Benzoic Acid Market Size, Share & Industry Analysis, By End Use (Chemical Industry, Food and Beverages, Cosmetics and Personal Care, Pharmaceutical Industry) and Regional Forecast, 2024-2032

Benzoic acid is a crystalline carboxylic acid which has antibacterial and antifungal properties and hence is used in many end-use industries such as food and beverages, pharmaceutical, and chemical industries. Benzoic acid is naturally found in various fruits, such as raspberries, cranberries, and plums. The product is used as a food preservative in various food products including salad dressings, fruit juices, soft drinks, and also in pickles. Growth in demand for processed and convenience food products globally is expected to expand the demand for benzoic acid in the food and beverages industries. Furthermore, manufacturers across the globe are constantly focusing to maximize their production capacity and to remain significant in the market.

Amplifying demand for benzoic acid in manufacturing perfumes and artificial flavours and for flavouring tobacco are some of the factors expected to contribute to escalating the market growth. Additionally, increased demand for edible products such as fruit juices, jams, barbecue sauces, and soft drinks as well as acidic foods including pickles and pickled food items are the factors anticipated to drive the growth of the global benzoic acid market during the forecast period.

One of the major fueling factors for the growth of the global benzoic acid market is increasing demand for preservatives to improve the shelf-life of food products. Increasing demand for benzoic acid for the formulation of various cosmetic products and personal care products due to anti-fungal properties associated with the product are some of the major factors anticipated to increase the demand for benzoic acid in the forecast years subsequently driving the growth of the market. Rapid growth in pharmaceutical and food additives industries across different parts of the globe, which is leading to various R&D activities for developing flavouring agents and safe chemicals, is expected to drive the growth of the market. In addition, increasing consumer’s inclination towards convenience and ready-to-drink (RTD) food products and beverages over the forecast period (2019-2026) is expected to positively influence the global benzoic acid market. However, rising stringency on food additives can hinder the growth of global benzoic acid market.

Key Players Covered:

Some of the key companies that are present in the benzoic acid market include Fushimi, Huangshitaihua Industry, Nantong Haiers, Novaphene, Chemcruz Enterprises Ltd., Huayin Jinqiancheng, San Fu, Sinteza SA, Srihari Chemicals, Wuhan Youji Industries, and Emerald Kalama Chemical. The competition between the key players is majorly based on price, which has led key players to improve their product diversity to remain attractive among the buyers.

Among the end-use, the food and beverages segment is expected to dominate in the global benzoic acid market. This is owing to the increasing popularity of packaged food products among consumers all over the world. To keep food safe for longer food manufacturers are expected to embark on the adoption of ingredients and items that are cost-effective and safe, which is expected to boost the demand for benzoic acid in the food & beverage industry. The demand for benzoic acid and its derivatives in cosmetics & personal care industry is expected to grow at a significant pace during the forecast period for the formulation of facial cleanser, compact powder, lipstick, and others.

Regional Analysis:

Asia Pacific is expected to dominate in the global benzoic acid market during the forecast period, as currently, China is one of the largest markets for benzoic acid. There is an increasing demand for frozen and packaged food products in countries, such as India, Thailand, China, and various other developing APAC countries, which is a significant growth propelling factor for the growth of Asia Pacific benzoic acid market during the forecast period. The countries such as India and China are majorly contributing to the total global production of benzoic acid and its exports across several regions.

The growth in demand for frozen products across South America is expected to expand the demand for preservatives such as benzoic acid and hence it will contribute to the growth of South America benzoic acid market during the forecast years. Europe and North America are the major consumers of processed food products across the globe, due to busy lifestyle of people and higher dependency on convenience food, these factors are expected to contribute to the growth of the benzoic acid market of these respective regions. However, stringent regulation on food additives in developed regions may hamper market growth.

Segmentation

Key Industry Developments

• In September 2017, Emerald Kalama Chemical which is an US-based company engaged in production of advanced speciality chemicals expanded a 40 million USD benzoic acid and benzaldehyde in Rotterdam, Netherlands. In addition, the company expanded its hexyle cinnamic aldehyde (HCA) and amyl cinnamic aldehyde (ACA) plants in England. The product is used in personal care as fragrances and other applications.