Benzoic Acid Market Is Expected To Reach A Revenue Of USD 1,853.5 Mn By 2033, At 5.3% CAGR: Dimension Market Research

Global Benzoic Acid Market Poised for Growth: Industry Trends, Key Drivers, and Future Opportunities

New York, May 27, 2024 (GLOBE NEWSWIRE) — Market Overview

Global Benzoic Acid Market size is expected to reach USD 1,164.6 million by 2024 and is further anticipated to reach USD 1,853.5 million by 2033 at a CAGR of 5.3% according to Dimension Market Research.

Benzoic acid is a colorless, crystalline compound that is part of the carboxylic acid family. It is typically produced by oxidizing toluene at high temperatures, using manganese and cobalt salts as catalysts. They mixed well with many substances, including alcohols, benzene, carbon tetrachloride, acetone, & water. It is known for its beneficial antibacterial & antifungal properties.

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It is majorly used as a preservative in many packaged, ready-to-eat, & canned food products, including fruit juices, jams, carbonated drinks, pickles, and sparkling beverages. This market is showing significant growth opportunities due to the increase in the demand for processed food products. Benzoic acid is readily available and cost-effective, making it a popular choice over other alternatives for consumers.

Important Insights

  • The Global Benzoic Acid market is expected to grow by USD 1,853.5 million by 2033 from 2024 with a CAGR of 5.3 % during the same forecasted period i.e. 2025 to 2033.
  • The powder form of benzoic acid is expected to dominate the market with the largest revenue in 2024, due to its easy solubility, white amorphous appearance, & better impact on acidic pH levels.
  • The benzoate category is anticipated to dominate the benzoic acid market with a revenue share of 34.4% in 2024, due to extensive usage in several items such as wall coverings, floor coverings, inks and waxes, adhesives and sealants, films, & board products.
  • The food & beverages sector is anticipated to lead the benzoic acid market with a maximum share of 34.4% in 2024 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.
  • The Asia-Pacific region is anticipated to emerge as the dominant market for benzoic acid with a 34.3% share by the end of 2024, due to rising demand for frozen food, changing customer choices, & increasing per capita incomes in this region.

Latest Trends

  • Benzoic acid is widely used as a preservative to extend the shelf life of food products. The growing consumer preference for convenient, ready-to-eat meals contributes to the rising demand for this acid in the food industry.
  • They are frequently used in soft drinks and other beverages to help prevent mold and yeast growth, ensuring product safety and longevity.

Competitive Landscape

  • Major players in the benzoic acid market are employing various strategic measures such as launching new products, entering into mergers, forming joint ventures, making acquisitions, and expanding into new regions.
  • Strategic actions undertaken by key players in the benzoic acid market demonstrate their proactive stance in seizing opportunities and broadening their business activities.
  • Through partnerships, acquisitions, and geographical expansions, these firms aim to reinforce their market positions and explore new market segments, ultimately fostering growth and competitiveness within the benzoic acid industry.

Some of the prominent market players:

  • 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

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Benzoic Acid Market Scope

Report Highlights Details
Market Size (2023) USD 1,164.6 Mn
Forecast Value (2033) USD 1,853.5 Mn
CAGR (2024-2033) 5.3%
Asia-Pacific Revenue Share 34.3%
Historical Data 2017 – 2022
Forecast Data 2025 – 2033
Base Year 2023
Estimate Year 2024
Segments Covered By Component, By Technology, By Application
Regional Coverage North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)

Market Analysis

In the application segment, the Benzoate category is expected to lead the benzoic acid market, capturing a significant share of 34.4% by 2024. There are two primary forms of the benzoate category: mono-benzoates & di-benzoates, both derived from benzoic acid.

They are used across many industries, including wall coverings, floor coverings, inks, waxes, adhesives, sealants, films, & board products. The increasing demand for phthalate-free plasticizers has driven the adoption of benzoic acid, as non-phthalate alternatives gain preference.

Drivers

  • Benzoic acid is widely used in making antifungal ointments for treating skin conditions like fungal infections, insect bites, ringworms, and burns, meeting the rising demand for such ointments due to increased fungal infection cases.In the food industry, benzoic acid salts serve as potent antimicrobial preservatives, enhancing the pH balance to extend the shelf life of acidic food items.
  • It is directly added to various food products such as canned goods, processed meats, fish, eggs, beverages (including soft drinks and juices), packaged snacks, baked goods, and vegetable products, thus, driving the growth of this market.

Restraints

  • Consuming beverages with sodium benzoate or benzoic acid in higher quantities negatively impacts health, leading to heightened ADHD symptoms in adults.
  • Sodium benzoate, a salt form of benzoic acid, is linked to increased hyperactivity. The original form of this acid can react with vitamin C to produce benzene, a known carcinogen, thus restraining the growth of this market.
  • Beverages, especially those with carbonation, combined with benzoic acid, can contain elevated levels of benzene, raising the risk of cancer.

Opportunities

  • Benzoic acid and its derivatives are highly valued across industries like food and beverages, cosmetics, and pharmaceuticals. Benzoate, a salt form derived from benzoic acid, has shown promise in alleviating major depression and panic disorders.
  • This presents substantial growth prospects for these acids in the pharmaceutical industry, particularly for medicinal purposes.

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Benzoic Acid Market Segmentation

By Form

  • Powder
  • Granules

 By Application

  • Benzoates
    • Sodium Benzoate
    • Potassium Benzoate
    • Benzyl Benzoate
  • Benzoates Plasticizers
  • Alkyd Resins
  • Benzoyl Chloride
  • Animal Feed Additives

By End-Use

  • Pharmaceuticals
  • Foods & Beverages
    • Bakery & Confectionery
    • Beverages
    • Meat Products
    • Sauces/ Dips/ Salad Dressings
    • Dairy products
    • Others
  • Cosmetics & Personal care
  • Others

Regional Analysis

The Asia-Pacific region is expected to lead the benzoic acid market, commanding a 34.3% share in 2024. Many factors have fueled this growth, including a rising preference for frozen foods, evolving consumer tastes, and increasing per capita incomes.

The region’s large youthful population, along with busy lifestyles, leads to a notable shift toward processed and packaged goods, driving up the demand for benzoic acid. Stringent government regulations in the Asia-Pacific region have also boosted the adoption of benzoate plasticizers over phthalate plasticizers.

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

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Recent Developments

  • March 2023: McCain Foods invested around USD 438.0 million to expand its processing plant in Alberta, doubling its size and output. This expansion aimed to create two cutting-edge production lines, which would positively impact benzoic acid developers.
  • In August 2022: Brenntag, the global market leader for the chemical and ingredient distributor, announced the market collaboration with ISCA, the highest distributor and manufacturer of specialty chemicals, which deals with preservatives in the cosmetic industry in the European market.

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