Report Explores the Global Benzoic Acid Market Size, Demand, Growth, Analysis and Forecast to 2024

The Benzoic Acid Market’s segment market shares in each geographic region are mentioned in the report, along with the historic and forecast growth rates. Each segment represented visually with supporting reasons to justify the growth rates. IGR’s report also covers drivers and restraints in the benzoic acid market.

Infinium Global Research’s report covers the annual growth of the global benzoic acid market. It also includes chapters on the global benzoic acid industry trends, geographic analysis, and competitive landscape.
The report also includes a SWOT analysis to present the indicators of strength, weakness, prospects, and risk of the market until the completion of the projection period in 2024.

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Benzoic Acid Market: Industry Insight

Benzoic acid is a monobasic aromatic acid, moderately strong, white crystalline powder. Benzoic acid occurs as free and bound benzoic acid esters naturally in many plant and animal species. It occurs in a number of fruits such as cranberries, prunes, greengages, and cloudberries, and in cinnamon. Benzoic acid is an important precursor for the industrial synthesis of many other organic substances and several salts of benzoic acid are used as food preservatives.

Benzoic Acid Market: Drivers and Restraints

The increasing demand for food preservatives from the food industry owing to the growth of processed and packaged foods primarily drives the growth of the benzoic acid market. Benzoic acid inhibits the growth of bacteria, mold, and yeast in food products and increases the shelf life of packaged foods. The increasing adoption of processes and packaged food products owing to the changing lifestyle, the affluence of the working population and increasing disposable income favors the market growth. Furthermore, benzoic acid is cheap and readily available. However, stringent rules to reduce the use of chemical preservatives in some countries inhibits the growth of the benzoic acid market. Moreover, increasing applications of benzoic acid across several end-use industries such as chemical, cosmetic and pharmaceutical industries provide favorable growth opportunities for the benzoic acid market.

Benzoic Acid Market: Segmentation

The benzoic acid market is bifurcated into application and end-user. The end-users segment is further bifurcated into pharmaceutical, chemical, food & beverages, and others. Among the end users, the food and beverage segment is anticipated to dominate the benzoic acid market. Benzoic acid is widely used as a food preservative in foodstuffs such as jams, jellies, pickles, sauces, candied fruits, salad dressings, soft drinks, fruit juices, and several others. In addition, the growing demand for packaged food products drives the growth of benzoic acid in the food and beverage end-use industries over the forecast period.

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Benzoic Acid Market: Regional Insights

Asia Pacific region dominates the benzoic acid market. China, India, and Japan are the major countries in the Asia Pacific benzoic acid market. The increased consumption of packaged and processed food, rising urbanization, increasing per capita income and changing demographics contributes to the growth of the Asia Pacific benzoic acid market. In addition, the growth of the chemical and pharmaceutical industries in Asian countries boosts the benzoic acid market in this region. Europe benzoic acid market holds a significant share in the benzoic acid market owing to the presence of major market players in this region. The high demand for packaged and processed foodstuff and high spending capacity of the consumers also favors the growth of the Europe benzoic acid market over the forecast period.

Benzoic Acid Market: Competitive Analysis

The benzoic acid market is a highly fragmented market with a large number of international and local players. The major players in the benzoic acid market are Reliance Industries Limited, Shanghai Danfan Network Science & Technology Co., Ltd., Shanghai UBM Sinoexpo International Exhibition Co Ltd, San Fu Chemical Co., Ltd., Wuhan YouJi Industries Company Limited, Chemcrux Enterprises Ltd, SINTEZA, HUANGSHI TAIHUA INDUSTRY SCIENCE AND TECHNOLOGY DEVELOP CO. LTD., Novaphene, I G Petrochemicals Limited., and Emerald Performance Materials among others.

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Reasons to Buy this Report:
• Comprehensive analysis of global as well as regional markets of the Benzoic Acid.
• Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2024.
• Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and latest developments of the company.
• Infinium Global Research- Growth Matrix presents analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.

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