Benzoic Acid Market 2022 Business Scenario | Top Factors that Will Boost the Acute Care Nurse Call Systems Market Trend

bhagyashri shewale
Published on Jun 03, 2023

Based on the current analysis by Reports and Data, the global market for Benzoic acid was valued at USD 998.3 million in 2018. It is projected to reach USD 1,665.2 million by 2028, with a compound annual growth rate (CAGR) of 5.1%.

Benzoic acid is a pure aromatic carboxylic acid that is commercially produced through the partial oxidation of toluene using oxygen. It is naturally found in many plants and serves as an intermediate product in the manufacturing of various salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins. It finds applications in the food and beverages, pharmaceutical, and chemical industries.

The consumption of benzoic acid is highest in the Asia-Pacific region, with a significant growth rate. The increasing demand for sodium and potassium benzoate drives the market, especially in countries like India and China where plastic consumption is high, leading to the use of plasticizers and, in turn, boosting the benzoic acid market. In the food and beverage industry, benzoic acid is used as a preservative to extend the shelf life of food products, contributing to market growth. The rising demand for frozen food items and beverages worldwide also fuels the market's expansion.

However, there are certain restraints to the growth of the benzoic acid market, such as regulations limiting its use in packaged food and beverages, as well as potential health risks associated with excessive consumption, which can harm the lungs and digestive tract. The market for benzoic acid is fragmented, comprising numerous pharmaceutical companies and emerging firms. New players have the opportunity to enter the market, thanks to research funding availability and favorable regulatory conditions for external medicines.

Sodium benzoate holds the largest share of 42.8% in the benzoic acid market. It is widely used in acidic foods like salad dressings and carbonated drinks.

The market for benzoic acid is well-organized, and key players are planning acquisitions of smaller companies as part of their long-term business strategies. Conversely, smaller players are investing in research and development to introduce innovative applications for benzoic acid.

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Additional key findings from the report include:

  • The Asia-Pacific region has the highest CAGR of 4% in the benzoic acid market, followed by North America and Europe, with CAGRs of 8.5% and 7.2% respectively. The prevalence of pruritus worldwide is a crucial factor driving market growth across all regions during the forecast period.
  • Benzoic acid occurs naturally in many plants and plays a role in the biosynthesis of secondary metabolites. It is synthesized by partially oxidizing toluene with oxygen.
  • The current urbanization and changing lifestyles are increasing the demand for packaged food items, which require more preservatives, thus driving market growth.
  • Concerns regarding the harmful effects of excessive benzoic acid consumption on human health, as well as the availability of substitutes, are constraints to the market's growth.
  • The Asia-Pacific region dominates the benzoic acid market, accounting for over 41% of the total volume and value. It is expected to maintain its dominance due to increasing per capita disposable income levels and shifting trends.
  • The market for benzoic acid is distributed across different regions, including Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa. The Asia-Pacific region is expected to exhibit the highest CAGR.

Benzoic Acid Market: Drive factors

The benzoic acid market is driven by several key factors:

  1. Growing Demand for Sodium and Potassium Benzoate: Sodium and potassium benzoate, which are derived from benzoic acid, are widely used as preservatives in food and beverages. The increasing demand for these preservatives, driven by the rising consumption of processed and packaged food items, is a major driver for the benzoic acid market.
  2. Expansion of the Food and Beverage Industry: Benzoic acid finds extensive application in the food and beverage industry as a preservative to enhance the shelf life of products. With the growing population, urbanization, and changing lifestyles, the demand for packaged and convenience food items has increased significantly, boosting the market for benzoic acid.
  3. Increasing Demand for Frozen Food Items: The global market for frozen food items and beverages is expanding rapidly. Benzoic acid is used in these products to maintain freshness and prevent spoilage. As the demand for frozen food items continues to rise, it drives the growth of the benzoic acid market.
  4. High Plastic Consumption and Demand for Plasticizers: The Asia-Pacific region, particularly India and China, witness high per capita plastic consumption. Benzoic acid is used in plasticizers, which are additives that improve the flexibility and durability of plastic products. The increasing demand for plasticizers contributes to the growth of the benzoic acid market in these regions.
  5. Favorable Regulatory Scenario: The benzoic acid market benefits from favorable regulatory conditions for the use of benzoic acid in various industries, including pharmaceuticals and chemicals. This provides opportunities for new players to enter the market and drives its overall growth.
  6. Research and Development for Innovative Applications: Both established companies and emerging players are investing in research and development to explore new applications of benzoic acid. This focus on innovation helps expand the market by introducing novel uses and increasing the overall demand for benzoic acid.

Overall, factors such as the demand for preservatives, the growth of the food and beverage industry, the popularity of frozen food items, high plastic consumption, favorable regulations, and ongoing research and development efforts contribute to the drive and growth of the benzoic acid market.

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