Benzoic Acid Market Is Expected To Reach USD 15.51 Million By 2028.
Based on the current analysis by Reports and Data, the global market for Benzoic acid was valued at USD 998.3 million in 2018. It is projected to reach USD 1,665.2 million by 2028, with a compound annual growth rate (CAGR) of 5.1%.
Benzoic acid is a pure aromatic carboxylic acid that is
commercially produced through the partial oxidation of toluene using oxygen. It
is naturally found in many plants and serves as an intermediate product in the
manufacturing of various salts such as sodium benzoate, potassium benzoate,
phenol, and alkyd resins. It finds applications in the food and beverages,
pharmaceutical, and chemical industries.
The consumption of benzoic acid is highest in the
Asia-Pacific region, with a significant growth rate. The increasing demand for
sodium and potassium benzoate drives the market, especially in countries like
India and China where plastic consumption is high, leading to the use of
plasticizers and, in turn, boosting the benzoic acid market. In the food and
beverage industry, benzoic acid is used as a preservative to extend the shelf
life of food products, contributing to market growth. The rising demand for
frozen food items and beverages worldwide also fuels the market's expansion.
However, there are certain restraints to the growth of the
benzoic acid market, such as regulations limiting its use in packaged food and
beverages, as well as potential health risks associated with excessive consumption,
which can harm the lungs and digestive tract. The market for benzoic acid is
fragmented, comprising numerous pharmaceutical companies and emerging firms.
New players have the opportunity to enter the market, thanks to research
funding availability and favorable regulatory conditions for external
medicines.
Sodium benzoate holds the largest share of 42.8% in the
benzoic acid market. It is widely used in acidic foods like salad dressings and
carbonated drinks.
The market for benzoic acid is well-organized, and key
players are planning acquisitions of smaller companies as part of their
long-term business strategies. Conversely, smaller players are investing in
research and development to introduce innovative applications for benzoic acid.
Get a sample copy of the Benzoic
Acid Market report: https://www.reportsanddata.com/download-free-sample/2126
Additional key findings
from the report include:
- The
Asia-Pacific region has the highest CAGR of 4% in the benzoic acid market,
followed by North America and Europe, with CAGRs of 8.5% and 7.2%
respectively. The prevalence of pruritus worldwide is a crucial factor
driving market growth across all regions during the forecast period.
- Benzoic
acid occurs naturally in many plants and plays a role in the biosynthesis
of secondary metabolites. It is synthesized by partially oxidizing toluene
with oxygen.
- The
current urbanization and changing lifestyles are increasing the demand for
packaged food items, which require more preservatives, thus driving market
growth.
- Concerns
regarding the harmful effects of excessive benzoic acid consumption on
human health, as well as the availability of substitutes, are constraints
to the market's growth.
- The
Asia-Pacific region dominates the benzoic acid market, accounting for over
41% of the total volume and value. It is expected to maintain its
dominance due to increasing per capita disposable income levels and
shifting trends.
- The
market for benzoic acid is distributed across different regions, including
Asia-Pacific, Europe, Latin America, North America, and the Middle East
& Africa. The Asia-Pacific region is expected to exhibit the highest
CAGR.
Benzoic Acid Market:
Drive factors
The benzoic acid market is driven by several key factors:
1. Growing Demand for Sodium and
Potassium Benzoate: Sodium and potassium benzoate, which are derived from
benzoic acid, are widely used as preservatives in food and beverages. The
increasing demand for these preservatives, driven by the rising consumption of
processed and packaged food items, is a major driver for the benzoic acid
market.
2. Expansion of the Food and Beverage
Industry: Benzoic acid finds extensive application in the food and beverage
industry as a preservative to enhance the shelf life of products. With the
growing population, urbanization, and changing lifestyles, the demand for
packaged and convenience food items has increased significantly, boosting the
market for benzoic acid.
3. Increasing Demand for Frozen Food
Items: The global market for frozen food items and beverages is expanding
rapidly. Benzoic acid is used in these products to maintain freshness and
prevent spoilage. As the demand for frozen food items continues to rise, it
drives the growth of the benzoic acid market.
4. High Plastic Consumption and Demand
for Plasticizers: The Asia-Pacific region, particularly India and China,
witness high per capita plastic consumption. Benzoic acid is used in
plasticizers, which are additives that improve the flexibility and durability
of plastic products. The increasing demand for plasticizers contributes to the
growth of the benzoic acid market in these regions.
5. Favorable Regulatory Scenario: The
benzoic acid market benefits from favorable regulatory conditions for the use
of benzoic acid in various industries, including pharmaceuticals and chemicals.
This provides opportunities for new players to enter the market and drives its
overall growth.
6. Research and Development for
Innovative Applications: Both established companies and emerging players are
investing in research and development to explore new applications of benzoic
acid. This focus on innovation helps expand the market by introducing novel
uses and increasing the overall demand for benzoic acid.
Overall, factors such as the demand for preservatives, the
growth of the food and beverage industry, the popularity of frozen food items,
high plastic consumption, favorable regulations, and ongoing research and
development efforts contribute to the drive and growth of the benzoic acid
market.
Explore Trending
Reports:
Foam Tape
Market: https://www.reportsanddata.com/report-detail/foam-tape-market
Heat-Treated
Steel Plates Market: https://www.reportsanddata.com/report-detail/heat-treated-steel-plates-market
Heat
Stabilizers Market: https://www.reportsanddata.com/report-detail/heat-stabilizers-market
Linear
Low-Density Polyethylene (LLDPE) Market: https://www.reportsanddata.com/report-detail/linear-low-density-polyethylene-lldpe-market
Intumescent Coatings Market: https://www.reportsanddata.com/report-detail/intumescent-coatings-market
Request a customization
of the report: https://www.reportsanddata.com/request-customization-form/2126
Thank you for reading our report. To know more about the
customization or any query about the report contents, please connect with us
and our team will ensure the report is tailored to meet your requirements.
About Reports and Data
Reports and Data is a market research and consulting company
that provides syndicated research reports, customized research reports, and
consulting services. Our solutions purely focus on your purpose to locate,
target, and analyse consumer behaviour shifts across demographics, across
industries, and help clients to make smarter business decisions. We offer
market intelligence studies ensuring relevant and fact-based research across
multiple industries, including Healthcare, Touch Points, Chemicals, Products,
and Energy. We consistently update our research offerings to ensure our clients
are aware of the latest trends existent in the market. Reports and Data has a
strong base of experienced analysts from varied areas of expertise. Our
industry experience and ability to develop a concrete solution to any research
problems provides our clients with the ability to secure an edge over their
respective competitors.
Contact:
John W, Head of Business Development
Reports And Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
LinkedIn | Twitter | Blogs
Comments
Post a Comment