Press release
2025-2034 Benzoic Acid Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Benzoic Acid Market
What Is the Expected CAGR for the Benzoic Acid Market Through 2025?
The market size for benzoic acid has shown impressive growth in the last couple of years. Projected growth from $1.38 billion in 2024 to $1.45 billion in 2025 signifies a compound annual growth rate (CAGR) of 5.2%. Factors contributing to the growth in the historic period comprise of demand in food preservation, pharmaceutical uses, chemical intermediate requirements, expansion in end-use industries and strict regulatory criteria.
What's the Projected Size of the Global Benzoic Acid Market by 2029?
Expectations are projecting robust expansion in the benzoic acid market size over the coming years. The market is predicted to escalate to "$1.86 billion in 2029 with a compound annual growth rate (CAGR) of 6.4%. Key factors influencing this predicted expansion during the forecast period include a growing population, escalating healthcare necessities, advancements in technology, economic progression and the implementation of sustainable actions. Significant trends expected during the forecast period encompass a movement towards benzoic acid salts, an amplified demand in the production of plasticizers, expansion of end-use industries in burgeoning economies, and the undertaking of research and development for innovative applications.
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Top Growth Drivers in the Benzoic Acid Industry: What's Accelerating the Market?
The benzoic acid market is anticipated to be propelled by the escalating demand for processed foods. Processed foods are those that have been altered or modified through various processing techniques prior to consumption, which can involve the inclusion of preservatives and additives. Because of its antimicrobial qualities, which inhibit the growth of bacteria, fungi, and yeast, benzoic acid is commonly employed as a preservative in processed food products. It aids in prolonging the lifespan of food products while ensuring their quality and safety. The government of Canada, a federal entity based in Canada, reported in October 2023 that exports of processed food and beverage products hit a historic peak of $54.3 billion in 2022, a 14.1% rise from 2021. Consequently, the rising demand for processed foods will bolster the benzoic acid market.
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What Trends Will Shape the Benzoic Acid Market Through 2029 and Beyond?
The benzoic acid market is being driven by a prevalent trend of product innovation. Major players in the benzoic acid market are prioritizing product advancements to maintain their market standing. For example, in June 2022, Menno Chemie GmbH & Co KG, a chemical wholesale company based in Germany, introduced A-QUASAN - a unique disinfectant that incorporates benzoic acid. This product is designed for use in all areas of fresh produce processing and disinfecting drinking water systems. A-QUASAN is particularly potent against a broad range of pathogens, even at low concentrations. The benzoic acid component doesn't leave significant residues and offers notable biodegradability, with its effectiveness remarkably consistent for as long as 16 hours.
What Are the Main Segments in the Benzoic Acid Market?
The benzoic acid market covered in this report is segmented -
1) By Form: Powder, Granules
2) By Application: Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, Other Applications
3) By End Use: Food And Beverages, Chemical Industry, Pharmaceutical Industry, Other End Uses
Subsegments:
1) By Powder: Fine Powder, Coarse Powder
2) By Granules: Regular Granules, Coated Granules
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Which Top Companies are Driving Growth in the Benzoic Acid Market?
Major companies operating in the benzoic acid market include 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.
Which Regions Will Dominate the Benzoic Acid Market Through 2029?
North America was the largest region in the global benzoic acid market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the benzoic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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