Product Code: r11553
“Benzoic Acid Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on benzoic acid market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for benzoic acid? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The benzoic acid market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Scope
Markets Covered:
- 1) By Form: Powder; Granules
- 2) By Application: Sodium Benzoate; Potassium Benzoate; Benzyl Benzoate; Benzoate Plasticizers; Alkyd Resin; Benzoyl Chloride; Feed Additives; Other Applications
- 3) By End Use: Food And Beverages; Chemical Industry; Pharmaceutical Industry; Other End Uses
- Companies Mentioned: Emerald Kalama LLC; IG Petrochemicals Ltd.; Merck KGaA; Chemcrux Enterprises Ltd.; The Chemical Company
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Benzoic acid is a white crystalline solid belonging to the aromatic carboxylic acids category and is derived from benzene. It occurs naturally in several fruits such as cranberries, plums, apples, and certain spices, imparting a somewhat sweet fragrance.
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 is one of a series of new reports from The Business Research Company that 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 size 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 size 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
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.
Table of Contents
1. Executive Summary
2. Benzoic Acid Market Characteristics
3. Benzoic Acid Market Trends And Strategies
4. Benzoic Acid Market - Macro Economic Scenario
- 4.1. Impact Of High Inflation On the Market
- 4.2. Ukraine-Russia War Impact On the Market
- 4.3. COVID-19 Impact On the Market
5. Global Benzoic Acid Market Size and Growth
- 5.1. Global Benzoic Acid Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
- 5.2. Global Benzoic Acid Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
- 5.3. Global Benzoic Acid Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)
6. Benzoic Acid Market Segmentation
- 6.1. Global Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Powder
- Granules
- 6.2. Global Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Sodium Benzoate
- Potassium Benzoate
- Benzyl Benzoate
- Benzoate Plasticizers
- Alkyd Resin
- Benzoyl Chloride
- Feed Additives
- Other Applications
- 6.3. Global Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Food And Beverages
- Chemical Industry
- Pharmaceutical Industry
- Other End Uses
7. Benzoic Acid Market Regional And Country Analysis
- 7.1. Global Benzoic Acid Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 7.2. Global Benzoic Acid Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8. Asia-Pacific Benzoic Acid Market
- 8.1. Asia-Pacific Benzoic Acid Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.3. Asia-Pacific Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 8.4. Asia-Pacific Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
9. China Benzoic Acid Market
- 9.1. China Benzoic Acid Market Overview
- 9.2. China Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.3. China Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
- 9.4. China Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
10. India Benzoic Acid Market
- 10.1. India Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.2. India Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 10.3. India Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11. Japan Benzoic Acid Market
- 11.1. Japan Benzoic Acid Market Overview
- 11.2. Japan Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.3. Japan Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 11.4. Japan Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12. Australia Benzoic Acid Market
- 12.1. Australia Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.2. Australia Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 12.3. Australia Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13. Indonesia Benzoic Acid Market
- 13.1. Indonesia Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.2. Indonesia Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 13.3. Indonesia Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14. South Korea Benzoic Acid Market
- 14.1. South Korea Benzoic Acid Market Overview
- 14.2. South Korea Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.3. South Korea Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 14.4. South Korea Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15. Western Europe Benzoic Acid Market
- 15.1. Western Europe Benzoic Acid Market Overview
- 15.2. Western Europe Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.3. Western Europe Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 15.4. Western Europe Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16. UK Benzoic Acid Market
- 16.1. UK Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.2. UK Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 16.3. UK Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17. Germany Benzoic Acid Market
- 17.1. Germany Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.2. Germany Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 17.3. Germany Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18. France Benzoic Acid Market
- 18.1. France Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18.2. France Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 18.3. France Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19. Italy Benzoic Acid Market
- 19.1. Italy Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.2. Italy Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 19.3. Italy Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20. Spain Benzoic Acid Market
- 20.1. Spain Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.2. Spain Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 20.3. Spain Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21. Eastern Europe Benzoic Acid Market
- 21.1. Eastern Europe Benzoic Acid Market Overview
- 21.2. Eastern Europe Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.3. Eastern Europe Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 21.4. Eastern Europe Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22. Russia Benzoic Acid Market
- 22.1. Russia Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.2. Russia Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 22.3. Russia Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23. North America Benzoic Acid Market
- 23.1. North America Benzoic Acid Market Overview
- 23.2. North America Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.3. North America Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 23.4. North America Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24. USA Benzoic Acid Market
- 24.1. USA Benzoic Acid Market Overview
- 24.2. USA Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.3. USA Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 24.4. USA Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25. Canada Benzoic Acid Market
- 25.1. Canada Benzoic Acid Market Overview
- 25.2. Canada Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.3. Canada Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 25.4. Canada Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26. South America Benzoic Acid Market
- 26.1. South America Benzoic Acid Market Overview
- 26.2. South America Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.3. South America Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 26.4. South America Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27. Brazil Benzoic Acid Market
- 27.1. Brazil Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.2. Brazil Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 27.3. Brazil Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28. Middle East Benzoic Acid Market
- 28.1. Middle East Benzoic Acid Market Overview
- 28.2. Middle East Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.3. Middle East Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 28.4. Middle East Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29. Africa Benzoic Acid Market
- 29.1. Africa Benzoic Acid Market Overview
- 29.2. Africa Benzoic Acid Market, Segmentation By Form, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.3. Africa Benzoic Acid Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- 29.4. Africa Benzoic Acid Market, Segmentation By End Use, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
30. Benzoic Acid Market Competitive Landscape And Company Profiles
- 30.1. Benzoic Acid Market Competitive Landscape
- 30.2. Benzoic Acid Market Company Profiles
- 30.2.1. Emerald Kalama LLC
- 30.2.1.1. Overview
- 30.2.1.2. Products and Services
- 30.2.1.3. Strategy
- 30.2.1.4. Financial Performance
- 30.2.2. IG Petrochemicals Ltd.
- 30.2.2.1. Overview
- 30.2.2.2. Products and Services
- 30.2.2.3. Strategy
- 30.2.2.4. Financial Performance
- 30.2.3. Merck KGaA
- 30.2.3.1. Overview
- 30.2.3.2. Products and Services
- 30.2.3.3. Strategy
- 30.2.3.4. Financial Performance
- 30.2.4. Chemcrux Enterprises Ltd.
- 30.2.4.1. Overview
- 30.2.4.2. Products and Services
- 30.2.4.3. Strategy
- 30.2.4.4. Financial Performance
- 30.2.5. The Chemical Company
- 30.2.5.1. Overview
- 30.2.5.2. Products and Services
- 30.2.5.3. Strategy
- 30.2.5.4. Financial Performance
31. Global Benzoic Acid Market Competitive Benchmarking
32. Global Benzoic Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Benzoic Acid Market
34. Benzoic Acid Market Future Outlook and Potential Analysis
- 34.1 Benzoic Acid Market In 2028 - Countries Offering Most New Opportunities
- 34.2 Benzoic Acid Market In 2028 - Segments Offering Most New Opportunities
- 34.3 Benzoic Acid Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies
35. Appendix
- 35.1. Abbreviations
- 35.2. Currencies
- 35.3. Historic And Forecast Inflation Rates
- 35.4. Research Inquiries
- 35.5. The Business Research Company
- 35.6. Copyright And Disclaimer