzoic acid is most commonly used for the production of phenols. Phenols are used as disinfectants in household cleaners and mouthwashes. Demand for benzoic acid is also increasing due to the increasing demand for various chemicals in various application areas. Furthermore, it is used in the manufacture of other chemicals, dyes, perfumes, herbicides, and others. For instance; according to Down To Earth; According to the United States Census Data and the Simmons National Consumer Survey (NHCS), at least 298.7 million Americans used deodorant/antiperspirant in 2020. This figure is projected to rise to 306.04 million in 2024. Therefore, the increasing use of benzoic acid as an intermediate in the synthesis of various products is driving the growth of the benzoic acid market. 

Moreover, the growing demand for packaged food and beverages is another factor fostering the market growth. The increasing demand for packaged food and soft drinks is driving the demand for the benzoic acid worldwide. Prolonging the shelf life of packaged food products requires food preservation which leads to the growth of the benzoic acid market. The increasing demand for the replacement of phthalate plasticizers with benzoate plasticizers for different applications is likely to increase the demand for the benzoic acid.  

However, the high cost associated with benzoic acid may hinder the growth of the global benzoic acid market. Despite that, the rising variety of preserved and processed food items may create more opportunities for the further growth of the global benzoic acid market. 

Asia Pacific is Expected to Show a Significant Growth in the Global Benzoic Acid Market 

Geographically, Asia Pacific is expected to witness a significant growth in the global benzoic acid market within the forecast period due to the increasing demand for cosmetic products, rising demand for benzoic acid in processed food, and the growing chemical industry in this region. Increasing demand for cosmetic products is driving the growth of the market. Benzoic acid is used in many cosmetic products, including lipsticks, lip balms, perfumes, deodorants, sunscreen lotions, hair creams, and shaving creams. In India, the demand for cosmetic products is increasing due to the improvement in socio-economic standards and the development of the digital and manufacturing sectors. For instance; according to Indian Retailer, on February 24th, 2021; skincare sales increased from 81 percent to 84 percent during the lockdown. In addition, the rising demand for benzoic acid in processed food is another factor boosting the market. For instance; according to smart food; on March 24th, 2021; India's processed food market demand is expected to grow by 14.6 percent.  

North America is the fastest-growing region in the global benzoic acid market due to the increasing use of food preservatives in different products, rising need for phthalate plasticizers, and growing consumption of benzoic acid in cosmetics in this region. For instance; according to the international trade administration, US Department of Commerce data shows that in 2020, the US exported $838 million worth of personal care and cosmetic products to China, up 2.2% from the previous year. 

Global Benzoic Acid Market Segmentation:

By Application

• Benzoates 
• Feed Additive  
• Benzoate Plasticizer
• Benzoyl Chloride
• Alkyd Resin
• Others 

By End-Use

• Food and Beverage
• Pharmaceutical
• Chemical
• Others  

Global Benzoic Acid Market Key Players:

• Ganesh Benzoplast Limited
• Choice Organochem LLP
• Tianjin Dongda Chemical Group Co. Ltd.
• Spectrum Chemical Manufacturing Corp.
• Emerald Performance Materials
• Hemadri Chemicals
• Wuhan YouJi Industries Company Limited
• Thermo Fisher Scientific
• Alfa Aesar
• MP Biomedicals LLC
• Avantor
• FOOD Chem
• Dayang Chem

Key Benefits of Global Benzoic Acid Market Report– 

• Global Benzoic Acid Market report covers in-depth historical and forecast analysis 
• Global Benzoic Acid Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market Opportunities, Competitive Analysis, Regional and Country Level. 
• Global Benzoic Acid Market report helps to identify opportunities in marketplace.    
• Global Benzoic Acid Market report covers extensive analysis of emerging trends and competitive landscape.