Benzoic Acid Market Poised for Growth, Valued at US$ 1.08 Billion in 2022, with an Expected CAGR of 5.8%

11.8.2023: Benzoic Acid Market Overview:

Benzoic acid, an aromatic carboxylic acid, plays a pivotal role in various industries. Its commercial production involves the partial oxidation of toluene with oxygen, while many plants naturally contain it. This naturally occurring chemical is found in several fruits, including prunes, raspberries, plums, and cranberries. Benzoic acid serves as an intermediary product in the production of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins.

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What are Benzoic Acid Market Dynamics?

Market Drivers:

The growth of the Benzoic Acid Market is attributed to several key drivers:

Increased Demand in the Food & Beverages Market: The rising demand for benzoic acid in the food and beverage sector is a primary driver of market growth. As consumers prioritize healthy lifestyles and well-balanced diets, the demand for products containing benzoic acid, a common food preservative, is on the rise. Economic and urban development, particularly in the Asia Pacific region, further influences market growth. The global food and beverage market, valued at USD 5.8 trillion in 2022, is projected to grow at a CAGR of 8.9% throughout the forecast period.

Rapid Urbanization and Changing Lifestyles: Urbanization and evolving lifestyles have led to increased reliance on processed foods and beverages, which often contain benzoic acid. This shift in consumer behavior contributes to the overall growth of the benzoic acid market. Factors such as rising disposable income and changing eating habits play a significant role in this transition.

Enhanced Food Safety Concerns: As food safety remains a paramount concern for consumers and producers alike, the demand for benzoic acid as a preservative continues to rise. Its antifungal and antibacterial properties are particularly valuable in preserving packaged and processed foods. Benzoic acid helps maintain the pH levels of acidic products like soft drinks, sparkling beverages, and fruit juices, while also extending the shelf life of acidic foods such as pickles.

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Benzoic Acid Market Segmentation?

Based on end-use, the Benzoic Acid Market is segmented into Food & Beverages, Chemical Sector, Pharmaceutical Sector, and Others. The food and beverage sector dominates this segment, driven by changing lifestyles and increasing urbanization, resulting in higher demand for packaged food items.

by End-Use

Food and Beverage
Chemical
Pharmaceutical
Others
by Application

Benzoates
Benzoate Plasticizer
Alkyd Resin
Benzoyl Chloride
Feed Additive
Others

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Who are Benzoic Acid Market Key Players?

1. Velsicol Chemical (US)
2. Ganesh Benzoplast Limited (India)
3. Tianjin Dongda Chemical Group Co. Ltd. (China)
4. Choice Organochem LLP (India)
5. Spectrum Chemical Manufacturing Corp. (U.S.)
6. Hemadri Chemicals (India)
7. Emerald Performance Materials (U.S.)
8. Wuhan YouJi Industries Company Limited (China)
9. Alfa Aesar (US)
10. Thermo Fisher Scientific (U.S.)
11. Avantor (U.S.)
12. MP Biomedicals LLC (U.S.)
13. Dayang Chem (China)
14. FOOD Chem (China)

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Table of content for the Benzoic Acid Market includes:

Global Benzoic Acid Market : Research Methodology

Global Benzoic Acid Market : Executive Summary
Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry

Global Benzoic Acid Market : Competitive Analysis
MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact

Global Benzoic Acid Market Segmentation
Global Market, by End-Use (2021-2029)
Global Market, by Application (2021-2029)
Global Regional Benzoic Acid Market (2021-2029)
Regional Market, by End-Use (2021-2029)
Regional Market, bby Application (2021-2029)
Regional Market, by Country (2021-2029)

Global Company Profile: Key players
Company Overview by Country
Financial Overview
Global Presence
Capacity Portfolio
Business Strategy
Recent Developments
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Regional Insights:

Asia Pacific holds the largest market share with 33% in 2022. This region is poised for significant growth, with an expected CAGR of 6.2% throughout the forecast period. The rising use of food preservatives in various products underscores the demand for safe food preservation methods, thereby propelling the benzoic acid market in Asia Pacific.

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2021)
Past Pricing and price curve by region (2018 to 2021)
Market Size, Share, Size & Forecast by different segment | 2022-2029
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
Market Segmentation - A detailed analysis by Product
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
Recommendations
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