Benzoic Acid Market Growth 2024, Trends, Revenue, Demand, Key Players, Challenges, Future Opportunities and Forecast Analysis till 2033: SPER Market Research
Global Benzoic Acid Market is projected to be worth USD 2282.22 million by 2033 and is anticipated to surge at a CAGR of 5.68%.
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Benzoic acid is a crystalline carboxylic acid that has antifungal and antibacterial properties. Numerous end-use industries, including the food, beverage, and chemical sectors, use it. The fruits plum, cranberry, and raspberry are among those that naturally contain benzoic acid. A variety of culinary products, such as fruit juices, pickles, salad dressings, and soft drinks, use the substance as a food preservative. It is anticipated that the food and beverage sectors would need more benzoic acid as the demand for processed and convenience foods grows on a global scale.
According to SPER Market Research, ‘Benzoic Acid Market Size- By Form, By Application, By End User - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Benzoic Acid Market is estimated to reach USD 2282.22 million by 2033 with a CAGR of 5.68%.
Drivers: The consumer's perspective shifted to include processed food and beverages such fruit juices, frozen dinners, processed meat nibbles, and snacks in order to meet their daily nutritional requirements. Urbanization, the growth of the middle class, the increase in working women, and increased disposable income are all contributing to the global increase in demand for processed and packaged foods in both developed and developing nations. Food processing and packaging solutions are becoming more and more in demand as a result. As a result, benzoic acid and other preservatives are frequently used in convenience and processed food items to preserve their texture, flavor, safety, freshness, and appearance.
Restraints: Stricter laws pose a severe threat to the benzoic acid sector, particularly in food and beverage applications where prospective health effects are becoming more apparent. There is more competition for natural preservatives like vinegar, citric acid, and rosemary extract as customer demand for natural and organic products grows. These substitutes are popular because of their purported safety and health advantages. The market is also unpredictable because to price swings for raw materials, which are primarily sourced from the petrochemical product toluene. Geopolitical conflicts, environmental laws, and shifts in the petrochemical industry's production capacity can all cause supply chain disruptions, higher raw material costs, and a drop in benzoic acid companies' profitability.
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Manufacturing activity decreased in the early stages of the pandemic due to restrictions and lockdowns, especially in sectors like food and beverage, textiles, and medicines that commonly use benzoic acid. As a result, the chemical's demand declined. Additionally, shortages of raw materials, transportation delays, and manufacturing closures affected the global supply chain by raising costs and delaying production.
Additionally, some of the market key players are Huayin Jinqiancheng Pharmaceutical Co. Ltd, I G Petrochemicals Ltd (IGPL), Lanxess AG, Merck KGaA, Chemcrux Enterprises Ltd, EastMan Chemical Company, Ganesh Benzoplast,
Benzoic Acid Market Segmentation:
By Form: Based on the Form, Global Benzoic Acid Market is segmented as; Liquid, Anhydrous
By Application: Based on the Application, Global Benzoic Acid Market is segmented as; Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate Plasticizer, Alkyd Resin, Benzoyl Chloride, Feed Additive, Others.
By End User: Based on the End User, Global Benzoic Acid Market is segmented as; Food & Beverages, Chemical Industry, Pharmaceutical Industry, Others
By Region: This research also include data for North America, Europe, Asia-Pacific Middle East & Africa and South America.
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