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Global Benzoic Acid Market: By Application: Sodium Benzoate, Benzyl Benzoate, Alkyd Resin, Benzoyl Chloride, Potassium Benzoate, Feed Additives, Others; By End Use: Chemical, Others; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments
Global Benzoic Acid Market Outlook
The global benzoic acid market reached a value of about USD 1.18 billion in 2021. The industry is further expected to grow at a CAGR of about 5.50% in the forecast period of 2023-2028 to reach a value of around USD 1.62 billion by 2027.
Asia Pacific to be Among the Significant Regional Markets for Benzoic Acid
The Asia Pacific region dominates the market for benzoic acid, owing to its widespread use in numerous end-user industries. Due to a steady shift toward packaged goods and an increase in per-capita disposable income, benzoic acid intake has gradually increased in the past few years. China and India are the two largest contributors to this region. Apart from the food and beverage industries, India and China have significant per capita plastic use, which has resulted in increased use of plasticisers, boosting the benzoic acid industry. Another factor boosting the overall benzoic acid industry is a considerable increase in demand for sodium and potassium benzoate in the region. In Asian countries, such as India, the animal feed sector is maturing, which is driving up the demand for benzoic acid in the region. The stringent government regulations and an increasing number of small-scale food and beverage industries are also contributing to the market growth.
Over the forecast period, North America is expected to witness steady growth rates. Due to strict government regulations, the substitution of benzoate plasticisers for phthalate plasticisers is likely to favour growth in this field. Further, the growing demand for phthalate plasticisers is expected to fuel the region's benzoic acid industry in the coming years.
Food and Beverage Segment to Dominate the Market Growth
By end-use industry, the market for benzoic acid is segmented into chemical, food and beverage, and pharmaceuticals. The food and beverages segment accounts for the major share of the overall market during the forecast period. The ongoing urbanisation and changing lifestyle of the masses are the factors leading to the increased demand for packaged food items. Benzoic acid, mostly consumed as sodium benzoate and potassium benzoate, is directly used as a food preservative in the food and beverages end-use industry. Thus, an increase in demand for food packaged sales leads to the growth of the benzoic acid industry across the globe.
Market Segmentations
Benzoic acid is a carboxylic acid having various beneficial properties, including antibacterial and antifungal properties, which has led to its widespread use in a variety of applications. Commercially, it is made by partially oxidising toluene with oxygen. Prunes, plums, raspberries, and cranberries are examples of fruits that contain benzoic acid, which is primarily used in the chemical, food and beverage, and pharmaceutical industries.
The significant applications of the market are:
- Sodium Benzoate
- Benzyl Benzoate
- Alkyd Resin
- Benzoyl Chloride
- Potassium Benzoate
- Feed Additives
- Others
The end-uses of the market are:
- Chemical
- Food and Beverage
- Pharmaceuticals
- Others
The regional markets for the benzoic acid industry can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
Increasing Demand for Packaged Food and Beverages Augmenting the Market Growth
Increasing demand for packaged food and beverages drives the demand for the benzoic acid industry globally. Food preservation is necessary in order to increase the shelf life of packaged food products, which drives the market growth of benzoic acid. Increasing demand for the replacement of phthalate plasticisers with benzoate plasticisers for different applications is likely to drive the demand for the benzoic acid industry. The rising population, higher income, and changing psychographics of Asian countries are driving the growth of the benzoic acid industry. The rising demand for sodium and potassium benzoate is also supporting the growth of the benzoic acid market. Benzoic acid can also find its application in animal feed, dye intermediates, and medical purposes. It is used to treat fungal skin infections like athlete's foot, tinea, and ringworm. These factors are expected to contribute to the global benzoic acid industry's expansion. Additionally, benzoic acid is used in the manufacturing of cosmetics. Benzoic acid is found in toothpaste, deodorants, mouthwashes, and other products. Benzoic acid is also used as an antimicrobial agent in these cosmetics. Apart from these factors, benzoic acid's low price and widespread availability are expected to boost the global market for benzoic acid.
