The global benzoic acid market is projected to grow from an estimated USD 1009.9 million in 2018 to USD 1313.5 million by 2023, at a CAGR of 5.4% during the forecast period. Benzoic acid is a simple aromatic carboxylic acid. It is produced commercially through partial oxidation of toluene with oxygen. It is also found naturally in various plants. Benzoic acid is used as an intermediate product in the manufacturing of salts such as sodium benzoate, potassium benzoate, phenol, and alkyd resins, among others. Food & beverages, chemical, and pharmaceutical end-use industries use benzoic acid in various applications. The base year used for company profiles is 2017, and the forecast has been provided for the period between 2018 and 2023.
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Opportunities
- Replacement of phthalate plasticizers with non-phthalate plasticizers in the European and North American regions
Challenges
- Limited use of benzoic acid as a food preservative in developed economies
- Fluctuating prices of toluene
Increasing Use of benzoic acid in food and beverage industry drives the global benzoic acid market
Benzoic acid is primarily used as a preservative in packaged food items & beverages. It is majorly used to preserve acidic food items & beverages such as pickles, jams, fruit juices, aerated drinks, and sparkling drinks, among others. The increased use of benzoic acid as a food preservative can be attributed to the fact that it does not alter or affect the odor or taste of the food items or drinks to which it is added. The growth of the food & beverages end-use industry segment of the benzoic acid market is also due to change in the consumer preferences for packaged food items & drinks, and increased per capita income of consumers.
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• Premium Insights –
4.1 Significant Growth Opportunities In the Benzoic Acid Market
4.2 Benzoic Acid Market, By Region
4.3 Asia Pacific Benzoic Acid Market, By Country and Application
4.4 Benzoic Acid Market, By Application and Region
4.5 Benzoic Acid Market, By Country
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