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Benzoic Acid (CAS 65-85-0) Market 2021 Present Scenario on Growth Analysis and High Demand expected to grow at a CAGR of 5.4% and is anticipated to reach around USD 2.5 Billion by 2025

07-20-2021 01:28 PM CET | Energy & Environment

Press release from: Supply Demand Market Research

Benzoic Acid (CAS 65-85-0) Market 2021 Present Scenario

Benzoic acid is a carboxylic acid with various utilitarian characteristics, such as antifungal and antibacterial attributes, which have made it widely accepted in various end-use applications. Benzoic acid is naturally available in various fruits, including plums, cranberries, prunes and raspberries, and is basically used in the food and beverage, chemical, and pharmaceutical industries.

The global benzoic acid market in 2020 was approximately USD 1.1 Billion. The market is expected to grow at a CAGR of 5.4% and is anticipated to reach around USD 2.5 Billion by 2025. Rising demand from the food and beverage industry is estimated to be a key driver for the benzoic acid market. Few other factors such as benzoic acid and its potassium, sodium, or calcium salts act as a food preservative due to their effectual antifungal property and it is useful in warding off mold and yeast, and also has a minor protective effect against bacteria are fuelling the market.

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The rising demand for preserved and packaged food from the global consumer demographic is anticipated to drive the demand for effective natural preservatives such as benzoic acid. However, the long-time use of benzoic acid can cause harm to lungs which impede the market.

The market for benzoic acid is intensely competitive and is highly fragmented. The vendors in the benzoic acid market compete based on product portfolio, product differentiation, applications, and the pricing of products. The rise in technological innovations in designing the products for better quality, ease of use and better performance is expected to continue to intensify the level of competition among the companies to expand their product portfolios by incorporating innovative features, into their product.

Key players in the market are Foodchem, Yash Rasayan & Chemicals, San Fu, Hubei Phoenix Chemical, FUSHIMI Pharmaceutical, Navyug Pharmachem, Eastman, Hebei Smart Chemicals Company (HSCC), Liao Ning Huayi Chemical, JQC (Huayin) Pharmaceutical, Wuhan Dico Chemical, Changzhou Hubin Medicine, Emerald Kalama Chemical, Tengzhou Tenglong Chemical, & REMI FINE CHEM.

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Based On The Of Application, The Global Benzoic Acid Market Segmented Into

Personal Care & Cosmetics
Food & Beverages
Pharmaceuticals
Plastics
Paints
Others

Based On The Product, The Global Benzoic Acid Market Segmented Into

Food Grade Benzoic Acid
Pharma Grade Benzoic Acid
Industrial Grade Benzoic Acid

Based On The Region, The Global Benzoic Acid Market Segmented Into

Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]

A holistic study of the market is made by considering a variety of factors, from demographics conditions and business cycles in a particular country to market-specific microeconomic impacts. The study found the shift in market paradigms in terms of regional competitive advantage and the competitive landscape of major players.

Years considered for this report:

Historical Years: 2015-2019

Base Year: 2019

Estimated Year: 2020

Forecast Period: 2020-2026

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The customization research services cover the additional custom report features such as additional regional and country level analysis as per the client requirements.

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