Market Size of Benzoic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.60 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Benzoic Acid Market Analysis
The Benzoic Acid Market is projected to grow at a CAGR of 5.6 % over the next five years.
With the sudden outbreak of the COVID-19 pandemic, the strict government regulations led to increased demand for canned or packaged food and beverages worldwide; thus, the demand for the Benzoic acid market, which acts as a preservative, across the globe is growing drastically. The benzoic market has seen 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 over the phase of the pandemic.
Food preservation is essential to raise the shelf life of canned food, instant food, and packaged food products, which accelerated the growth of the Benzoic acid market globally. The benzoic acid market is blooming owing to the increasing popularity of canned, packaged, or ready-to-eat food commodities among consumers all over the globe. However, to keep food safe and bacteria-free for a longer time, food producers are predicted to adopt such ingredients and elements that are budget friendly and safe, which is predicted to propel the demand for benzoic acid. Also, according to Food and Agriculture Organizationn, report ,benzoic acid and its salts are utilized as microbiological preservatives in a wide range of processed foods and beverages owing to their water-solubility, benzoic acidsalts are commonlyy utilizedd as food additives. The Join Expert Committee On Food Additives (JECFA) requirements of benzoic acid and its salts, such as sodium benzoate, potassium benzoate, and calcium benzoate, were developed and are now maintained to ensure that the quality of food additive grade materials is well-controlled by legislation in all countries.
Furthermore, benzoic acid is utilized for preparing phenols in the chemical sector and preservatives in toothpaste and mouthwash, which are essential commodities and is also used as a replacement for phthalate plasticizers with non-phthalate plasticizers, particularly in European and North American regions, which has created a great market opportunity for benzoic acid manufacturers with increasing application in paper industries. Apart from this, the benzoic acid market is propelling high growth owing to its usage in different ointments in pharmaceuticals for fungal skin disease treatment such as anti-aging, burns, ringworm, or athlete's food.
