Market Size of Benzoic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Benzoic Acid Market Analysis
The Benzoic Acid Market is projected to grow at a CAGR of 5.6 % over the next five years.
With the sudden outbreak of the COVID-19 pandemic, the strict government regulations led to increased demand for canned or packaged food and beverages worldwide; thus, the demand for the Benzoic acid market, which acts as a preservative, across the globe is growing drastically. The benzoic market has seen positive growth due to its prominence in the application segments in the past couple of years and is expected to continue attaining growth at a faster pace over the phase of the pandemic.
Food preservation is essential to raise the shelf life of canned food, instant food, and packaged food products, which accelerated the growth of the Benzoic acid market globally. The benzoic acid market is blooming owing to the increasing popularity of canned, packaged, or ready-to-eat food commodities among consumers all over the globe. However, to keep food safe and bacteria-free for a longer time, food producers are predicted to adopt such ingredients and elements that are budget friendly and safe, which is predicted to propel the demand for benzoic acid. Also, according to Food and Agriculture Organizationn, report ,benzoic acid and its salts are utilized as microbiological preservatives in a wide range of processed foods and beverages owing to their water-solubility, benzoic acidsalts are commonlyy utilizedd as food additives. The Join Expert Committee On Food Additives (JECFA) requirements of benzoic acid and its salts, such as sodium benzoate, potassium benzoate, and calcium benzoate, were developed and are now maintained to ensure that the quality of food additive grade materials is well-controlled by legislation in all countries.
Furthermore, benzoic acid is utilized for preparing phenols in the chemical sector and preservatives in toothpaste and mouthwash, which are essential commodities and is also used as a replacement for phthalate plasticizers with non-phthalate plasticizers, particularly in European and North American regions, which has created a great market opportunity for benzoic acid manufacturers with increasing application in paper industries. Apart from this, the benzoic acid market is propelling high growth owing to its usage in different ointments in pharmaceuticals for fungal skin disease treatment such as anti-aging, burns, ringworm, or athlete's food.
Benzoic Acid Industry Segmentation
Benzoic acid is a carboxylic acid that occurs naturally (in benzoin and cranberries) or is synthesized and is employed as a preservative in food, a medicinal antifungal agent, and an organic synthesis intermediate.
The Benzoic acid Market is segmented by form, application, and geography. By form, the market is segmented into liquid and anhydrous. By application, the market is segmented into Food & Beverage, Pharmaceuticals, Chemicals, and Others. Food and beverage are further segmented into Bakery, Confectionery, Dairy, Beverages, and, Others). By Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. The market is covered for potential markets in countries in each region. The market sizing has been done in value terms in USD for all the abovementioned segments.
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Benzoic Acid Market Size Summary
The benzoic acid market is experiencing significant growth, driven by its essential role as a preservative in the food and beverage industry. The COVID-19 pandemic has accelerated the demand for canned and packaged foods, as consumers increasingly seek products with extended shelf life. This trend has been further supported by the rising popularity of ready-to-eat and processed food items globally. Benzoic acid, along with its salts like sodium benzoate and potassium benzoate, is widely used as a microbiological preservative due to its water-solubility and effectiveness in maintaining food safety and quality. The market is also benefiting from the growing urbanization, increasing middle-class population, and rising disposable incomes, which are driving the demand for convenient food solutions. Additionally, the chemical sector's use of benzoic acid in the production of phenols and as a replacement for phthalate plasticizers in various regions presents further growth opportunities.
In North America, particularly the United States, the benzoic acid market is bolstered by health and wellness trends, clean label demands, and the beverage industry's expansion. The use of benzoic acid in acidic foods and beverages, such as fruit juices and carbonated drinks, is particularly notable due to its effectiveness in low pH environments. The bakery sector's growth also contributes to the demand for benzoic acid as a food preservative. The market is characterized by a high level of fragmentation, with numerous local players and key manufacturers like Lanxess AG, I G Petrochemicals Ltd., and Merck KGaA actively expanding their product offerings. Strategic acquisitions and partnerships, such as Lanxess AG's acquisition of Emerald Kalama Chemical and Eastman Chemical's collaborations, are enhancing production capabilities and market reach. These developments underscore the dynamic nature of the benzoic acid market, with ongoing innovations and expansions aimed at capturing a larger share of the global market.
Benzoic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Form
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2.1.1 Liquid
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2.1.2 Anhydrous
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2.2 Application
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2.2.1 Food & Beverage
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2.2.1.1 Bakery
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2.2.1.2 Confectionery
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2.2.1.3 Dairy
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2.2.1.4 Beverage
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2.2.1.5 Others
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2.2.2 Pharmaceuticals
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2.2.3 Chemicals
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2.2.4 Others
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Italy
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2.3.2.6 Spain
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Benzoic Acid Market Size FAQs
What is the current Benzoic Acid Market size?
The Benzoic Acid Market is projected to register a CAGR of 5.60% during the forecast period (2024-2029)
Who are the key players in Benzoic Acid Market?
I G Petrochemicals Ltd. (IGPL), Merck KGaA, Chemcrux Enterprises Ltd, The Chemical Company and Lanxess AG are the major companies operating in the Benzoic Acid Market.
