The Global Benzoic Acid Market was worth US$ 3,009.2 million in 2022 and is anticipated to reach a valuation of US$ 5,313.3 million by 2028 and is predicted to register a CAGR of 8.3% during 2023-2028.
Benzoic acid is a simple aromatic carboxylic acid. It is commercially produced by partial oxidation of toluene with oxygen. It is also naturally found in various plants. Benzoic acid is employed as an intermediate in the making of salts like sodium benzoate, potassium benzoate, phenolic and alkyd resins etc. The end-use food, beverage, chemical, and pharmaceutical industries use benzoic acid in a variety of applications. The base year used for company profiles is 2020, and forecasts have been provided for the period from 2020 to 2025.
Market Drivers and Restraints:
Benzoic acid is extensively employed as a preservative in packaged foods and drinks. It is mainly used to store acidic foods and beverages such as pickles, jams, fruit juices, soft drinks and soft drinks, among others. The escalated employment of benzoic acid in the form of a food preservative can be credited to the fact that it does not change or impact the smell or taste of the food or drink to where it is being added. Expansion in the end-use food and beverage business sector of the benzoic acid industry is also due to varying customer preferences for packaged foods and beverages and escalating per capita income for customers.
The processed and packaged food and beverage sector is also experiencing significant growth due to increased call for frozen food and beverage products worldwide. The growing demand for benzoic acid from the food and beverage industry the ongoing urbanization and change in lifestyle of consumers, especially in the Asia-Pacific region, and the growing demand for food and beverages are also boosting the overall demand. Government regulations to curb the usage of benzoic acid in packaged foods, and the health adversities like impact on lungs and digestive tract may be the main limitations of the target market. The main opportunities in this market are to replace phthalate plasticizers with phthalate-free plasticizers in the European and North American regions.
The key challenges in this industry are the limited employment of benzoic acid as a food preservative in advanced economies and the changing costs of toluene. The rising call for benzoic acid from the food and beverage industry is one of the significant drivers contributing to the expansion of the global benzoic acid industry. Food preservation is necessary to increase the shelf life of packaged food products. Benzoic acid is found in processed foods like sauce, cheese, meats, etc. varied. It is also found in various pharmaceutical and cosmetic products. Intake of benzoic acid can cause eye damage and skin irritation such as burning, redness, etc.
This becomes a challenge for the growth of the Benzoic Acid Market. Food preservation is a key reason to increase the shelf life of packaged food products, which is stimulating the growth of the benzoic acid market. Rising call from the food and beverage industry is predicted to be a significant driver of the worldwide benzoic acid industry. Benzoic acid and its sodium, potassium, or calcium salts are used as food preservatives due to their effective antifungal properties. Benzoic acid is particularly useful for preventing mold and yeast, although it also has a less protective effect against bacteria. The growing need for canned and packaged foods in the global demographic is likely to stimulate demand for effective natural preservatives such as benzoic acid.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022-2028 |
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Base Year |
2022 |
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Forecast Period |
2023-2028 |
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CAGR |
8.3% |
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Segments Covered |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Ganesh Benzoplast Limited (India), Hemadri Chemicals (India), Emerald Performance Materials (U.S.), Navyug Pharmachem (P) Ltd. (India), Eastman Chemical Company (U.S.), Tianjin Dongda Chemical Group Co. Ltd. (China), Alfa Aesar, Thermo Fisher Scientific (U.S.), GFS Chemicals Inc. (U.S.), Wuhan YouJi Industries Company Limited (China), Spectrum Chemical Manufacturing Corp. (U.S.), MP Biomedicals LLC (U.S.), Avantor (U.S.), and Choice Organochem LLP (India), and Others. |
On the basis of application, the benzoate plasticizer sector is predicted to rise at the highest CAGR during the foreseen period due to the escalating call for phthalate-free plasticizers that include benzoate plasticizers in several applications.
The food and beverage segment accounted for most of the overall market in 2018 during the anticipated period. The current urbanization and changing lifestyles of the masses are the factors that lead to an increased demand for packaged food products.
The escalation in population, the rise in income and the beginning of psychograph in Asian nations boost the expansion of the benzoic acid market in the region. Benzoic acid consumption keeps the industry comparably higher in the Asia-Pacific region, which will augment the expansion in this market. The escalating call for sodium and potassium benzoate has also boosted the expansion in the industry of benzoic acid. Per capita, plastic consumption is escalating at a quicker rate in nations like India and China, which will fuel the call for plasticizers and ultimately stimulate expansion in the benzoic acid industry. However, the stringent regulations in developed nations can impede the use of alkyd resin, ultimately, affecting the global benzoic acid market. Benzoic acid is not dangerous when used in low concentrations. However, it can damage the lungs and digestive tract after prolonged use and exposure to the substance. Like all other chemicals, benzoic acid also has toxic properties that stunt market growth.
Major Key Players:
Market Recent Developments:
An important step taken by a two-member team from IIT-Madras has successfully converted toluene, a petroleum residue, into benzoic acid, which is a useful product. The team was chaired by G.Sekar from the institute's chemistry department.
Ohio Specialty chemical maker Emerald Kalamala Limited is planning on to grow its Rotterdam Nevertheland, is planning to augment the capacity for benzoic acid and benzaldehyde to handle escalating industry call.
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