Benzoic Acid Market Size, Share, Analysis, Trends, Growth, 2032

Benzoic Acid Industry Prospective:

The size of the global benzoic acid market is expected to attain a value of USD 1.72 billion by 2028, growing at a 5.58% CAGR during the forecast period from USD 1.22 billion in 2021. This report discusses market research on the benzoic acid market, its market growth factors, and its challenges. The report also talks about the opportunities available to stakeholders, researchers, and potential investors for the benzoic acid market, discussing the recent changes due to the pandemic.

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Benzoic Acid Market: Overview

The global benzoic acid market is growing in response to the rising global supply of processed foods and drinks. To prolong the shelf life of such items, benzoic acid is used. Because the capacity to create intended impact is dependent on the pH of food, benzoic acid is often used to preserve acidified food items such as pickles, effervescent beverages, and fruit juice.

Benzoic acid is used in a variety of sectors, including polymers, pharmaceuticals, chemicals, and others. Animal feed, color compounds, and medicinal applications are all possible uses for benzoic acid. Athlete's feet, ringworm, tinea, and other fungal skin infections are treated with benzoic acid. As a disinfectant, benzoic acid is used extensively in the cosmetics industry. Benzoic acid is found in toothpaste, antiperspirants, mouth rinses, and other products.

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Benzoic Acid Market: Growth Drivers

Increased demand for processed food items to drive market growth

To satisfy their daily meal requirements, customers are moving their approach towards processed food and beverage goods such as appetizers, fruit drinks, processed meat, and others. In several European nations, the popularity of omitting breakfasts or lunch has led to consumers' increased desire for packaged and processed food and beverage goods. Because preservatives, such as benzoic acid, are an essential component in packaged food and beverage products, end-user sectors are constantly searching for benzoic acid advancements, which has given producers great opportunities to acquire a substantial market placement by diversifying their product profile and introducing new products.

Benzoic Acid Market: Restraints

Fluctuating price of toluene to restrain the market growth

The variation in crude oil prices is the most recent market pattern gaining traction. The aromatic chemical toluene is a key element to make benzoic acid. Gasoline is a major component in the production of toluene, which is produced during the production of coke from coal. The price of crude oil influences the price of raw materials, which influences the cost of producing toluene, in turn affecting the global benzoic acid market.

Benzoic Acid Market: Opportunities

Increased variety of preserved and processed food items to provide opportunities for market growth

Developments in preservation methods that use benzoic acid are introducing new alternatives of ready-to-go meals, ranging over a wide spectrum of dairy products, bakeries, snacks, meals, poultry, confectionery, ready meals, and others. Several regional, traditional and local meals are now available in ready-to-go packs, which are affordable for the middle working-class community, offering opportunities for growth of the global benzoic acid market.

Benzoic Acid Market: Challenges

Strict regulation of food additives and preservatives to affect market growth

The expansion of the benzoic acid industry has been hampered by strict regulation in emerging nations, which has hampered the rise of alkyd resins. However, unfavorable health concerns connected with benzoic acid may stymie the industry in the next years. Furthermore, constant exposure and usage might harm the gastrointestinal system and lungs.

Benzoic Acid Market: Segmentation Analysis

The market is bifurcated based on applications, end-users, and region.  

The market, by application is divided into benzoates, benzoate plasticizers, alkyd resins, and others. Due to the increasing consumption of non-plasticizers, which also include benzoate plasticizers in varied uses such as wires & cables, flooring & wall coverings, and consumer products, among others, the benzoate plasticizers industry is estimated to exhibit the highest growth over the forecast period.

The market, by end-user is segregated into food & beverages, chemical industry, pharmaceutical industry, and others. In the given period, the food & beverage category held the largest market share of the entire market. Growth of the market for processed foods is being driven by growing urbanization and lifestyle changes of the population.

Benzoic Acid Market: Report Scope

Recent Developments

• In 2021, Lanxess (German-based chemicals giant), acquired the Emerald Kalama (American chemicals business) brand to increase its reach in benzoic acid manufacturing, strengthening its position in the market.
• In 2021, Tata Consumer Products acquired Tata SmartFoodz, a brand of ready-to-eat meals and processed food items, strengthening its grip over the Asian food market. Tata SmartFoodz was known to use innovative technologies to preserve taste, texture, and nutritional value of processed foods.  

Benzoic Acid Market: Regional Landscape

Asia Pacific to lead global market due to increased preference for packed foods in India and China

Because of rising per-capita disposable income and a steady move toward packaged goods, the use of benzoic acid has gradually increased across Asia Pacific during the last few years. India and China are the two highest contributors in this area. During the forecasted period, North America is expected to grow at a healthy CAGR after Asia Pacific.

Benzoic Acid Market: Competitive Landscape

The business for benzoic acid is extremely fragmented, with a huge variety of local competitors operating all over the world. Because of the widespread usage of benzoic acid in a variety of end-user sectors, active producers have launched a growing number of items to strengthen their position in the global benzoic acid market. The major manufacturers are also increasing their product offerings in order to capture the widest variety of benzoic acid applications and gain a dominant position in the market. Some well-known companies in the industry are-

• The Chemical Company
• Merck KGaA
• Chemcrux Enterprises
• Emerald Performance Materials
• IG Petrochemicals Ltd.

The global benzoic acid market is segmented as follows:

By End-User

• Food & Beverage
• Chemical Industry
• Pharmaceutical Industry
• Others

By Application

• Benzoates
• Benzoate Plasticizers
• Alkyl Resins
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa