Benzoates Market Opportunities, Business Forecast To 2029

According to Precision Business Insights (PBI), the latest report benzoates market was valued at USD 5,573.1 million in 2022, growing at a 5.4% CAGR from 2023-2029. The growing demand for personal care items like soaps, toothpaste, detergents, and cosmetics like hair, skin, and nail items owing to the increasing youth population is driving the benzoate market. Moreover, the ongoing research on benzoates being the potential medicine for Multiple sclerosis, maple syrup urine disease, and panic disorder has led to increased opportunities for research in benzoates. Furthermore, the use of benzoates in fireworks is currently in trend as it provides a safer alternative to existing chemicals used in fireworks. Thus, owing to these reasons and increased consumer awareness, increased urbanization, and increased demand for food, medicines, and personal care products have driven the expansion of the market and are anticipated to burgeon the growth in the forecasted years.

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Pharmaceuticals are Dominating the Benzoates Market:
Based on the end-use, Pharmaceuticals are anticipated to show a significant growth rate in the market share over the forecasting period. Benzoates are used as preservatives to prevent the growth of microorganisms in some over-the-counter and prescription medications. Sodium benzoate is also prescribed to treat elevated blood levels of ammonia. It is used as a treatment for urea cycle disorders owing to its ability to bind to amino acids. According to recent studies, benzoates may also be beneficial as an add-on therapy in schizophrenia. Moreover, it is also used to treat hyperammonaemia, postural puncture headaches, respiratory depression associated with an overdose of narcotics, and to treat vascular headaches. As a result, demand for benzoates is increasing leading to market expansion.

Asia Pacific Leads Benzoates Market:
Benzoates market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific dominates the benzoates market and accounts for the largest revenue share. The major countries contributing to the market are China, Japan, India, and South Korea. China has emerged as one of the leading consumers of benzoates due to the increase in the food and beverage industry. Apart from that South Korea has emerged as the leading manufacturer of cosmetics and personal care products. Furthermore, the increased electronics and automotive industries lead to acidic circumstances further promoting fungi and bacteriostatic environment. The need, combined with various planned investments by various governments in various industries to meet the increasing demands of the population is expected to raise benzoates demand and production during the projected period. Europe and North America have also emerged as the key market region and is expected to increase over the forecast period.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Benzoates market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In July 2022, LANXESS acquired the microbial control business unit of the US group International Flavours & Fragrances (IFF)., In January 2022, Wuhan Organic Industry Co. Wuhan announced that the factory expansion project was completed and operational in January.

The Benzoates market is segmented based on type, form, end-use, and geography.
Based on the type, the market is segmented into the following:
• Potassium Benzoate
• Sodium Benzoate
• Ammonium Benzoate
• Others

Based on the form, the market is segmented into the following:
• Powder
• Granule
• Others

Based on the end-user, the market is segmented into the following:
• Food & Beverage
• Pharmaceutical
• Personal Care
• Fireworks
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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Key player's profiles in the benzoates market report are Laxness, Wuhan Youji Industries Co., Ltd, Merck KGaA, Tengzhou Tenglong Chemical Co., Ltd., Eastman Chemical Company, A.M Food Chemical Co., Limited FBC Industries, Ganesh Benzoplast Limited, Tokyo Chemical Industry Co., Ltd., Tianjin Dongda Chemical Group Co., Ltd, Taj Pharmaceuticals, DuPont de Nemours ("DuPont").

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