Benzoic Acid Global Market Report 2024

The benzoic acid market has grown strongly in recent years. It will grow from $1.31 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The expansion observed in the historical period can be attributed to several key factors, including the increasing demand for food preservation solutions, the use of benzoic acid in pharmaceutical applications, its role as a chemical intermediate, the growth of diverse end-use industries, and the adherence to stringent regulatory standards governing its usage.

The benzoic acid market is expected to see strong growth in the next few years. It will grow to $1.71 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The anticipated growth in the forecast period is driven by several factors, including population growth, heightened healthcare requirements, advancements in technology, economic progress, and the adoption of sustainable practices. Key trends expected in this period encompass a shift towards the utilization of benzoic acid salts, an increased demand for benzoic acid in the production of plasticizers, growth in end-use industries within emerging economies, and substantial research and development efforts directed towards discovering novel applications for benzoic acid.

The escalating demand for processed foods is set to steer the growth of the benzoic acid market. Utilized widely as a preservative in processed foods for its antimicrobial attributes, benzoic acid plays a pivotal role in extending the shelf life and ensuring the quality and safety of these products. Projections from OJ digital solutions in November 2022 indicate a substantial surge in revenue within the US online grocery market, where packaged foods play a significant role, further emphasizing the anticipated growth in demand for processed foods and consequently, benzoic acid.

The global rise in population stands as a driving force behind the benzoic acid market's expansion. A burgeoning population translates to heightened demand for various consumer goods, including packaged foods, pharmaceuticals, and personal care items, fostering a parallel increase in the need for benzoic acid. Statistics from the French Institute for Demographic Studies in July 2022 forecast a global population growth from approximately 8 billion to an estimated 9.7 billion by 2050, underscoring the link between population surge and amplified demand for products reliant on benzoic acid.

Product innovation emerges as a prominent trend in the benzoic acid market, with major companies focusing on innovative formulations to fortify their market positions. For example, Menno Chemie GmbH & Co KG introduced A-QUASAN in June 2022, a novel disinfectant harnessing the efficacy of benzoic acid across various sectors, especially in fresh produce processing and drinking water systems. A-QUASAN's potent antimicrobial properties at low concentrations coupled with its biodegradability and prolonged stability represent an innovative application of benzoic acid in disinfectant formulations.

Prominent companies in the benzoic acid market are directing their efforts toward developing natural preservatives through fermentation processes. These natural preservatives, derived from natural sources, serve to extend shelf life and inhibit microorganism growth across various products. Conagen, in August 2021, unveiled ‘p-Coumaric Acid (PCA),’ a natural preservative containing 3,4-dihydroxy benzoic acid. This innovation provides product developers with a cost-effective, scalable, and natural solution to enhance food shelf life while preserving its original flavor, representing a notable advancement in the use of benzoic acid-derived solutions.

In February 2021, Lanxess AG, a renowned specialty chemicals company headquartered in Germany, completed the acquisition of Emerald Kalama LLC for a total of $1.08 billion. This strategic acquisition aimed to bolster Lanxess's foothold in markets specializing in high-margin products, particularly in sectors such as beverages and cosmetics. Emerald Kalama LLC, a prominent US-based chemical company, stands as one of the largest producers of benzoic acid, contributing significantly to Lanxess's position and capabilities in this specific segment of the chemical industry.

Major companies operating in the benzoic acid market report are Emerald Kalama LLC, IG Petrochemicals Ltd., Merck KGaA, Chemcrux Enterprises Ltd., The Chemical Company, Ganesh Benzoplast Ltd., Huayin Jinqiancheng Pharmaceutical Co Ltd., Wuhan Youji Industries Co Ltd., Tianjin Dongda Chemical Group Co Ltd., Lanxess AG, Eastman Chemical Company, Avantor Inc., Novaphene Specialities Pvt Ltd., DuPont de Nemours Inc., Krishna Speciality Chemicals Pvt Ltd., Srihari Chemicals, Nantong Haiers, Huangshi Taihua Industry, Yash Rasayan & Chemicals, JQC (Huayin) Pharmaceutical, Wuhan Dico Chemical, Hubei Phoenix Chemical, Changzhou Hubin Medicine, Tengzhou Tenglong Chemical, Remi Fine, Hebei Smart Chemicals Company, Liao Ning Huayi Chemical, Zhejiang Shengxiao Chemicals Co. Ltd., Yasho Industries, Wuhan Ruiji Chemical Co. Ltd.

North America was the largest region in the global benzoic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the benzoic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the benzoic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Benzoic acid is available in forms of powder and granules, the powder variant consists of fine particles. Benzoic acid finds diverse applications such as sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizers, alkyd resin, benzoyl chloride, and feed additives. These applications span across industries including food and beverages, the chemical sector, pharmaceuticals, and various other domains.

The benzoic acid market research report provides benzoic acid market statistics, including benzoic acid industry global market size, regional shares, competitors with a benzoic acid market share, detailed benzoic acid market segments, market trends and opportunities, and any further data you may need to thrive in the benzoic acid industry. This benzoic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The benzoic acid market consists of sales of benzoate salts derived from benzoic acid, benzoic acid flakes, benzene formic acid, benzene-methanoic acid, carboxy benzene, and benzene-carboxylic acid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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