Key Players in the Global Benzoic Acid Market
The report gives a detailed analysis of the following key players in the global benzoic acid industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Chemcrux Enterprises Ltd
- FUSHIMI Pharmaceutical Co., Ltd.
- SINTEZA S.A.
- Shri Hari Chemicals India
- LANXESS AG
- JQC(Huayin) Pharmaceutical Co., Ltd.
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Application |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Trade Data Analysis |
|
| Price Analysis |
|
| Competitive Landscape |
|
| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Region
7 Industry Opportunities and Challenges
8 Global Benzoic Acid Market Analysis
8.1 Key Industry Highlights
8.2 Global Benzoic Acid Historical Market (2018-2022)
8.3 Global Benzoic Acid Market Forecast (2023-2028)
8.4 Global Benzoic Acid Market by Application
8.4.1 Sodium Benzoate
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Benzyl Benzoate
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.4.3 Alkyd Resin
8.4.3.1 Market Share
8.4.3.2 Historical Trend (2018-2022)
8.4.3.3 Forecast Trend (2023-2028)
8.4.4 Benzoyl Chloride
8.4.4.1 Market Share
8.4.4.2 Historical Trend (2018-2022)
8.4.4.3 Forecast Trend (2023-2028)
8.4.5 Potassium Benzoate
8.4.5.1 Market Share
8.4.5.2 Historical Trend (2018-2022)
8.4.5.3 Forecast Trend (2023-2028)
8.4.6 Feed Additives
8.4.6.1 Market Share
8.4.6.2 Historical Trend (2018-2022)
8.4.6.3 Forecast Trend (2023-2028)
8.4.7 Others
8.5 Global Benzoic Acid Market by End Use
8.5.1 Chemical
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Food and Beverage
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Pharmaceuticals
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Others
8.6 Global Benzoic Acid Market by Region
8.6.1 Market Share
8.6.1.1 North America
8.6.1.2 Europe
8.6.1.3 Asia Pacific
8.6.1.4 Latin America
8.6.1.5 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.1.3 Breakup by Country
9.1.3.1 United States of America
9.1.3.2 Canada
9.2 Europe
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
9.2.3 Breakup by Country
9.2.3.1 United Kingdom
9.2.3.2 Germany
9.2.3.3 France
9.2.3.4 Italy
9.2.3.5 Others
9.3 Asia Pacific
9.3.1 Historical Trend (2018-2022)
9.3.2 Forecast Trend (2023-2028)
9.3.3 Breakup by Country
9.3.3.1 China
9.3.3.2 Japan
9.3.3.3 India
9.3.3.4 ASEAN
9.3.3.5 Australia
9.3.3.6 Others
9.4 Latin America
9.4.1 Historical Trend (2018-2022)
9.4.2 Forecast Trend (2023-2028)
9.4.3 Breakup by Country
9.4.3.1 Brazil
9.4.3.2 Argentina
9.4.3.3 Mexico
9.4.3.4 Others
9.5 Middle East and Africa
9.5.1 Historical Trend (2018-2022)
9.5.2 Forecast Trend (2023-2028)
9.5.3 Breakup by Country
9.5.3.1 Saudi Arabia
9.5.3.2 United Arab Emirates
9.5.3.3 Nigeria
9.5.3.4 South Africa
9.5.3.5 Others
10 Market Dynamics
10.1 SWOT Analysis
10.1.1 Strengths
10.1.2 Weaknesses
10.1.3 Opportunities
10.1.4 Threats
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Trade Data Analysis (HS Code – 291631)
12.1 Major importing countries
12.1.1 By Value
12.1.2 By Volume
12.2 Major Exporting Countries
12.2.1 By Value
12.2.2 By Volume
13 Price Analysis
13.1 North America Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.2 Europe Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.3 Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.4 Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
13.5 Middle East and Africa Historical Price Trends (2018-2022) and Forecast (2023-2028)
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Chemcrux Enterprises Ltd
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 FUSHIMI Pharmaceutical Co., Ltd.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 SINTEZA S.A.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Shri Hari Chemicals India
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 LANXESS AG
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 JQC(Huayin) Pharmaceutical Co.,Ltd.
