Market Overview
The global sales of the Benzoic Acid Market are expected to reach a valuation of
USD 1,104.4 Million in 2023, and it is projected to grow at a
CAGR of 5.1% for the forecast period (2022-2032). Benzoic acid is a colorless and crystalline organic compound belonging to the carboxylic acids family. In labs, it is manufactured by oxidizing toluene at high temperatures with the help of manganese & cobalt salts as catalysts. This compound is soluble in several substances, such as alcohols, benzene, carbon tetrachloride, acetone, & water.
Moreover, it contains advantageous antibacterial & anti-fungal characteristics. Natural sources of benzoic acid, like stone fruits, cinnamon, cloves, berries radishes, onion, mushrooms, garlic, almonds, cashews, cheese, and milk. Because of their versatile characteristics, benzoic acid finds applications in numerous sectors, such as pharmaceuticals, chemicals, cosmetics, & the meat and dairy sectors. A significant application of this acid is its use as a preservative in various packaged, ready-to-eat, & canned food products, like fruit juices, jams, aerated drinks, pickles, & sparkling beverages. It preserves food without altering its taste & aroma. As the demand for these food products goes up globally, this market is anticipated to grow substantially. Furthermore, benzoic acid is easily available & also economical, which makes it a preferred choice over other alternatives for consumers. This easy availability & affordability have led to a surge in its usage across various industries.
Market Dynamic
Benzoic acid is extensively utilized in the production of ointments which are antifungal, and are applied to treat various skin conditions such as fungal infections, insect bites, ringworms, & burns. According to the NCBI (National Center for Biotechnology Information), serious fungal infections cause deaths of approx.
1.7 million globally each year. As the desire for antifungal ointments goes up because of the rise in cases of fungal infection, the demand for benzoic acid also elevates. Additionally, this market experiences a surge from the growing demand in the production of artificial flavors & fragrances. However, it is important to note that while benzoic acid provides several benefits and is recognized by the FDA for its usage in food items, the maximum amount that is allowed is fixed at 0.1%. This limit is desirable as according to some studies higher intake of beverages having sodium benzoate or benzoic acid may have bad effects on health, such as exacerbating ADHD symptoms in adults. Moreover, the salt form of benzoic acid, sodium benzoate, has been associated with hyperactivity. Furthermore, when benzoic acid is combined with vitamin C, it can form benzene. Beverages often contain carbonated components & when combined with benzoic acid, may contain more amounts of benzene, which has been linked to an increased chance of cancer.
When we talk about the region, the Asia-Pacific region is currently leading the global market for benzoic acid because of several factors, like increasing demand for frozen food, and processed foods, and the increasing adoption of benzoate plasticizers propelled by regulations of government. Meanwhile, North America is observing substantial growth in the market, majorly encouraged by the flourishing food & beverages sector & the demand for cosmetics items.
Research Scope and Analysis
By Form
Among the several forms of benzoic acid, the segment of powder stands as the market leader, with the maximum share in 2023. The powder form of benzoic acid is marked by its easy solubility, white amorphous appearance, & better impact on acidic pH levels. It finds extensive usage as a food preservative in products such as pickles, soft drinks, fruit juices, & vegetable salads. By avoiding the formation of fungus & bacteria in these food items, benzoic acid powder extends shelf life, making it more valuable for preserving food products that need to be stored for longer duration.
However, the granules form of benzoic acid is anticipated to experience significant growth in the upcoming years. Granules are essentially the salt of benzoic acid, & they show rapid dissolvability in water. This property makes them useful for enhancing the shelf life of products & protecting against the growth of harmful bacteria and fungi. Hence, the demand for granules form of benzoic acid is anticipated to increase, as it proves to be an effective preservative in several sectors, particularly in the food sector were preserving product freshness & safety is paramount.
