The Benzoic Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Benzoic Acid Global Market Report 2024, The benzoic acid market size has grown strongly in recent years. It will grow from $1.31 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to food preservation demand, pharmaceutical applications, chemical intermediate, growing end-use industries, stringent regulatory standards.
The benzoic acid market size is expected to see strong growth in the next few years. It will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to population growth, rising healthcare needs, technological advancements, economic development, sustainable practices. Major trends in the forecast period include shift towards benzoic acid salts, increasing demand in plasticizers production, growth in end-use industries in emerging economies, research and development for novel applications.
The increasing demand for processed foods is expected to drive the benzoic acid market going forward. Processed foods refer to food products that have undergone various alterations or modifications through processing techniques before they are consumed. These alterations can include the addition of preservatives and additives. Benzoic acid is widely used as a preservative in processed food products due to its antimicrobial properties, which help prevent the growth of bacteria, fungi, and yeast. It helps extend the shelf life of food items and maintain their quality and safety. For instance, in November 2022, according to OJ digital solutions, a US-based marketing agency company, the US online grocery market, which also sells packaged foods, is expected to earn $187.7 billion in revenue by 2024, up from around $95.8 billion in revenue in 2020. Therefore, the increasing demand for processed foods will drive the benzoic acid market.
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The benzoic acid market covered in this report is segmented –
1) By Form: Powder, Granules
2) By Application: Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, Other Applications
3) By End Use: Food And Beverages, Chemical Industry, Pharmaceutical Industry, Other End Uses
Product innovation is a popular trend in the benzoic acid market. Major companies operating in the benzoic acid market are focused on product innovations to sustain their position in the market. For instance, in June 2022, Menno Chemie GmbH & Co KG., a Germany-based chemical wholesaler company, launched A-QUASAN, a novel disinfectant formulated with benzoic acid for all sectors of fresh produce processing and the disinfection of drinking water systems. A-QUASAN is a highly effective at low concentrations against a wide spectrum of pathogens. Benzoic acid’s presence in the product and its strong biodegradability leaves no significant residues, and its performance stays exceptionally stable for up to 16 hours.
The benzoic acid market report table of contents includes:
1. Executive Summary
2. Benzoic Acid Market Characteristics
3. Benzoic Acid Market Trends And Strategies
4. Benzoic Acid Market – Macro Economic Scenario
5. Global Benzoic Acid Market Size and Growth
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31. Global Benzoic Acid Market Competitive Benchmarking
32. Global Benzoic Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Benzoic Acid Market
34. Benzoic Acid Market Future Outlook and Potential Analysis
35. Appendix
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