NEW YORK, Jan. 10, 2023 (GLOBE NEWSWIRE) -- Here are some of the key insights from IndexBox's report on the global benzoic acid market.
Benzoic Acid Market Outlook
The global benzoic acid market is expected to reach USD 4.2 billion by 2030, from USD 3.3 billion in 2022, at a CAGR of 3.2% during the forecast period. Benzoic acid is one of the most widely used compounds in the industrial and consumer markets. It has an array of applications ranging from food preservatives to pharmaceuticals, cosmetics and even rubber products.
Benzoic acid is an organic compound that is widely used as a food preservative. It is a white crystalline solid that is insoluble in water and has a sour taste. Benzoic acid occurs naturally in many fruits and vegetables, and its derivatives are found in essential oils. The global benzoic acid market is driven by the growing demand from the food & beverage industry. In addition, the increasing demand for natural food preservatives is also fuelling the growth of this market. However, the availability of substitutes and stringent regulations regarding the use of benzoic acid are restraining the growth of this market.
The segments the global benzoic acid market by application, into food & beverages, pharmaceuticals, cosmetics, and others. The food & beverages segment accounted for the largest share of this market and is expected to grow at a CAGR of 5.9% during the forecast period. The cosmetics segment is projected to grow at a CAGR of 6.1% during the forecast period.
The rising demand for processed food & beverage and pharmaceuticals is driving the growth of the global benzoic acid market. Moreover, increase in disposable income, change in lifestyle, and rise in population are other factors propelling the market growth. However, stringent environmental regulations regarding the discharge of benzene into water bodies are restraining the market growth. Nevertheless, advent of green chemistry for producing benzoic acid is anticipated to create new opportunities for players operating in this market.
In terms of geography, Asia-Pacific is the largest market for benzoic acid, followed by North America and Europe. The region is expected to remain the largest market during the forecast period, driven by the growing demand from the food & beverage and pharmaceutical industries.
The large share of Asia-Pacific can be attributed to the growing demand from China and India. The demand for benzoic acid in China is mainly driven by its use in the food & beverage industry. India is another major consumer of benzoic acid due to its large population and the growing purchasing power of consumers.
Benzoic Acid Market Segmentation
The food & beverage industry is the largest consumer of benzoic acid, accounting for nearly 40% of the global demand in 2022. The growth of this industry is driven by the increasing demand for processed and packaged foods. Benzoic acid is used as a preservative in food products such as jams, jellies, fruit juices, pickles, sauces, and soft drinks.
The pharmaceutical industry is the second-largest consumer of benzoic acid, accounting for more than 30% of the global demand in 2022. Benzoic acid is used as an active ingredient in topical antifungal drugs, which are used to treat skin infections such as athlete's foot and ringworm. It is also used as an excipient in oral formulations such as tablets and capsules.
Benzoic Acid Market Drivers
The global benzoic acid market is driven by numerous factors. The most significant drivers include the following:
-The growing demand for benzoic acid from the food and beverage industry, due to its preservative properties.
-The increasing use of benzoic acid in the pharmaceutical industry, as an active ingredient in various drugs and formulations.
-The rising popularity of benzoic acid as a green chemistry reagent, due to its eco-friendly nature.
These are just some of the key drivers fuelling the growth of the global benzoic acid market. With the rising demand from multiple industries, the market is expected to grow at a healthy pace in the coming years.
Benzoic Acid Market Restraints
The global benzoic acid market is restrained by the stringent regulations imposed by various environmental agencies such as the US Environmental Protection Agency (EPA) and the European Union (EU). These regulations limit the use of benzoic acid in various end-use industries such as food & beverages, personal care, and pharmaceuticals. Moreover, benzoic acid is classified as a volatile organic compound (VOC) under the Montreal Protocol, which restricts its production and consumption.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
Eastman Chemical Company (U.S.), BASF SE (Germany), AkzoNobel N.V. (Netherlands), Lonza Group Ltd. (Switzerland), DowDuPont Inc. (U.S.), Arkema S.A. (France), Celanese Corporation (U.S.), Solvay S.A. (Belgium), Evonik Industries AG (Germany), Adeka Corporation (Japan), Clariant AG (Switzerland), Emerald Performance Materials LLC (U.S.), Daiichi Fine Chemical Co., Ltd (Japan), ICL-IP America Inc. (U.S.), LANXESS AG (Germany), P&G Chemicals (U.S.)
Sources
World - Benzoic Acid - Market Analysis, Forecast, Size, Trends and Insights
EU - Benzoic Acid - Market Analysis, Forecast, Size, Trends and Insights
Asia - Benzoic Acid - Market Analysis, Forecast, Size, Trends and Insights
U.S. - Benzoic Acid - Market Analysis, Forecast, Size, Trends and Insights
