The Global Benzoic Acid Market has valued at USD1.24 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 4.86% through 2028. Benzoic acid Market, a carboxylic acid known for its antibacterial and antifungal properties, can be found naturally in various fruits like cranberries, raspberries, and plums.
Its remarkable ability to repel bacteria and yeast has made it highly sought after in the food and beverage industries. Additionally, benzoic acid is widely utilized in the chemical industry for the production of different phenols. This versatile compound is commonly used as a preservative in cosmetics and personal care items, including toothpaste and mouthwash.
With the growing concern for health and wellness, consumers are increasingly gravitating towards healthier food and beverage options. Consequently, low-calorie, gluten-free, sugar-free, and organic food products, particularly packaged ones, have gained significant appeal among customers.
To maintain the freshness of these packaged foods and drinks for extended periods, additives with preservation properties are crucial. Benzoic acid plays a prominent role as a preservative in packaged food and beverages. Its popularity as a food preservative stems from the fact that it does not affect the taste or odor of the products it is added to.
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Under normal conditions, benzoic acid is stable and non-toxic. However, it should be noted that exposure to high concentrations of benzoic acid can pose health risks, particularly in individuals with vulnerable skin that may be prone to allergies. Proper handling and disposal of benzoic acid as hazardous waste may be necessary. Consequently, some countries have implemented restrictions or outright bans on the use of benzoic acid, particularly in food and beverage products. An example of this was seen in June 2019 when Japan seized 18,168 bottles of Vietnamese chili sauce due to non-compliance with food safety and labeling standards. The imported chili sauce contained benzoic acid, which is prohibited in all Japanese chili sauces. According to regulatory authorities in Japan, the bottles contained 0.41 to 0.45 grams of benzoic acid per kilogram of chili sauce.
The importance of understanding the implications and regulations surrounding benzoic acid underscores the need for careful consideration and adherence to safety measures in its use.
Key Market Drivers-Benzoic Acid Market
- Growing Demand for Benzoic Acid in the Pharmaceutical Industry
Benzoic acid, a simple carboxylic acid, is a white crystalline substance that is readily available in nature and can also be chemically synthesized. It possesses antimicrobial properties, making it a widely used preservative in both the food and pharmaceutical industries. In the world of medicine, it is utilized as an expectorant, antiseptic, and local anesthetic.
The pharmaceutical industry heavily relies on benzoic acid due to its numerous medicinal benefits. It is used in the production of a wide range of therapeutic drugs, including cough syrups, lotions, ointments, and pills. Not only that but it is also incorporated into topical antifungal medications due to its exceptional antifungal properties.
Moreover, this versatile acid serves as an excipient, an inactive substance that serves as a carrier for the active ingredients of a medication. In this crucial role, it enhances the stability and efficacy of the drugs, ensuring that they deliver the desired therapeutic effects.
The rising prevalence of various diseases worldwide has led to an increased demand for effective drugs, thereby boosting the use of benzoic acid in pharmaceutical manufacturing. Furthermore, the ongoing research and development activities in the pharmaceutical sector are continuously uncovering new uses for this compound, potentially driving the market further and expanding its applications.
Additionally, the growing awareness about hygiene and health among consumers has propelled the increased use of antifungal and antibacterial products, where benzoic acid plays a crucial role. Its remarkable properties make it an indispensable ingredient in these products, ensuring their effectiveness in combating harmful microorganisms.
The escalating demand for benzoic acid in the pharmaceutical industry has positively impacted the global benzoic acid market. With the ongoing advancements in medical science and the ever-increasing need for effective medications, it is expected that this trend will continue to flourish. The versatility and usefulness of benzoic acid make it a vital component in the development of innovative pharmaceutical solutions, catering to the evolving healthcare needs of the global population.
- Growing Demand of Benzoic Acid in Food & Beverage Industry
Benzoic acid, a naturally occurring carboxylic acid found in numerous plants, is also commonly produced industrially. This renowned white, crystalline substance possesses remarkable antimicrobial properties, making it a favored preservative across diverse industries, with the food and beverage sector being one of its prominent consumers.
Within the food and beverage industry, benzoic acid and its salts, such as sodium benzoate and potassium benzoate, find extensive use as food preservatives. These compounds effectively hinder the growth of yeast, mold, and certain bacteria, thereby extending the shelf life of a wide range of products including fruit juices, soft drinks, pickles, sauces, and salad dressings.
Moreover, benzoic acid plays a pivotal role in enhancing the overall quality of food products. By preventing spoilage and preserving the nutritional value, taste, and aroma, it has become an indispensable ingredient in the global food and beverage industry.
The demand for food preservatives like benzoic acid has been further amplified by the rising global population and shifting consumer preferences towards ready-to-eat and packaged foods. Additionally, with an increased awareness about food safety among consumers worldwide, the demand for products with extended shelf life has surged, thereby driving the utilization of benzoic acid.
Furthermore, the rapid pace of urbanization, augmented disposable income, and hectic lifestyles have contributed to the growing consumption of processed and convenience foods. This, in turn, has fostered the use of benzoic acid in food preservation.
To summarize, the escalating demand for benzoic acid in the food and beverage industry is a significant driving force behind the expansion of the global benzoic acid market. As the food and beverage industry continues to grow and evolve, the need for effective preservatives like benzoic acid is expected to increase, further propelling the global market.
Key Players-Benzoic Acid Market
- Avantor Inc.
- Merck KGaA
- Ganesh Benzoplast Ltd.
- Spectrum Chemical Manufacturing Corp
- Wuhan Youji Industries Co. Lt
- FBC Industries, Inc.
- Tengzhou Tenglong Chemical Co., Ltd.
- CellMark AB
- A.M. Food Chemical Co. Limited
- Hugestone enterprise Co. Ltd.
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Key Challenges-Benzoic Acid Market
- Volatility in Price of Raw Materials
Benzoic acid, a key compound used in various industries, is primarily produced through the oxidation of toluene, which is derived from crude oil. This oxidation process involves the use of catalysts, resulting in the formation of benzoic acid. However, there are alternative methods of production, such as the reaction of benzotrichloride with water or the hydrolysis of benzonitrile.
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Table of Content-Benzoic Acid Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Applications
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Impact of COVID-19 on Global Benzoic Acid Market
- Global Benzoic Acid Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Form (Powder, Granules)
5.2.2. By Application (Food and Beverages, Cosmetics, Pharmaceuticals, Others)
5.2.3. By Region
5.2.4. By Company (2022)
5.3. Market Map
- Asia Pacific Benzoic Acid Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Form
6.2.2. By Application
6.2.3. By Country
6.3. Asia Pacific: Country Analysis
6.3.1. China Benzoic Acid Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Form
6.3.1.2.2. By Application
6.3.2. India Benzoic Acid Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Form
6.3.2.2.2. By Application
6.3.3. Australia Benzoic Acid Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Form
6.3.3.2.2. By Application
6.3.4. Japan Benzoic Acid Market Outlook
6.3.4.1. Market Size & Forecast
6.3.4.1.1. By Value
6.3.4.2. Market Share & Forecast
6.3.4.2.1. By Form
6.3.4.2.2. By Application
6.3.5. South Korea Benzoic Acid Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Form
6.3.5.2.2. By Application
