What Is The Current and Historic Market Size Analysis Of The Benzoic Acid Market?
The benzoic acid market has seen considerable growth due to a variety of factors.
•In the past few years, the market size of benzoic acid has seen a substantial surge. The value of the market, projected to be $1.38 billion in 2024, is expected to increase to $1.45 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.2%.
The noteworthy growth during this historic period is the result of several factors such as the requirement for food preservation, utilization in pharmaceuticals, use as a chemical intermediate, the expansion of end-use industries, and strict regulatory norms.
What Are The Predictions for The Benzoic Acid Market Size In The Coming Years?
The benzoic acid market is expected to maintain its strong growth trajectory in upcoming years.
• It is anticipated that the market size of benzoic acid will experience significant growth in the coming years, expanding to $1.86 billion by 2029 with a compound annual growth rate (CAGR) of 6.4%.
The projected growth in the given period can be accredited to factors such as population expansion, evolving healthcare requirements, technological progression, economic progression, and sustainable methods. Key trends identified for this period involve a direction change towards benzoic acid salts, a surge in demand within the plasticizer manufacturing field, market expansion in the end-use sectors in developing economies, and innovative application research and development.
What Are The Essential Drivers Behind The Growth Of The Benzoic Acid Market?
The benzoic acid market is predicted to be propelled by the growing demand for processed foods. The term processed food is used to describe food items that have experienced various changes or modifications because of various processing methods prior to being consumed. These can involve the use of preservatives and additives. Thanks to its antimicrobial features, which inhibit the growth of bacteria, fungi, and yeast, benzoic acid is frequently used as a preservative in various processed food products. It's instrumental in elongating the shelf life of food products and preserving their quality and safety. For example, the Canadian government reported in October 2023 that Canada's exports of processed food and beverage products had soared to a new record of $54.3 billion in 2022, up 14.1% from the previous year. As such, the increased demand for processed foods will stimulate the benzoic acid market.
How Is The Global Benzoic Acid Market Divided Into Key Segments?
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
Pre-Book The Benzoic Acid Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
What Trends Are Reshaping The Future Of The Benzoic Acid Market?
In the benzoic acid market, a prevalent trend is product innovation. The leading corporations in this industry are concentrating on introducing new products 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 containing benzoic acid. This product is designed for all fresh produce processing sectors and the sterilization of drinking water systems. At low concentrations, A-QUASAN is tremendously effective against a broad range of pathogens. The benzoic acid in the product, due to its high biodegradability, leaves minimal residues and remains remarkably steady in function for up to 16 hours.
Who Are the Key Players 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.
What are the Regional Insights into the Benzoic Acid Market?
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
