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The benzoic acid market share is expected to increase by USD 198.54 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.38%.
This benzoic acid market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers benzoic acid market segmentations by application (benzoates, benzoate plasticizers, alkyd resins, and others) and geography (APAC, North America, Europe, South America, Middle East and Africa, China, US, India, Germany, UK, and Japan). The benzoic acid market report also offers information on several market vendors, including Aarti Industries Ltd., Chemcrux Enterprises Ltd., Eastman Chemical Co., FUSHIMI Pharmaceutical Co. Ltd., Ganesh Benzoplast Ltd., Hemadri Chemicals, IG Petrochemicals Ltd., Merck and Co. Inc., MP Biomedicals LLC, Navyug Pharmachem Pvt. Ltd., Pat Impex, Premier Group Of Industries, Shri Hari Chemicals, Smart Chemicals Group Co. Ltd., Swastik Industries , The Chemical Co., Tianjin Dongda Chemical Group Co. Ltd, Velsicol Chemical LLC, GFS Chemicals Inc., and Thermo Fisher Scientific Inc. among others.
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The high demand for benzoic acid from the food and beverage industry is notably driving the benzoic acid market growth, although factors such as health hazards and environmental effects of benzoic acid may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the benzoic acid industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Benzoic Acid Market Driver
The high demand for benzoic acid from the food and beverage industry is one of the key drivers supporting the benzoic acid market growth. Benzoic acid and its derivatives, such as potassium benzoate and sodium benzoate, are mainly used to preserve acidic food items and beverages, including jams, fruit juices, and aerated drinks. As a food preservative, benzoic acid does not alter the taste of food and beverages. Globally, the increasing demand for processed and packaged food and beverages has considerably increased the consumption of food preservatives. Potassium benzoate and sodium benzoate inhibit bacterial growth and are used in antimicrobial packaging. They are used as preservatives in soft or energy drinks. Thus, growth in the food preservative markets in China and India is likely to fuel the consumption of benzoic acid in the food and beverages industry throughout the forecast period.
Key Benzoic Acid Market Trend
The rising demand for processed and packaged food is one of the key benzoic acid market trends that is contributing to the market growth. The rise in demand for processed food products can be attributed to the increasing expenditure on health and nutritional foods, radical changes in lifestyle and food habits of individuals, urbanization, and the increase in the young population. Meanwhile, the rising consumption of dairy foods and emphasis on food product safety compel food manufacturers to use food preservatives. The processed and packaged food and beverages industry benefit from the high demand for frozen food items and drinks across the globe. Thus, the use of benzoic acid and its derivative compounds as food preservatives will positively influence the global benzoic acid market during the forecast period.
Key Benzoic Acid Market Challenge
Health hazards and environmental effects of benzoic acid is one of the factors hindering the benzoic acid market growth. Consumption of highly concentrated benzoic acid in higher concentrations can lead to eyes, lungs, and skin irritation and damage the digestive tract. Benzoic acid can enter the body through the skin, digestive tract, and respiratory tract. Direct short-term exposure to benzoic acid can cause eye damage, redness and rashes on the skin, and irritation to the nose, throat, and lungs if inhaled. It can result in shortness of breath, coughing, and wheezing. Moreover, prolonged exposure to benzoic acid can harm the lungs and digestive tract. The ingestion of benzoic acid also results in abdominal pain, nausea, and vomiting. These health issues will limit the market growth during the forecast period.
This benzoic acid market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global benzoic acid market as a part of the global chemicals market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the benzoic acid market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the benzoic acid market encompasses successful business strategies deployed by the key vendors. The benzoic acid market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The benzoic acid market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the benzoic acid market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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60% of the market's growth will originate from APAC during the forecast period. China, India, and Japan are the key markets for the benzoic acid market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising demand for packaged and processed foods and drinks will facilitate the benzoic acid market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic in 2020 had an adverse impact on several countries in the region. However, in Q4 2020 and H1 2021, the vendors of benzoic acid in the region started resuming their operations with proper social distancing and sanitization norms owing to progressing vaccination drives in the region. Such factors are expected to drive the growth of the regional benzoic acid market during the forecast period.
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The benzoic acid market share growth by the benzoates segment will be significant during the forecast period. Sodium benzoate is used in pharmaceuticals for preservation and therapeutic regimens for patients. It is also used in deodorants, aftershave lotions, and sunscreens to reduce skin irritations and inflammations. Sodium and potassium benzoates are extensively used in canned foods. Moreover, sodium benzoate used at levels up to 0.1% in food and beverages is FDA-approved and GRAS-classified. These beneficiary attributes of sodium benzoate will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the benzoic acid market size and actionable market insights on post COVID-19 impact on each segment.
Benzoic Acid Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.38% |
Market growth 2022-2026 |
$ 198.54 million |
Market structure |
Fragmented |
YoY growth (%) |
6.0 |
Regional analysis |
APAC, North America, Europe, South America, Middle East and Africa, China, US, India, Germany, UK, and Japan |
Performing market contribution |
APAC at 60% |
Key consumer countries |
US, China, India, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aarti Industries Ltd., Chemcrux Enterprises Ltd., Eastman Chemical Co., FUSHIMI Pharmaceutical Co. Ltd., Ganesh Benzoplast Ltd., Hemadri Chemicals, IG Petrochemicals Ltd., Merck and Co. Inc., MP Biomedicals LLC, Navyug Pharmachem Pvt. Ltd., Pat Impex, Premier Group Of Industries, Shri Hari Chemicals, Smart Chemicals Group Co. Ltd., Swastik Industries , The Chemical Co., Tianjin Dongda Chemical Group Co. Ltd, Velsicol Chemical LLC, GFS Chemicals Inc., and Thermo Fisher Scientific Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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