By Application
Under the segment of the application, the Benzoate category dominates the market, with a maximum share in the market in 2023. Within the category of benzoate, there are two main forms: mono-benzoates & di-benzoates, both of which are obtained from benzoic acid. These compounds find extensive usage in several items such as wall coverings, floor coverings, inks and waxes, adhesives and sealants, films, & board products. The rising desire for phthalate-free plasticizers has resulted in a rise in the utilization of benzoic acid. As non-phthalate plasticizers are preferred over phthalate plasticizers, the market for benzoic acid is expanding. One of the significant driving forces for the benzoate market is its rising demand from the food industry. It serves as an effective preservative, especially at pH levels below 4.5, and its preservative properties become more efficient at lower pH levels.
Another reason for the growth of the sodium benzoate market worldwide is the increased usage of synthetic preservatives for poultry & meat in the Middle East, Asia Pacific, & African regions during the forecast period.
By End-Use
The food & beverages sector observes a substantial CAGR in 2023, with a maximum share in revenue under the end-use segment. This increase in growth is majorly propelled by its extensive usage as a preservative in most packaged foods & beverages. It is specifically effective in preserving products that include acids, such as jams, pickles, carbonated beverages, fruit juices, & sparkling drinks. The benefits of using benzoic acid as a food preservative lie in its ability to maintain the natural flavor & aroma of the food or drink, making it the most preferred choice in the sector. The increasing acceptance of benzoic acid as a food preservative is further propelled by shifting customers' choices towards packaged foods & beverages and the growing per capita income among people. Moreover, the rising desire for frozen food & beverages has surged, leading to significant growth in the packaged food & beverages sector. This food & beverages sector is expected to outpace other end-use sectors because of the expanding preservative markets in India & China. These two nations, known for their large populations & evolving lifestyles, are key contributors to the increasing utilization of preserved food & beverages.
The Global Benzoic Acid Market Report is segmented on the basis of the following:
By Form
• Powder
• Granules
By Application
• Benzoates
o Sodium Benzoate
o Potassium Benzoate
o Benzyl Benzoate
• Benzoates Plasticizers
• Alkyd Resins
• Benzoyl Chloride
• Animal Feed Additives
By End-Use
• Pharmaceuticals
• Foods & Beverages
o Bakery & Confectionery
o Beverages
o Meat Products
o Sauces/ Dips/ Salad Dressings
o Dairy products
o Others
• Cosmetics & Personal care
• Others
Regional Analysis
The Asia-Pacific region emerges as the dominant market for benzoic acid with a 34.3% share globally. Several factors contributed to the market's growth in this region, such as the rising desire for frozen food, changing customer choices, & increasing per capita incomes. The existence of a large young population in the Asia-Pacific region, together with hectic lifestyles, has led to a significant shift towards processed & packaged items, escalating the demand for benzoic acid in the region. One of the major drivers of the benzoic acid market in Asia-Pacific is the adoption of stringent government policies, due to which benzoate plasticizers are been used instead of phthalate plasticizers. Furthermore, the sector of animal feed is gaining popularity in nations such as India, which has further led to a rise in the demand for benzoic acid in the market.
North America is another rapidly growing market for benzoic acid. The region's market growth is majorly accredited to the robust expansion of the food & beverages sector. Moreover, Canada & the U.S. are anticipated to be significant contributors to the market's growth for the period of 2023-2032. Additionally, the growing desire for cosmetic products in the region also fosters the demand for benzoic acid.
By Region
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
Leading players in the benzoic acid market are implementing various strategic initiatives, including product launches, mergers, joint ventures, acquisitions, and geographical expansion. An example of this is seen in February 2021 when the German-based specialty chemicals company, LANXESS, acquired Emerald Kalama, a specialty chemicals company from the United States. Through this acquisition, LANXESS bolstered its position in the preservatives industry, enhancing its market presence.
