Benzoic Acid Market Analysis:
Benzoic acid is a carboxylic acid exhibiting antibacterial and anti-fungal properties. Benzoic acid is naturally found in various fruits such as cranberry, raspberries, and plums. Its ability to ward of mound and yeast makes it attractive for the food & beverages industry. Benzoic acid is used in the preparation of many phenols in the chemical industry. It is commonly used as a preservative in cosmetics and personal care products such as toothpaste and mouthwash. The use of benzoic acid in many ointments for the treatment of fungal skin disease such as ringworm or athlete’s food has increased its global market demand. Benzoic acid is effectively used in many industries such as food & beverages, chemicals, pharmaceuticals, dairy products, and meat industry. Innovations and vast applications with rising demand for the product fuel the market growth in the coming years.
COVID-19 impact analysis
The coronavirus outbreak has made many major industries to back off from the market due to various financial and technical problems. Similarly, the benzoic acid market has faced huge consequences, as it has applications in many industries. The lockdown has caused most of the food & beverages companies to suspend their activities. Only the essentials are to be manufactured in the current situation. Lack of labor supply suspended the production of processed foods and beverages, thus reducing the demand for benzoic acid, as it is used as a preservative in processed foods. On the other hand, when all the industries are facing crisis, the pharmaceutical industry is still fully functional. Benzoic acid plays an important role in the treatment of anti-fungal disease, thus creating demand for the product even during the time of this crisis.
Market scenario analysis
Rise in demand for packaged food and numerous end-use applications in various industries are expected to boost the global benzoic acid market during the forecast period. The never-ending demand for the canned foods and soft drinks across the globe fuels the market growth. The replacement of phthalate with non-phthalate plasticizer in North America has created lucrative opportunities for the paper industry. Moreover, benzoic acid is used by cosmetics industry to manufacture products such as toothpaste, deodorants, and mouthwash. Apart from these, low cost and availability of benzoic acid is likely to boost the global market growth.
Trends and opportunities
The global benzoic acid is expected to grow at a faster rate in the near future. This is attributed to the fact that benzoic acid helps to increase the shelf life of packed food and beverages. In addition, it is used for preservation of acidic food products such as soft drinks and other canned beverages. Consumers have shifted toward processed foods and beverages, including snacks, packaged food, soft drinks, and fast food to meet their everyday meal requirement, as they are skipping breakfast due to their work schedule. This is expected to create remunerative opportunities for the market growth. Apart from the food and beverages, the use of benzoic acid in the treatment of anti-bacterial disease is anticipated to fuel the market growth. Benzoic acid further finds its application in dye intermediates, pet food, and other medical purposes. In addition, the use of benzoic acid in cosmetics and personal care products with low cost and easy availability has driven the market growth.
Asia-Pacific has witnessed substantial growth in the benzoic acid market, due to increase in disposable income and shift toward processed foods. India and China are the major contributors in the region. This is attributed to the fact that the use of plastics in India and China has increased the use of plasticizers. North America is expected to grow during the forecast period, owing to rise in number of small-scale food industries across the regions.
Key benefits of the report
- This report presents the analytical depiction of the global benzoic acid industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers and opportunities along with detailed analysis of the market share.
- The current market is quantitatively analyzed to highlight the market growth scenario.
- The report provides a detailed market analysis depending on competitive intensity and how the market will take shape in coming years.
Questions answered in the global benzoic acid market research report:
- Which are the leading market players active in the global benzoic acid market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Benzoic Acid Market Report Highlights
By industry vertical
Key Market Players
Ganesh Benzoplast Limited, Thermo Fisher Scientific, Hemadri Chemicals, Emerald Performance Materials, Avantor, Wuhan Yoji Industries Company Limited, Navyug Pharmachem (P) Ltd., Alfa Aesar, GFS Chemicals Inc., Tianjin Dongda Chemical Group Co. Ltd., Eastman Chemical Company, Choice Organochem LLP, Spectrum Chemical Manufacturing Corp., MP Biomedicals LLC