Benzoic Acid Market Analysis

In-depth Analysis of Benzoic Acid Market Industry Landscape

The Global Benzoic Acid Market is expected to witness a Compound Annual Growth Rate (CAGR) of 5.41%, reaching an estimated value of USD 1.66 Billion by 2030.
One significant factor propelling the growth of the benzoic acid market is the escalating demand for benzoic acid in the food and beverage industry. The increasing emphasis on healthy living and dietary habits has driven this demand. Urbanization and economic development, particularly in the Asia Pacific region, contribute to the market's growth rate. More individuals worldwide are choosing food products containing preservatives. Developed countries' desire for a fast-paced lifestyle has led to a heavy reliance on processed products with rapid consumption. Benzoic acid is an essential component in this kind of products and it has a positive effect on the global benzoic acid market in general that it boosts its development.
Packaged and processed goods manufacturers have a priority on the type of food safety, and preservatives with benzoic acid are utilized to increase the shelf life among such products. Representatives for sodium, calcium salts, and potassium show antifungal properties in food that protect it against yeast, mold, and some bacterias to a certain point. Additionally, this is also a natural food preservative that helps to uphold the pH value that is acidic in drinks like sparkling drinks, fruit juices, and soft drinks. Benzoic acid is essentially used to preserve acidic food thus suitable for pickles.
In short, the reference to the food and beverage industry will dominate the benzoic acid market growth in the projection period. The trend of use of benzoic acid derivatives e.g. benzoyl chloride, benzyl benzoate and phenols, grossly determined the future and present market size. This involves production of these esters for manufacturing of insect repellents, greatly determining benzoic acid market development.
Changes in urban living due to advanced economies, urbanization and capacity expansion will expose benzoic acid market to high growth in the future. Some elements give rise to the market, especially the lasting growth in demand for the healthy prepackaged food. A continuous cycle of technology and product updates will spur the market growth. In many countries throughout the world, businesses use benzoic acid, which is expected to continue as a sturdy substitute. In North America, and Europe, non-phthalate plasticizers are lined up to replace phthalate plasticizers completely. In the latter, benzoic acid has a major role to play. Therefore, its expectation is to increase in a dramatic way within these regions.
One significant issue in benzoic acid market for the forecasted period to be considered is toluene price volatility. A colorless and water-insoluble aromatic hydrocarbon liquid called toluene is obtained from petroleum and contains a specific phenyl group, as such, it is an important precursor in benzoic acid preparation. The price of raw material especially crude oil which is subject to change may negatively affect the market growth overall.
Furthermore, in developed economies, some companies either do not use or limit the use of benzoic acid in their food preservative production. This poses an anticipated challenge to market growth.