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The benzoic acid market size is forecast to increase by USD 245.5 million at a CAGR of 6.94% between 2023 and 2028.
The benzoic acid industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Benzoic acid is a significant chemical compound utilized in various industries, primarily In the production of benzoates, such as sodium and potassium benzoate. These derivatives, derived are widely employed In the food and beverage, cosmetic, and pharmaceutical sectors. Benzoic acid is also the base ingredient for the production of benzyl esters, which are integral to the flavors and fragrances industry. In the food and beverage industry, potassium benzoate, the potassium salt of benzoic acid, is extensively used as a preservative, particularly in soft drinks and energy drinks. It effectively inhibits microbial growth, preserving food freshness, color, and taste.
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The benzoates segment was valued at USD 202.50 million in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Benzoic acid and its derivatives hold a significant market share In the APAC region due to the expansion of industries such as food and beverage, chemical, paints and coatings, and building and construction. The strong economic growth in APAC, particularly in China, Japan, India, Indonesia, and Vietnam, has led to increased usage in various applications. The food and beverage industry's growing demand for food preservatives and the rising preference for packaged and processed foods and drinks contribute to consumption. Additionally, the building and construction industry's expansion in APAC, particularly In the use of non-phthalate plasticizers (benzoate plasticizers) in coatings, adhesives, sealants, and PVC, is driving market growth.
Our benzoic acid market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
High demand for benzoic acid from food and beverage industry is the key driver of the market.
Rising demand for processed and packaged food is the upcoming market trend.
Health hazards and environmental effects of benzoic acid is a key challenge affecting the industry growth.
The benzoic acid market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the benzoic acid market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, benzoic acid market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Benzoic acid, a phenolic compound, is a widely used preservative in various industries, including food and beverage production. Its role in food preservation is significant, as it helps extend the shelf life of numerous products by inhibiting the growth of microorganisms. The demand is driven by several factors. The increasing consumption of instant and packaged food products, particularly in developed regions, has led to an increase in demand for food additives. Consumers In these regions are increasingly focused on convenience and freshness, leading food producers to turn to preservatives to ensure the longevity of their offerings.
Moreover, in the food industry, it is used in a wide range of products, from processed meats and snacks to fruit juices and beverages. Its application In the beverage industry is particularly noteworthy, as it is used in carbonated drinks, salad dressings, pickles, sauces, and condiments to prevent spoilage. The chemical sector also utilizes this acid, primarily In the production of toothpaste and mouthwash. In addition, it is used In the paper industries for the manufacture of coatings and adhesives. It also finds applications In the pharmaceutical industry, where it is used In the production of ointments for the treatment of fungal skin diseases, anti-aging products, and burn treatments.
Furthermore, the demand is not limited to developed regions. Developing regions, particularly in Latin America, are experiencing significant growth In the consumption of processed food and beverage products. The Mexican market, for instance, has seen an increase in demand for processed food and beverages, driven by the growing middleclass population and increasing health and wellness trends. The trend towards clean labels and organic products has led to an increase In the demand for non-phthalate plasticizers. Consumers are increasingly concerned about the safety and health implications of the chemicals used in food and beverage production, leading to a shift towards natural preservatives.
In addition, innovative product launches In the food and beverage industry are also driving the demand. Functional and organic food and beverage products, which often have a shorter shelf life than their conventional counterparts, require effective preservatives to ensure their freshness and safety. The food packaging industry is also a significant consumer. The focus on extending the shelf life of food and beverage products, while maintaining their taste, appearance, and texture, has led to the widespread use as a preservative. Therefore, the demand is driven by several factors, including the increasing consumption of processed food and beverage products, health and wellness trends, and the need for effective preservatives in various industries. The trend towards clean labels and organic products is also expected to drive the demand, as it is considered a natural preservative.
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Benzoic Acid Market Scope |
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Report Coverage |
Details |
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Page number |
150 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.94% |
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Market growth 2024-2028 |
USD 245.5 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
6.36 |
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Key countries |
China, US, India, Germany, and UK |
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Competitive landscape |
Leading Companies, market growth and forecasting , Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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