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Benzoic Acid Market Outlook and Growth Trends 2024
Benzoic Acid Market Outlook
According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Emerald Kalama LLC; IG Petrochemicals Ltd.; Merck KGaA; Chemcrux Enterprises Ltd.; The Chemical Company; Ganesh Benzoplast Ltd.; Huayin Jinqiancheng Pharmaceutical Co Ltd.; Wuhan Youji Industries Co Ltd.; Tianjin Dongda Chemical Group Co Ltd.; Lanxess AG; Eastman Chemical Company; Avantor Inc.; Novaphene Specialities Pvt Ltd; DuPont de Nemours Inc.; Krishna Speciality Chemicals Pvt Ltd.; Srihari Chemicals; Nantong Haiers; Huangshi Taihua Industry; Yash Rasayan & Chemicals; JQC (Huayin) Pharmaceutical; Wuhan Dico Chemical; Hubei Phoenix Chemical; Changzhou Hubin Medicine; Tengzhou Tenglong Chemical; Remi Fine; Hebei Smart Chemicals Company; Liao Ning Huayi Chemical; Zhejiang Shengxiao Chemicals Co. Ltd.; Yasho Industries; Wuhan Ruiji Chemical Co. Ltd.
Benzoic Acid Market 2024 Key Insights:
• The benzoic acid market will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Processed Food Demand Boosts Benzoic Acid Market
• Benzoic Acid Market Leaders Embrace Product Innovation
• North America was the largest region in the global benzoic acid market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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