New York, NY -- (SBWire) -- 04/30/2021 --Extensive use of benzoic acid in APAC, growing demand for preservatives to improve the shelf life of the products, coupled with the growth in the food & beverage industry, are key factors contributing to the high CAGR of Benzoic acid Market during the forecast period.
Market Size – USD 1.05 billion in 2019, Market Growth - CAGR of 5.4%, Market Trends – Product launches and research for advanced Benzoic acid
According to the current analysis of Reports and Data, the Global Benzoic Acid Market size is expected to grow from USD 1.05 billion in 2019 to USD 1.59 billion by 2027, registering a CAGR of 5.4% during the forecast period.
Benzoic acid is a pure aromatic carboxylic acid that is produced commercially through partial oxidation of toluene with oxygen. It is mostly f in many plants. The benzoic acid is widely used as an intermediate product in the manufacturing of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Food and beverages, Pharmaceutical and Chemical industries use benzoic acid in their applications.
The consumption of benzoic acid remains relatively higher in Asia pacific region with the highest CAGR. Rising demand for sodium and potassium benzoate also drives the market. Per capita, plastic consumption is high in India and China, which increases the use of plasticizers, thus boosting the benzoic acid market. In the food & beverage industry, the use of benzoic acid is in the production of preservatives to keep food fresh for a long time, thus driving the market growth. Increasing demand for frozen food items & drinks across the globe drives the growth.
Sodium benzoate is a significant part and has the largest share of 42.8% of the benzoic acid market. Sodium benzoate is widely utilized as in acidic foods such as salad dressings (i.e., acetic acid in vinegar), carbonated drinks (carbonic acid).
Major key players in this market are Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China).
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Further key findings from the report suggest
- The benzoic acid market is growing at a CAGR of 4% in the Asia Pacific, followed by North America and Europe, with 8.5 % and 7.2% CAGR, respectively. High pruritus prevalence across the globe is the critical factor in accelerating market growth during the forecast period across all regions.
- The benzoic acid occurs naturally in many plants and serves in the biosynthesis of many secondary metabolites. The synthesis of benzoic acid is through partial oxidation of toluene with oxygen.
- The current urbanization and changing lifestyle of masses are the factors leading to the increased demand for packaged food items, which demands more for preservatives hence boosting the growth.
- The constraint for this benzoic acid market is growing concerns regarding harmful effects caused by excess consumption of benzoic acid on human health have an adverse impact. A significant factor that is hampering the growth of the market is the presence of substitutes.
- Asia-Pacific dominated the market and accounted for more than 41% of the total volume and value and is expected to witness significant growth during the forecast period of The Asia Pacific dominates the benzoic acid market and is expected to show dominance over the forecast period. The uprise is due to an increase in per-capita disposable income levels with shifting in trends.
- The benzoic acid market is vastly distributed in different regions, which are Asia Pacific, Europe, Latin America, North America, and the Middle East, & Africa, among which Asia pacific region will be growing at the highest CAGR.
- Food and beverages were the segment gaining the largest market share of 46.4% and expected to acquire more shares in the coming years. The report presents an overlook of the global benzoic acid market to the readers by offering them a detailed outlook of how the benzoic acid market operates in its granular, day to day functioning. The chemical industry follows with a considerable amount of market share, having enlarged applications as solvents, adhesives, sealants, and other related products.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/benzoic-acid-market
For this report, Reports and Data have segmented the Benzoic acid market based on applications, end-use, and region:
Application (Revenue in USD Million; Volume in Tons, 2017–2027)
Sodium Benzoates
Benzoate plasticizers
Benzoyl Chloride
Alkyd Resins
Animal Feed Additive
End Use (Revenue in USD Million; Volume in Tons, 2017–2027)
Food & Beverage
Chemicals
Pharmaceuticals
Region (Revenue in USD Million; Volume in Tons, 2017–2027)
North America
Europe
Asia Pacific
Middle East & Africa
South America
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Table of Content:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018 – 2026
Chapter 3. Indicative Metrics
3.1. Increased demand For Benzoic acid
3.2. R&D activities for the development and sale of safe chemicals.
3.3. Growing demand from the food and beverage industry
3.4. Growing demand for preservatives
Chapter 4. Benzoic acid Market Segmentation & Impact Analysis
4.1. Benzoic acid Segmentation Analysis
4.2. Benzoic acid Market Value Chain Analysis, 2016-2026
4.3. Regulatory framework
4.4. Benzoic acid Market Impact Analysis
4.4.1. Market driver analysis
4.4.2. Market restraint analysis
4.4.2.1. Lack of awareness
4.4.2.2. Availability of generics
4.5. Key opportunities prioritized
4.6. Benzoic acid Pricing Analysis
4.7. Industry Analysis - Porter's
4.8. Benzoic acid PESTEL Analysis
…..
Chapter 8. Competitive Landscape
8.1. Market Revenue Share by Manufacturers
8.2. Manufacturing Cost Breakdown Analysis
8.3. Mergers & Acquisitions
8.4. Strategy Benchmarking
8.5. Vendor Landscape
Chapter 9. Company Profiles
9.1. Emerald Performance Materials
9.1.1. Company Overview
9.1.2. Financial Performance
9.1.3. Product Length Benchmarking
9.1.4. Strategic Initiatives
9.2. Wuhan Youji Industries
9.2.1. Company Overview
9.2.2. Financial Performance
9.2.3. Product Length Benchmarking
9.2.4. Strategic Initiatives
9.3. Tianjin Dongda Chemical Group
9.3.1. Company Overview
9.3.2. Financial Performance
9.3.3. Product Length Benchmarking
9.3.4. Strategic Initiatives
9.4. Liao Ning Huayi Chemical Industry & Commerce company
9.4.1. Company Overview
9.4.2. Financial Performance
9.4.3. Product Length Benchmarking
9.4.4. Strategic Initiatives
Continue…..
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Benzoic Acid Market Demand, Drivers, Restraints, Merger & Acquisition, SWOT Analysis, PESTELE Analysis and Business Opportunities by 2027
The Global Benzoic Acid Market size is expected to grow from USD 1.05 billion in 2019 to USD 1.59 billion by 2027, registering a CAGR of 5.4% during the forecast period.