Benzoic Acid Market - By Application (Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, & others), By End-Use (Chemicals Industry, Food & Beverage, Pharmaceuticals Industry, & others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024 - 2030.

Benzoic Acid Market size is forecast to reach $1.7 billion by 2030, after growing at a CAGR of 5.3% during 2024-2030. Benzoic acid is an aromatic carboxylic acid that is colorless and crystalline. Benzoic originally was derived from tree resin which belonged to the genus Styrax. Benzoic acid is commonly used in food and beverage industries to preserve foodstuffs. It helps to curb the growth of the bacteria and fungi. Even the benzoic acid is used as a chemical reagent. The demand for packaged food and beverages has fueled the market for benzoic acid due to the increase in working-class people and rapid urbanization. Rising hours of work and the need for nutrient-rich food have made customers opt for prepared food rather than homemade meals. 

Benzoic acid is witnessing increased use as a preservative in packaged foods and beverages due to its antimicrobial properties, aligning with consumer preferences for longer shelf-life and natural products. Innovations in production methods, such as green synthesis techniques and efficient manufacturing processes, are enhancing the sustainability and cost-effectiveness of benzoic acid production, driving industry competitiveness and environmental stewardship. The pharmaceutical industry is exploring benzoic acid for its potential therapeutic applications, including its role as a precursor in the synthesis of various drugs, indicating a shift towards more diverse uses, which tends to the market growth.

             

The report: “Benzoic Acid Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Benzoic Acid Market.

By Application: Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, and others.

By End-Use: Chemicals Industry, Food and Beverage, Pharmaceuticals Industry, and others.

By Geography: North America, South America, Europe, APAC, and RoW.

• Due to its dominance in the application segments over the past few years, the benzoic market has seen a positive growth and is expected to continue to achieve growth at a faster pace during the forecast period.

• Replacing phthalate plasticizers with non-phthalate plasticizers particularly in European as well as North American regions has generated a great market opportunity for the manufacturers of benzoic acid with growing application in the paper industry.

• With consumers prioritizing natural and clean label ingredients, the demand for benzoic acid sourced from natural origins is escalating. Manufacturers are exploring natural sources to meet consumer preferences and regulatory standards.

Over the forecast period, the use of benzoic acid in the preparation of benzoyl chloride and phenols will also likely remain a major driver for the global benzoic acid industry. Benzoyl chloride is the main component in benzyl benzoate processing, and is used in flavors as well as other uses such as insect repellents. The Benzoyl Chloride segment is witnessing notable traction due to its versatile applications across industries such as pharmaceuticals, agriculture, and chemical synthesis. Its role in synthesizing benzoic acid derivatives underscores its significance in various chemical processes, contributing to its market prominence. The diverse usability of such benzoic acid derivatives is likely to be a major driver for the global benzoic acid market.

Benzoic acid is commonly used in processed food products & drinks as a preservative. Among other things, it is primarily used to preserve acidic food products & beverages such as pickles, jams, fruit juices, aerated drinks and sparkling drinks. The increased use of benzoic acid as a food preservative may be due to not altering or changing the flavor of the food items or beverages to which it is applied. The growth of the benzoic acid market segment of the end-use food & beverages industry is also attributed to changes in consumer preferences for packaged food items & beverages, and increased consumer per capita income. The processed and packaged food & beverages industry is also experiencing substantial growth due to the increased demand for frozen food products & drinks across the globe. The rising demand for food preservatives in China and India is expected to drive the growth of the benzoic acid market segment of the end-use food & beverages industry worldwide.

Over the past few years Asia Pacific has been the biggest buyer. -- per capita disposable income levels coupled with shifting to dependence on processed foods and RTD beverages is likely to drive regional demand, especially in China and India. Asia Pacific is also expected to achieve substantial gains over the forecast period as phenol production increases coupled with growth in end-use industries such as food & beverages, personal care, and pharmaceuticals. North America is expected to see steady growth rates over the forecast period. The substitution of benzoate plasticizers for phthalate plasticizers due to strict government regulations is likely to favor growth in this field. For the aforementioned cause, benzoate plasticizers are expected to see an increase in demand in North America over the forecast period.

Increasing demand of packaged food and beverages drive the demand for Benzoic acid market across the world. Food preservation is necessary to increase the shelf life of the packaged food products which drives the growth of Benzoic acid market. Increasing demand for the replacement of phthalate plasticizers by benzoate plasticizers for different applications. As consumers increasingly prefer convenient and long-lasting food options, manufacturers rely on benzoic acid to meet these expectations. Its effectiveness in inhibiting microbial growth ensures food safety and enhances product longevity, aligning with consumer demands for freshness and convenience. Additionally, the expanding market for processed foods amplifies the need for preservatives like benzoic acid is likely to drive the demand for the market.

Strict regulation in developing countries has impeded the growth of alkyd resins, hampering the development of the benzoic acid industry. Safety regulations mandate rigorous testing and labeling requirements, adding to production costs. In the coming years, however, adverse health effects associated with benzoic acid could impede the market. Moreover, its repeated use and exposure can damage the lungs and digestive tracts.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Benzoic Acid market. In 2023, the market of Benzoic Acid has been consolidated by the top five players accounting for xx% of the share. Benzoic Acid Market top 10 companies are Wuhan Youji Industries Co., Liaoning Huayi Chemical Industry& Commerce Co.,Ltd., Ganesh Benzoplast Limited, Shri Hari Chemicals, Hebei Smart Chemicals Co.,Ltd., Merck Group, Chemcrux Enterprises Ltd, Apollo Scientific, Shree Chemopharma Ankleshwar Pvt. Ltd. and Clarion Drugs Ltd., among others.