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 Others
15 Industry Events and Developments
List of Key Figures and Tables
1. Global Benzoic Acid Market: Key Industry Highlights, 2018 and 2028
2. Global Benzoic Acid Historical Market: Breakup by Application (USD Billion), 2018-2022
3. Global Benzoic Acid Market Forecast: Breakup by Application (USD Billion), 2023-2028
4. Global Benzoic Acid Historical Market: Breakup by End Use (USD Billion), 2018-2022
5. Global Benzoic Acid Market Forecast: Breakup by End Use (USD Billion), 2023-2028
6. Global Benzoic Acid Historical Market: Breakup by Region (USD Billion), 2018-2022
7. Global Benzoic Acid Market Forecast: Breakup by Region (USD Billion), 2023-2028
8. North America Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2022
9. North America Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2023-2028
10. Europe Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2022
11. Europe Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2023-2028
12. Asia Pacific Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2022
13. Asia Pacific Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Latin America Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Latin America Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Middle East and Africa Benzoic Acid Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Middle East and Africa Benzoic Acid Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Major Importing Countries by Value
19. Major Exporting Countries by Value
20. Major Importing Countries by Volume
21. Major Exporting Countries by Volume
22. North America Historical Price Trends and Forecast (2018-2028)
23. Europe Historical Price Trends and Forecast (2018-2028)
24. Asia Pacific Historical Price Trends (2018-2022) and Forecast (2023-2028)
25. Latin America Historical Price Trends (2018-2022) and Forecast (2023-2028)
26. Middle East and Africa Historical Price Trend (2018-2022) and Forecast (2023-2028)
27. Global Benzoic Acid Market Structure.
Key Questions Answered in the Report
In 2021, the global benzoic acid market attained a value of nearly USD 1.18 billion.
The market is projected to grow at a CAGR of 5.50% between 2023 and 2028.
The market is estimated to witness healthy growth in the forecast period of 2023-2028 to reach USD 1.62 billion by 2027.
The major drivers of the market include the stringent government regulations, increasing demand for the replacement of phthalate plasticisers with benzoate plasticisers, rising population, changing psychographics, rising demand for sodium and potassium benzoate, and increasing application in the cosmetics and pharmaceuticals industry.
Increasing demand for packaged food and beverages and an increase in per-capita disposable income are the key industry trends propelling the growth of the market.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant applications of the market are sodium benzoate, benzyl benzoate, alkyd resin, benzoyl chloride, potassium benzoate, and feed additives, among others.
The end-uses of the market are chemical, food and beverage, and pharmaceuticals, among others.
The major players in the industry are Chemcrux Enterprises Ltd, FUSHIMI Pharmaceutical Co., Ltd., SINTEZA S.A., Shri Hari Chemicals India, LANXESS AG, and JQC(Huayin) Pharmaceutical Co., Ltd., among others.
Analyst Review
The global benzoic acid market attained a value of USD 1.18 billion in 2021, driven by the increasing demand for packaged food and beverages. Aided by the increasing application in the cosmetics and pharmaceuticals industry and an increase in per-capita disposable income, the market is expected to grow at a CAGR of 5.50% in the forecast period of 2023-2028. The market is projected to reach USD 1.62 billion by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. The significant applications of the market are sodium benzoate, benzyl benzoate, alkyd resin, benzoyl chloride, potassium benzoate, and feed additives, among others. The end-uses of the market are chemical, food and beverage, and pharmaceuticals, among others. The major regional markets for benzoic acid are North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa. The key players in the above market are Chemcrux Enterprises Ltd, FUSHIMI Pharmaceutical Co., Ltd., SINTEZA S.A., Shri Hari Chemicals India, LANXESS AG, and JQC(Huayin) Pharmaceutical Co., Ltd., among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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