Benzoic Acid Market to Accrue Pervasively with a Whooping CAGR

Pune, India, July 23, 2018 /MRFR Press Release/- Market Research Future published a cooked research report on “Global Benzoic Acid Market Research Report - Forecast to 2023”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.

Benzoic acid acts as an anti-fungal element that helps the product to last longer, preventing harmful bacterial growth and yeasts. Hence, benzoic acid is widely used in the preservation processes of several perishable products such as food, beverages and cosmetics items which (this property) further makes this acid a crucial component in food and beverages and cosmetic industry.

The global benzoic acid market is growing at the rapid pace mainly due to the burgeoning food and beverages industry. The market has seen positive growth in the past few years, and it has been expected that the increase will keep on continuing due to its prominence in the application segments. The benzoic Acid market has grown immensely with the overall production per year; and as the demand augments further; the market will expand, indicates the recently published study report by MRFR.

According to Market Research Future (MRFR), the already booming market of benzoic acid is expected to demonstrate a galvanizing growth by 2023, surpassing its previous growth records in terms of value with an impressive CAGR during the estimated period (2022 - 2030).  The revenue contribution of the market is expected to increase by a substantial monetarily growth by the end of 2023, with a considerable expansion rate during the period 2017 to 2023.

Globally, the market for Benzoic acid has been increasing due to the food and beverages industries. Changing lifestyle and consumers’ preference towards processed, ready-to-eat food, packaged or canned foods, and frozen foods are the key driving forces for the market growth. The growth in per capita disposable income, rising urban middle-class population and food consumption across the globe are among the key growth contributors of the market.

Western countries generate the highest demand for food Preservatives globally. Another major factor that drives the market growth is, the growing complexities in the food supply chain.

Owing to the cost concerns, availability, and consumer demand for diverse food products, Imports are expected to increase. While the demand for effective preservation techniques is on the rise owing to the more people looking for freshness in food items.

This, in turn, results in propelling the market growth.

Additionally, the Pharmaceutical industry contributes to the market growth of benzoic acid. As owing to its antifungal property, benzoic acid is vastly used in the ointments to treat fungal skin diseases like Tinea, Ringworm, and Athlete's foot.  Benzoic acid also finds applications in the cosmetic industry as a preservative in mouthwashes, deodorants, creams, aftershave lotions, etc.

Adding the excessive quantity of benzoic acid in food items leads to affecting the liver and kidney. Due to which consumers demand fresh and natural foods and this factor is undoubtedly unhealthy to the market growth. Adversely, the manufacturers/ companies are considering this as an opportunity to innovate and provide solutions in the form of natural and functional ingredients. This positive attitude of companies is undoubtedly commendable.

Benzoic Acid Market   - Segments

The MRFR analysis is segmented into three key dynamics for the convenience of the report and enhanced understanding;

By Production Methods:  Comprises - Grignard Reagent and Friedel-Crafts Reaction.

By Applications:  Food & Beverages, Chemicals, Pharmaceuticals, Plastics and Animal Feed among others.

By Regions:  North America, Europe, APAC and Rest-of-the-World.

The food & beverage segment by applications accounted for the major revenue-generating segment in 2016. The segment is further expected to continue with its dominance during the forecast period. 

Benzoic Acid Market   -

Regional Analysis

In 2016, Asia Pacific accounted for the largest market for benzoic acid, holding the largest market share. The growth attributes to the rapid industrialization, Burgeoning F&B industry, and the improved standard of living in the region. 

Major economies such as India and China backed by the improving per capita income in the region are witnessing the growth in the processing and packaging sector of food and aerated beverages industry which further increases the market growth in the region.  Markets in India and China demonstrate huge scope for food preservation as well as industrial chemicals production in the upcoming years which is expected to drive the growth of the market in the region.

The Netherlands, Estonia, the USA, and China are the largest producers of benzoic acid.

Europe is also one of the largest producers of benzoic acid and a larger amount of quantity further gets processed to phenol and the second larger share is processed to caprolactam to develop nylon fibers. In Europe, Benzoic acid is increasingly used in the production of Diethylene and Dipropylene Glycol Dibenzoate Plasticizers in Adhesive formulations.

Furthermore, the shift in consumer preferences towards convenience food and aerated beverages, driven by the heady lifestyle, is a trend affecting the market growth positively, encouraging demand for benzoic acid.

The North America benzoic acid market on the other hand emerging as one of the lucrative markets will witness steady growth over the assessment years. Market growth substantiating factors include the stringent government regulation in this region that has led to increasing the uptake of benzoate plasticizers replacing phthalate plasticizers.  North America, will be growing with a modest CAGR during the forecasted period.

The benzoic acid market in the Middle East & Africa regions is expected to demonstrate positive growth in the coming years due to the growing urbanization in these regions which is projected to increase industrial output, encouraging the demand for benzoic acid. 

Benzoic Acid Market   - Competitive Analysis

The competitive market of benzoic acid appears to be fragmented owing to a huge number of companies operating in the market, churning the market competition. Increasing innovations and technologies will generate strong investment opportunities for the players. They strive to continue to commercialize other techniques that can lower the production.

To gain the competitive advantage, these players try to attain expertise in developing techniques, managing supply chains and in-depth domain knowledge in a number of advanced materials in addition to the prevailing strategies such as acquisition, partnership, and expansion of manufacturing facilities.

Key Players:

The Global benzoic acid Market is led by some of the fervent players including Emerald Performance Materials LLC (US),  Hebei Smart Chemicals Co., Ltd (China), Novaphene specialties Pvt. Ltd (India),  Chemcrux Enterprises (India), Shri Hari Chemicals (India), Apollo Scientific (UK), Ganesh Benzoplast Limited (India), Merck Group (Germany), Clarion Drugs Ltd (India), and Shree Chemopharma Ankleshwar Pvt. Ltd. (India). Profiling them in its analysis MRFR finds their strategies helping them to keep ahead in the market.

Industry/Innovation/Related News:

July 12, 2018 - Novus International, Inc. (US), the global leader in developing animal health and nutrition solutions announced the official regulation approval from the European Commission for its feed additive preparation - AVIMATRIX® as a zoo-technical feed additive in the European Union. 

AVIMATRIX is a eubiotic solution containing benzoic acid, Calcium Fluoride, and fumaric acid, embedded in a lipid matrix, which is a premium blend technology of Novus. EU authorities have thoroughly evaluated the additive before the breakthrough approval.

July 23, 2018 - Novus International, Inc. (US), a global leader in developing animal health and nutrition solutions published its new research findings in poultry nutrition at the  Poultry Science Association annual meeting 2018.

One among the other three studies led by Novus was the recent study of the efficacy of protected benzoic acid in broilers challenged by Eimeria, a common gut health obstacle that can lead to significant losses in poultry barns due to mortality and the resulting reduced performance.

The research presented provided actionable findings for poultry producers and nutritionists to utilize Novus solutions including its organic acids, phytase enzymes, and probiotic products. 

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