The global benzoic acid market size was evaluated at USD 1.06 billion in 2022 and it is projected to hit around USD 1.7 billion by 2032, growing at a CAGR of 4.9% during the forecast period from 2023 to 2032. Asia Pacific Market has generated more than 54% of revenue share in 2022.
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The benzoic acid market refers to the global market for chemicals and materials used in various industries such as food and beverages, pharmaceuticals, cosmetics, etc. Benzoic acid is commonly used for the preservation process. Benzoic acid had the properties of increasing the expected shelf life of the product. Benzoic Acid is found in plants naturally. The salt present in the benzoic acid is used in the food preservation process.
Benzoic acid is a very common thing used in daily life, it is an organic compound. Benzoic acid is mainly produced in laboratories commercially by limited oxidation of oxygen and toluene. Benzoic acid manufacturing is used in many materials and making of high yields. As stated, benzoic acid is used in many industries such as cosmetics, pharmaceuticals, food and beverages, chemical industries, and many kinds of domestic and industrial purposes. The rising expansion of end-users across the globe is fueling the growth of benzoic acid market.
Due to busy life schedules and changing lifestyle habits, consumers move towards the packaging of food and most of the packed food contains a heavy amount of preservative in it. Consumers gaining interest in processed foods like snacks, beverages, soft drinks, and precooked or processed meat to meet their daily food requirements. The shift towards processed food products across the world is propelling the growth of benzoic acid market.
| Report Coverage | Details |
| Market Size in 2023 | USD 1.11 Billion |
| Market Size by 2032 | USD 1.7 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 4.9% |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Form and By Application |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Drivers:
The food processing industry supporting the benzoic acid market in expansion
Benzoic acid has great antimicrobial properties, the benzoic acid and its salt is preferably used as food and beverage preservatives in the food industry. It is mainly used in food that contains an acidic nature so the benzoic acid maximizes their pH level so the food or product got an increased shelf life. Benzoic acid can be directly added to canned food, processed meat, fish, eggs, beverages, and soft drinks, juices, packed snacks, bakery products, and vegetable products. It is also used in the fermentation of vegetables by adding some other acids like sorbic, ascorbic, and lactic acid with it. Though benzoic acid shows enormous preservative properties and day-to-day growing demand for frozen foods in consumers, hence it is predicted that the benzoic acid market will expand in the forecast period.
Restraints:
Concerning medical issues may hamper the market
Although benzoic acid had many benefits and it is recognized by the FDA when in terms of food amount the maximum usage set is 0.1 for food products. Benzoic acid has some of disadvantages also like, some studies show that a higher intake of beverages containing sodium benzoate or benzoic acid is hazardous to health and increase ADHD symptoms in the young generation. Also, the sodium benzoate which is also known as the salt of benzoic acid may result in hyperactivity.
Benzoic acid can form benzene when combined with vitamin C. Most beverages contain a higher amount of carbonated components, and it contains a big amount of benzene in it. And it shows that benzene is highly associated with the risk of cancer.
Opportunities:
Benzoic acid is considered to medicinal use for improving mental health
Benzoic acid is considered a very beneficial organic compound for many the industries like food and beverages, cosmetics, and pharmaceuticals. Recent studies show that benzoic acid is helpful to improve mental health also. The benzoate which is the salt present in the benzoic acid helps in decreasing major depression and panic attacks or panic disorders. It also shows that as compared to placebo the benzoic acid or benzoate will minimize the symptoms of schizophrenia by up to 21%. Researchers show that benzoic acid is very useful in the pharmaceutical industry in medicinal use. It shows that benzoic acid had good market opportunities in the field of the pharmaceutical industry.
In the form segment, the powder segment led the market with the largest market share of benzoic acid in the forecast period. The powder form is in the white amorphous powder which can easily dissolve and had a strong impact on the acidic pH levels. Benzoic acid powder is mostly used as a food preservative in soft drinks, pickles, vegetable salads, and fruit juices, etc. benzoic acid powder prevents food from the formation of bacteria and fungus in it. It is mostly used in food which can be stored for a long time.
The granules form of benzoic acid pose a significant growth in the market during the forecast period. Granules are the salt of the benzoic acid and it can be rapidly dissolvable in water. It also can be useful to improve the shelf life of the product and prevent bacteria and fungus from growing.
The food and beverages segment held the largest share of the market, the segment is predicted to sustain its dominance during the analyzed period. In most beverages, benzoic acid is used in the form of benzoate which enhances the flavor of the drink and increases the acidity of soft drinks. In most of international conferences and programs, benzoate is used in the beverages sector.
A cosmetic segment is expected the dominant in the market in the anticipated period of time. It is shown that benzoate is a skin-friendly organic compound and is used in many cosmetics products. Benzoate had antifungal properties so it is a great preservative for cosmetics products.
Pharmaceuticals is another lucrative segment of the market. The antimicrobial properties of benzoic acid make it an ideal component for multiple pharmaceutical products including ointments, anti-fungal creams and lotions. The rising application of benzoic acid, especially in the dermatology sector is expected to boost the segment’s growth during the forecast period.
Asia-Pacific dominated the worldwide market for benzoic acid market in 2022. Increased demand for frozen food and changing consumer preferences and disposable income all these factors are anticipated for the growth of the market in the Asia-Pacific. Asia-Pacific had the world's largest amount of young generation and it shifting towards processed foods owing to its busy lifestyle and choices, the inclination towards processed and packaged food items poses as a major driver for the growth of benzoic acid market in Asia Pacific. The animal Feed industry also attaining the interest in countries like India and it's increasing the demand for benzoic acid in the market.
On the other hand, strict government rules that resulted in the substitution of phthalate plasticizers with benzoate plasticizers are anticipated to promote growth in this industry. Due to the aforementioned factor, an increase in demand for benzoate plasticizers is predicted in Asia Pacific nations during the course of the projected period.
North America is another rapidly-growing market for benzoic acid. The rapid growth of the market in North America is attributed to the fastest growing food and beverages industry. The United States and Canada are observed to contribute to the market’s growth on a large scale during the forecast period. Additionally, the rising demand for cosmetics products in the region is another factor to boost the growth of benzoic acid market.
On the other hand, the Middle East and Africa are expected to witness a significant demand for benzoic acid. The rising government focus on the development of food and pharmaceutical industries along with increasing R&D activities in chemical industries are considered to act as major drivers for the market’s growth. In addition, the growth of benzoic acid market in these regions is driven by the rising application of benzoic acid as feed additives, plasticizers and corrosive inhibitor by multiple industries.
Segments Covered in the Report:
By Form
By Application
By Geography
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