In August 2022, Brenntag, a global chemical and ingredient distributor, announced a collaborative effort with ISCA, a renowned distributor and manufacturer of specialty chemicals specializing in preservatives for the cosmetic industry in the European market. Building on a successful partnership with ISCA in the UK, Brenntag Specialties expanded its collaboration to include preservative manufacturing in several European countries. This extension covers France, Benelux, Poland, Slovakia, Croatia, and Slovenia, in addition to its existing presence in Germany, Switzerland, and the Nordic countries. These strategic moves by major players in the benzoic acid market reflect their proactive approach to capture opportunities and expand their operations. By engaging in such partnerships, acquisitions, and geographical expansions, these companies aim to strengthen their positions and tap into new markets, ultimately driving growth and competitiveness in the benzoic acid industry.
Some of the prominent players in the Global Benzoic Acid Market are:
• THE CHEMICAL COMPANY
• I G Petrochemicals Limited
• Merck KGaA
• Chemcrux Enterprises Ltd.
• GFS Chemicals Inc.
• Hemadri Chemicals
• Eastman Chemical Company
• Ganesh Benzoplast Limited
• Spectrum Chemical
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Benzoic Acid Market:
The COVID-19 pandemic and the subsequent global recession have had a notable impact on the global benzoic acid market. During the pandemic, disruptions in supply chains, labor shortages, and reduced industrial activities affected the production and distribution of benzoic acid. The closure of manufacturing facilities and restrictions on movement further hampered the market's growth. Additionally, the reduced demand from end-user industries such as food and beverages, pharmaceuticals, and plastics, which were significantly affected by the pandemic, led to a decline in the consumption of benzoic acid. However, as the world gradually recovers from the pandemic and economies start to rebound, the benzoic acid market is expected to witness a revival, driven by the resumption of industrial activities and the restoration of demand from various sectors.
The global recession that followed the pandemic also played a significant role in impacting the benzoic acid market. The economic downturn resulted in reduced consumer spending and disrupted trade activities, causing a contraction in the demand for products that rely on benzoic acid as a key ingredient. As various industries faced financial constraints, the production and usage of benzoic acid in applications such as food preservatives, pharmaceuticals, and cosmetics & personal care were affected. However, as economic conditions improve, the market is likely to witness a gradual recovery with the resumption of industrial activities and the increasing demand from diverse end-use sectors. The long-term growth prospects for the global benzoic acid market remain positive as industries stabilize and adapt to the new post-pandemic normal.
Report Characteristics |
Market Size (2023) |
USD 1,104.4 Mn |
Forecast Value (2032) |
USD 1,726.6 Mn |
CAGR (2023-2032) |
5.1% |
Historical Data |
2017 - 2022 |
Forecast Data |
2023 - 2032 |
Base Year |
2022 |
Estimate Year |
2023 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Form (Powder, and Granules), By Application
(Benzoates, Benzoates Plasticizers, Alkyd Resins,
Benzoyl Chloride, and Animal Feed Additives), By
End-Use (Pharmaceuticals, Food & beverages,
Cosmetics 7 Personal Care, and Others). |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
THE CHEMICAL COMPANY, I G Petrochemicals, Merck
KGaA, Chemcrux Enterprises Ltd., GFS Chemicals Inc.,
Hemadri Chemicals, Eastman Chemical Company,
Ganesh Benzoplast Limited, Spectrum Chemical, and
Other Key Players. |
Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The Global Benzoic Acid Market is expected to reach a valuation of USD 1,104.4 Million in 2023.
The Global Benzoic Acid Market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.1%
from 2022 to 2032.
The Asia-Pacific region dominates the Global Benzoic Acid Market for benzoic acid with a 34.3% share
globally.
Some of the key players in the Global Benzoic Acid Market include THE CHEMICAL COMPANY, I G
Petrochemicals, Merck KGaA, Chemcrux Enterprises Ltd., GFS Chemicals Inc., Hemadri Chemicals,
Eastman Chemical Company, Ganesh Benzoplast Limited, and other key players.