According to Market Research Future (MRFR), the already booming market of benzoic acid is expected to demonstrate a galvanizing growth by 2023, surpassing its previous growth records in terms of value with an impressive CAGR during the estimated period (2017 – 2023). The revenue contribution of the market is expected to increase by a substantial monetarily growth by the end of 2023, with a considerable expansion rate during the period 2017 to 2023.
The global benzoic acid market is growing pervasively mainly due to the increasing usages of benzoic acid for food processing and preserving in the burgeoning food and beverages industry. The market is witnessing a positive growth in the past few years and is expected to keep on flourishing due to the importance of benzoic acid in the application segments.
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Globally, the market for Benzoic Acid has been increasing due to the food and beverages industries. Changing lifestyle and consumers’ preference towards processed, ready to eat food, packaged or canned foods, and frozen foods are the key driving forces for the market growth. The growth in per capita disposable income, rising urban middle-class population and food consumption across the globe are among the key growth contributors of the market.
Additionally, the Pharmaceutical industry contributes to the market growth of benzoic acid. As owing to its antifungal property, benzoic acid is vastly used in the ointments to treat fungal skin diseases like Tinea, Ringworm, and Athlete’s foot. Benzoic acid also finds applications in the cosmetic industry as a preservative in mouthwashes, deodorants, creams, aftershave lotions, etc.
Benzoic Acid Market Segmentation:
The report segments the global benzoic acid market on the basis of end use, application, and region.
On the basis of end use, the global benzoic acid market is segmented into food and beverage, chemicals, pharmaceuticals, and others.
By application, the global benzoic acid market is segmented into sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizers, alkyd resins, benzoyl chloride, feed additives, and others.
By region, the global benzoic acid market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Benzoic Acid Market – Geographical Analysis
Asia Pacific accounted for the largest market share in the global benzoic acid market owing to the rapid industrialization, burgeoning F&B industry, and the improved standard of living in the region backed by the improving economic conditions in the region.
India and China owing to the increasing per capita income perceive the growth in the food processing and packaging sector and in the aerated beverages industry which substantiates the market growth for benzoic acid in the region.
Europe being one of the largest producers of benzoic acid has become a prominent market witnessing huge accruals.
The North America Benzoic Acid market, on the other hand, is too growing rapidly due to the stringent government regulation in this region that is increasing the uptake of benzoate plasticizers replacing phthalate plasticizers. The region is projected to register a modest CAGR over the assessment years
Benzoic Acid Market – Competitive Analysis
The competitive market of benzoic acid appears to be fragmented owing to a huge number of companies operating in the market, churning the market competition. Increasing innovations and technologies will generate strong investment opportunities for the players. They strive to continue to commercialize other techniques that can lower the production.
To gain the competitive advantage, these players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities.
Emerald Performance Materials LLC (US), Hebei Smart Chemicals Co., Ltd (China), Novaphene specialties Pvt. Ltd (India), Chemcrux Enterprises (India), Shri Hari Chemicals (India), Apollo Scientific (UK), Ganesh Benzoplast Limited (India), Merck Group (Germany), Clarion Drugs Ltd (India), and Shree Chemopharma Ankleshwar Pvt. Ltd. (India). Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.
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