The Global Benzoic Acid Market Size is estimated to expand rapidly in coming years, at a CAGR of 5.20% from 2018 to 2025. In 2017, the global market valuation was USD 976 million, and it is anticipated to be greater than USD xx.xx billion by 2025. North America next largest market and it is anticipated to experience steady growth over the forecast period.

Global Market Growth Opportunities (Revenue, Growth) By 2017-2025

Benzoic acid is a white crystalline solid which is slightly soluble in water. Benzoic acid naturally derived from plants and is serves the purpose of intermediate in the biosynthesis of secondary metabolite. It is also an important precursor in the organic compound of industrial synthesis. I is found in fruits, including plums, prunes, cranberries, and raspberries. Some of the properties associated with benzoic acid include antifungal and antibacterial properties that are establishing its importance in the end use industries. One of the primary uses of benzoic acid is food preservation in food & beverages, chemical, and industrial applications. 

Market Dynamics

The global benzoic acid market was valued at around USD 976 million in the year 2017, and it is anticipated grow at CAGR of 5.20% during the assessment period of 2017-2025. Benzoic acid is growing steadily due to wide adoption from major end use industry such as food and beverages, chemical, and pharmaceutical. Sodium salts of benzoic acid possess excellent antifungal properties due to which they are used as a food preservative. Some of the well known sodium salts of benzoic acid include sodium, potassium, or calcium salts which are increasingly preferred in the food preservation. Therefore rising demand for preserved and packaged food is further driving the demand for benzoic acid.

In order to increase the shelf life of the products the demand for food preservatives is continuously rising.  This is mainly attributed to the rising consumer preference to ready to eat, packaged food due to hectic work life. Benzoic acid has an acidic pH that helps to maintain the shelf life of fruit juices, soft drinks and acidic food pickled food items. This further encouraging the demand for  benzoic acid. On the other hand, health hazards associated with the benzoic acid is expected to hamper the overall market growth over the coming years. The global market expected to witness lucrative growth opportunities in the years to come. This is due to rising use of benzoates in the cosmetics and personal care applications.

Segment Analysis 

The global benzoic acid market is segmented into applications, end user, and region. Based on Application, the benzoic acid market is segmented into odium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizer, alkyd resin, benzoyl chloride, feed additive, others. On the basis of end use the market is bifurcated into food & beverages, chemical industry, pharmaceutical industry, others. Food and beverages industry is the prominent end user of the benzoic acid as a result of antifungal properties associated with it and its use as food preservatives that helps to increase the shelf life of the food products.

Regional Analysis

The global benzoic acids market is divided into regions that are North America - U.S, Canada, Other) (Asia-Pacific -India, Japan, China, Australia, Other) (Europe - UK, Russia, France, Brazil, Other) (Middle East and Africa. Every region analysis details in sense of growth, revenue, volume, challenges, and opportunities with the regional and global key players. Asia Pacific emerged as the largest regional market for benzoic acid which is acquired largest market share in 2017. Extensive growth in the population and resulting demand for food, shifting trends of food and beverages industry due to rapid lifestyle changes are some of the factors driving demand for benzoic acid in the Asia pacific region. Developing economic status of the region and consequent growth in the disposable income of the middle class population linked with high adoption of packaged and ready to eat food and beverages is also contributing the growth of Asia Pacific region.

Global Benzoic Acid Market Size, Share Analysis By Region 2017

North America next largest market and it is anticipated to experience steady growth over the forecast period. Substitution of phthalate plasticizers by benzoate plasticizers as a result of stringent government regulations is likely to favor growth in this region. Middle East and Africa held the largest share of the global market in 2018 and will expand at the highest CAGR during the forecast years.

Key Players

Major players analyzed and profiled in the global Benzoic Acids market include Ganesh Benzoplast Limited, Hemadri Chemicals, Emerald Performance Materials, Navyug Pharmachem (P) Ltd., Eastman Chemical Company, Tianjin Dongda Chemical Group Co. Ltd., Alfa Aesar, Thermo Fisher Scientific, GFS Chemicals Inc., Wuhan YouJi Industries Company Limited, Spectrum Chemical Manufacturing Corp., MP Biomedicals LLC, Avantor, and Choice Organochem LLP.

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