Benzoic Acid Market Comprehensive Overview 2019 | Industry Size, Share, Emerging Trend, Global Growth Analysis, Key Players Review and Business Development by 2023

Benzoic Acid Market Comprehensive Overview 2019 | Industry Size, Share, Emerging Trend, Global Growth Analysis, Key Players Review and Business Development by 2023

“Growing demand from the food and beverage industry is likely to be a major driver for the global benzoic acid market”
The global benzoic acid market is projected to reach at CAGR 5.92% over the forecast period (2019-2023), rising from a value of USD 868 million in 2017 to USD 1,219 million by the end of the forecast period in 2023

Benzoic Acid Market   – Regional Analysis

On regional basis, Global Benzoic Acid Market is segmented into North America, Europe, Asia Pacific, Middle East and Africa. Asia Pacific is the largest market for Benzoic Acid holding the largest market share. This growth attributes to the rising disposable income in the region. Heady life style mirrors the dependency on the processed/ packaged food and aerated beverages eventually leading to the increased market size.

North America, on the other hand will be growing with the modest CAGR during the forecasted period.

Europe is also one of the largest producer of Benzoic Acid and a larger amount of quantity further processed to phenol and the second larger share i.e. 30% is processed to caprolactam to develop nylon fibres. In Europe Benzoic acid is increasingly used in the production of Diethylene and Dipropylene Glycol Dibenzoate Plasticizers in Adhesive formulations.

Some of the largest producers of Benzoic Acid are the Netherlands, Estonia, the USA, and China.

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Benzoic Acid Market   – Competitive Analysis

Characterized by the presence of several well-established and small players, the global Market of Benzoic Acid appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. The Market demonstrates high growth potential which is likely to attract several new entrants in the market. Further resulting in intensified completion. Top players are investing heavily in R&D. The key players operating in the Benzoic Acid market compete based upon pricing, Technology and services. Manufacturers operating in the Benzoic Acid Market strive to deliver the best quality, reliable and consistent pure high-quality Benzoic Acid products based on innovative technologies, and best practices.

Key Players:

The fervent players leading the global benzoic acid market include-

  • Ganesh Benzoplast Limited (India)
  • Clarion Drugs Ltd (India)
  • Merck Group (Germany)
  • Shree Chemopharma Ankleshwar Pvt. Ltd. (India)
  • Emerald Performance Materials LLC (US)
  • Novaphene specialties Pvt. Ltd (India)
  • Hebei Smart Chemicals Co., Ltd (China)
  • Chemcrux Enterprises (India)
  • Apollo Scientific (UK)
  • Shri Hari Chemicals (India)

Benzoic Acid Market   – Overview

The Global Benzoic Acid Market is growing with the rapid pace mainly due to the burgeoning food and beverages industry. The global benzoic acid market has seen a positive growth in the past few years and it has been expected that the growth will keep on continuing due to its vitality in the application segment. Benzoic acid acts as an anti-fungal component which helps the product for last longer and prevents in harmful bacterial and yeasts. Owing to this property, Benzoic acid is widely used in preservative processes of Food & Beverages and Cosmetics further making it a crucial component in food and beverages and cosmetic industry. Benzoic Acid market has grown immensely with the overall production per year; and as the demand augments further; the market will expand, indicates the recently published study report by MRFR.

According to the Market Research Future, The global market of Benzoic Acid is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2027, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2016 – 2027).  The Global Benzoic Acid market’s revenue contribution is expected to increase by a substantial monetarily growth by end of the forecast i.e. 2027, with a considerable expansion rate during the period 2016 to 2027.

Globally, the market for Benzoic Acid has been increasing due to food and beverages industries. Changing lifestyle and consumer’s preference towards ready to eat food, packaged or canned foods and frozen foods are the key drivers for the market. Growth in per capita disposable income, rising urban middle class population and food consumption across the globe are among the key market contributors. Western countries generate the highest demand for food Preservatives globally. Another major factor that driving the market growth is the increasing complexities in the food supply chain. Imports are expected to increase because of cost concerns, availability, and consumer demand for diverse food products. Moreover, with more people looking for freshness in foods, the demand for effective preservation techniques is on the rise. This results in to propelling the market growth. Additionally, Pharmaceutical industry contributes to the market growth of Benzoic Acid attributing to its antifungal property, it is vastly used in the ointments to treat fungal skin diseases like Tinea, Ringworm, and Athlete’s foot.  Benzoic Acid also finds application in cosmetic industry as a preservative in mouthwashes, deodorants, creams, aftershave lotions, etc.

Adding the excessive quantity of Benzoic Acid in food items leads to affecting the liver and kidney. Due to which consumers demand for fresh and natural foods and this factor is surely dicey for the market growth. However, Manufacturers/ Companies are considering this as an opportunity to innovate and provide solutions in the form of natural and functional ingredients. This positive attitude of companies is certainly commendable.

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Benzoic Acid Market   – Segments

The MRFR analysis is segmented into three key dynamics for the convenience of the report and enhanced understanding;

By Production Methods        :  Comprises – Grignard Reagent and Friedel-Crafts Reaction.

By Applications                     :  Food & Beverages, Chemicals, Pharmaceuticals, Plastics and Animal Feed among others.

By Regions                            :  North America, Europe, APAC and Rest-of-the-World.

The food & beverage segment by applications accounted for the major revenue generating segment in 2016. The segment is further expected to continue with its dominance during the forecast period. 

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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