Global Benzoic Acid Market Worth $1.81 Billion by 2029, Growing at 6.1% CAGR

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Benzoic Acid Market Outlook: What Size And CAGR Are Anticipated By 2025?
In recent times, there has been a consistent growth in the market size of benzoic acid. The market value is predicted to increase from the $1.38 billion recorded in 2024 to rise up to $1.43 billion by 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 3.8%. This increase over the historical period is due to factors such as the demand for food preservation, its application in the pharmaceutical industry, its role as a chemical intermediate, expansion of end-user industries, and rigid regulatory norms.

What Is the Expected CAGR for the Benzoic Acid Market Growth Through 2029?
Expectations are high for formidable expansion in the benzoic acid market size over the upcoming years. The market is projected to reach $1.81 billion in 2029, achieving a compound annual growth rate (CAGR) of 6.1%. Factors contributing to the anticipated growth within the forecast period include an increase in population, surging healthcare demands, advancements in technology, economic progression, and the implementation of sustainable practices. The forecast period also signals significant trends such as a leaning towards benzoic acid salts, a surge in demand within the production of plasticizers, mounting growth in end-user industries within expanding economies, and ongoing research and development for innovative applications.

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What Are the Primary Drivers Behind Benzoic Acid Market Growth?
The surge in preference for ready-to-eat meals is expected to propel the benzoic acid market in the future. These packaged meals are a kind of processed foods that go through several modifications, such as the inclusion of additives and preservatives, in order to be delectable upon consumption. Being an effective preservative, benzoic acid is commonly found in these products due to its effectiveness in inhibiting bacteria, yeast, and fungi proliferation, hence, prolonging the product's shelf life and preserving its quality and safety. For example, the government of Canada, a federal entity, reported in October 2023, that the nation's processed food and beverage exports peaked in 2022, hitting $54.3 billion. This was a significant rise of 14.1% from 2021. Therefore, the growing appetite for processed foods would significantly stimulate the benzoic acid market.

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What Are the Key Segments Driving Benzoic Acid Market Growth?
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

What Are the Technological Trends Impacting the Benzoic Acid Market?
In the benzoic acid market, the trend of product innovation is gaining prominence. Dominant businesses in this market are concentrating on introducing novel products to maintain their market stature. For example, Menno Chemie GmbH & Co KG, a chemical wholesaler from Germany, in June 2022, unveiled A-QUASAN. This innovative disinfectant, featuring benzoic acid, is suitable for every phase of fresh produce processing and disinfection of water systems. The product, even at low concentrations, effectively combats a broad range of harmful organisms. The benzoic acid in A-QUASAN ensures minimal residue due to its high biodegradability and its efficacy remains remarkably stable for a duration of up to 16 hours.

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Who Are the Major Competitors in the Global 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 Region Dominates the Benzoic Acid Market Share in 2025?
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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This release was published on openPR.