Benzoic Acid Market:
The GMI Research expects the benzoic acid market to expand at a significant rate. From a regional perspective, the Asia-Pacific is projected to grow at a higher CAGR due to the fundamental shift of consumers towards dependency on processed and packages foods and beverages, followed by the growing per capita income of people in emerging countries, such as China, India, Thailand, and Bangladesh.
Benzoic Acid Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The global benzoic acid market is projected to experience strong demand over the coming years due to the property of inhibiting the growth of fungi, bacteria, and yeast in numerous sectors such as chemicals, pharmaceuticals, cosmetics, food & beverages, and other industries. The strong demand for benzoic acid in the food and beverage sector is a major factor surging the growth of the benzoic acid market size in the upcoming years. Benzoic acid and its compound with calcium, potassium, sodium, chlorine are largely used as food preservatives. The increasing usage of preservatives in food & beverage products, such as baked goods, frozen dairy products, fruit products, and cheese, is boosting the demand for benzoic acid in the market. The strong demand for beverages that include sparkling drinks, soft drinks, and packages fruit juices and the utilization of preservatives to enhance the shelf life of these beverages is further augmenting the growth of the market in the upcoming years.
The rising cosmetic and personal care sector is enhancing the demand for benzoic acid products globally. Benzoic acid is the major component utilized in manufacturing mouthwashes, facial powders, perfumes, facial cleansers, lipsticks, and dyes due to its anti-fungal nature. Benzoic acid is also used as a vital ingredient for pharmaceutical products that include lotions, ointments, and creams. This factor is expected to bolster the growth of the market. On the other edge of the spectrum, the factor hindering the global benzoic acid market include the stringent regulation associated with the use of preservatives like benzoic acid.
End-Use Industry Segment Drivers
On the basis of the end-use industry, the market is segmented into food & beverages, chemical, pharmaceutical, and others. The food & beverages application segment is anticipated to lead the market during the forecast period due to the strong demand for benzoic acid as preservatives in carbonated drinks, packaged foods, juices, pickles, and other food products.
Benzoic Acid Market’s leading Manufacturers:
- Emerald Performance Materials
- I G Petrochemicals Ltd.
- Merck KGaA
- Chemcrux Enterprises Ltd.
- The Chemical Company
- Novaphene
- Hemadri Chemicals
- Premier Group of Industries
- Reliance Industries Limited
- Indian Oil Corporation Ltd.
Benzoic Acid Market Segmentation:
Segmentation by Application:
- Benzoates
- Benzoate Plasticizers
- Alkyd Resins
- Benzoyl Chloride
- Animal Feed Additive
- Others
Segmentation by End-Use Industry:
- Food & Beverages
- Chemical
- Pharmaceutical
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird’s eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.
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