Market Snapshot
| Study Period: | 2016 - 2026 |
| Base Year: | 2020 |
| Fastest Growing Market: | Europe, Middle East, and Africa |
| Largest Market: | Asia Pacific |
| CAGR: | 5.6 % |
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Market Overview
Global benzoic acid market is projected to register a CAGR of 5.6 during the forecast period (2021-2026)
- The benzoic market has seen a positive growth due to its prominence in the application segments in the past couple of years and is expected to continue attaining growth at a faster pace during the forecast period.
- The replacement of phthalate plasticizers with non-phthalate plasticizers particularly in European as well as North American regions has created a great market opportunity for the benzoic acid manufacturers with increasing application in paper industries.
- The market has two significant restraining factors such as fluctuating price of toluene and strict regulation regarding the usage of preservatives including benzoic acid majorly in developed economies. However, benzoic acid holds a significant role as a preservative in the food and beverage industries of developing economies.
Scope of the Report
The global benzoic acid is actively being used in differed end-user industries such as Food & Beverage, Chemicals, Plasticizers, Animal Feed, and Others. In the food and beverage industries, it is used in different products such as Bakery and Confectionery, Meat Products, Beverage, Sauces / Dips / Salad Dressings, Dairy Products, and others. The market is covered for potential markets in countries in each region.
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| Others |
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Key Market Trends
Increasing Demand For Processed Food Items & Beverages
The consumer's paradigm shift towards processed food and beverage products such as snacks, fruit juices, processed meat snacks, and others to meet their everyday meal requirement. The prevalence of skipping meals such as breakfast in many European countries has resulted in consumers increasing preference for processed and packaged food and beverage products. As preservatives including benzoic acid are an important ingredient in processed food and beverage products, the end-user industries are actively looking for innovation in benzoic acid which in turn has provided a great opportunity for the manufacturers to attain a significant market position through expanding their product portfolio and product launches. The increasing number of food and beverage processing units in developing nations such as India, Australia, China, and others is also fueling the demand for benzoic acids.
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Asia-Pacific Emerges as The Fastest Growing Market
Asia Pacific region holds a major share in the benzoic acid market, primarily due to extensive application in various end-user industries. Apart from the food and beverage industries, the per capita consumption of plastic is high in India and China, which in turn has increased the use of plasticizers resulting in boosting the benzoic acid market. The Region has strongly registered a rising demand for sodium and potassium benzoate which is yet another factor driving the overall benzoic acid market. The animal feed industry has is also attaining maturing in various Asian countries such as India, which is again boosting 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 major contributors to fueling the growth od the market.
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Competitive Landscape
The benzoic acid is a highly fragmented market with the presence of a large number of local players across the globe. The extensive application of benzoic acid in various end-user industries have resulted in an increasing number of product launches by active manufacturers to consolidate their presence in the global market. The key players are also expanding their product range to capture maximum application areas of benzoic acid and attain a prominent share in the market. Key global players have thus intensified their R&D efforts, in order to develop a niche and innovative products based on the requirements of the end-user industry. Key global players have thus intensified their R&D efforts, in order to develop a niche and innovative products based on the requirements of the end-user industry.
Table of Contents
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1. INTRODUCTION
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1.1 Study Deliverables
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1.2 Study Assumptions
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1.3 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porter's Five Force Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 By Application
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5.1.1 Food & Beverage
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5.1.1.1 Bakery and Confectionery
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5.1.1.2 Meat Products
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5.1.1.3 Beverage
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5.1.1.4 Sauces / Dips / Salad Dressings
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5.1.1.5 Dairy Products
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5.1.1.6 Others
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5.1.2 Chemicals
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5.1.3 Plasticizers
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5.1.4 Animal Feed
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5.1.5 Others
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5.2 Geography
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5.2.1 North America
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5.2.1.1 United States
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5.2.1.2 Canada
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5.2.1.3 Mexico
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5.2.1.4 Rest of North America
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5.2.2 Europe
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5.2.2.1 United Kingdom
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5.2.2.2 Germany
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5.2.2.3 France
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5.2.2.4 Russia
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5.2.2.5 Italy
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5.2.2.6 Spain
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5.2.2.7 Rest of Europe
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5.2.3 Asia Pacific
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5.2.3.1 India
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5.2.3.2 China
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5.2.3.3 Japan
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5.2.3.4 Australia
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5.2.3.5 Rest of Asia-Pacific
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5.2.4 South America
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5.2.4.1 Brazil
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5.2.4.2 Argentina
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5.2.4.3 Rest of South America
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5.2.5 Middle East & Africa
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5.2.5.1 South Africa
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5.2.5.2 Saudi Arabia
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5.2.5.3 Rest of Middle East & Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Most Active Companies
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6.2 Most Adopted Strategies
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6.3 Market Position Analysis
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6.4 Company Profiles
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6.4.1 Emerald Kalama
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6.4.2 I G Petrochemicals Ltd (IGPL)
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6.4.3 Merck KGaA
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6.4.4 Chemcrux Enterprises Ltd
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6.4.5 Merck KGaA
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6.4.6 Chemcrux Enterprises Ltd
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6.4.7 The Chemical Company
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6.4.8 Ganesh Benzoplast
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Benzoic Acid Market market is studied from 2016 - 2026.
What is the growth rate of Benzoic Acid Market?
The Benzoic Acid Market is growing at a CAGR of 5.6% over the next 5 years.
Which region has highest growth rate in Benzoic Acid Market?
Europe, Middle East, and Africa is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Benzoic Acid Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Benzoic Acid Market?
Emerald Performance Materials, I G Petrochemicals Ltd. (IGPL), Merck KGaA, Chemcrux Enterprises Ltd, The Chemical Company are the major companies operating in Benzoic Acid Market.
