Hardening government regulations on food additives in major economies is likely to emerge as a prominent factor in the expansion of the global benzoic acid market size. The World Health Organization defines food additives as “added substances that maintain or improve the taste, safety, appearance, or freshness of food”. Many research studies have found that these substances may have adverse effects on human health. For example, the National Institutes of Health reported that Red 3 food dye can increase the risk of thyroid tumors. As a result, governments across the globe are framing and implementing stringent regulations regarding food additives, rising as one of leading benzoic acid market trends. For instance, the US Food and Drug Administration’s Federal Food, Drug, and Cosmetic Act (FFDCA) painstakingly details the classification of additives into safe and unsafe. Similarly, the Food Safety Standards Authority of India monitors and executes the FSSAI Act which chalks out a tedious screening process which every food and beverage item has to pass through before going on the market.
The new Fortune Business Insights™ report, titled “Benzoic Acid Market Size, Share & Industry Analysis, By End Use (Chemical Industry, Food and Beverages, Cosmetics and Personal Care, Pharmaceutical Industry) and Regional Forecast, 2019-2026”, provides valuable information on the market in the following manner:
- Detailed analysis of the market segments;
- Exhaustive study of the competitive dynamics using company profiles, key strategies, and product launches;
- Careful research into the regional prospects for the market; and
- In-depth evaluation of the various factors fuelling and hindering the market.
Market Driver
Diverse Benefits of Benzoic Acid and Its Derivatives to Open Exciting Avenues
According to the benzoic acid market report, the multiple benefits offered by benzoic acid has escalated its uptake in various industries. For example, benzoic acid prevents the growth of bacteria and fungus, making the ideal candidate as a preservative in foodstuffs such as jams and sauces. The acid has also found applicability in the preservation of raw foods such as meat and fish. Furthermore, benzoic acid is also highly effective in treating skin infections. Topical medicines having salicylic and benzoic acids are commonly prescribed by doctors to treat mild to severe skin infections occurring due to bacteria or yeast. This acid is also widely used in the manufacture of chemicals, pesticides, and insecticides. When combined with chloride and phosphorous, this acid can produce extremely poisonous chemicals. Another major area of application for benzoic acid is cosmetics where the acid is commonly used in shampoos, perfumes, sunscreen lotions, and many such cosmetic products.
Regional Analysis
Asia-Pacific to Lead the Pack; Europe and North America to Grow Steadily
Among regions, Asia-Pacific is slated to dominate the benzoic acid market share during the forecast period as a result of rising demand for packaged and frozen food and beverage items in the developing countries of India and China. The region is also fast emerging as a major chemical manufacturing hub, which augurs well for the market. Increasing uptake of frozen consumables and preservatives is expected to fuel the market in South America, while high consumption of processed food products will drive the market in North America and Europe. On the down side, rigid food quality regulations may stem the growth of the market in these regions.
Competitive Landscape
Research-based Innovation to Unlock Competition Potential of Players
Key players are implementing different strategies to solidify their position in this market, as per the benzoic acid market analysis. Top among these strategies is increasing focus on R&D and testing the feasibility of this acid in various domains. Moreover, academic research is also enhancing the potential of this market.
Industry Developments:
- April 2019: Two researchers at IIT Madras successfully carried out the conversion of toluene, a waste product of petroleum, into benzoic acid. The researchers used water as a solvent and used a catalyst developed at the institute to eliminate the possibility of producing a waste product in the process.
- September 2017: Emerald Kalama Chemical, the American specialty chemical manufacturer, expanded its operations in Europe by establishing a benzoic acid and benzaldehyde production unit in Netherlands. The company also upgraded its amyl cinnamic aldehyde and hexyle cinnamic aldehyde plants in the UK.
Browse Complete Report: https://www.fortunebusinessinsights.com/industry-reports/benzoic-acid-market-101923
