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Benzoic Acid Market Growth Projections and Opportunities
Benzoic acid market generated a value worth 1.06 billion USD in 2021, an escalation compared to its valuation in 2016. From 2022 to 2030, the market is predicted to exhibit a CAGR (Compound Annual Growth Rate) of 5.41%, which will take it up to USD 1.66 billion by the year 2030. Demand for benzoic acid increased with the disposable income and higher level of consumer of processed and packaged food. This has been the main boost of this.
The chemical formula of benzoic acid is C7H6O2, one of the organic compounds that occurs in crystal form. It exists naturally in many plant species and fruits as well as in food products produced from them in the form of an aromatic carboxylic acid base. The controlled-release mechanism of the compound allows it to inhibit the growth of yeasts, molds and bacteria, which makes it a safe preservative for the food and beverage industry. The main use of benzoic acid is in the synthesis of many derivatives, and benzoate salts, and also it ordinarily acts as a preservative. These salts are appropriate especially in industry and as ingredients in foods. Benzoic acid is also an indispensable component for various chemical reactions which are used in the synthesis of polymers, medicines, dyes, perfumes, and aromas.
The increased demand for products from food and beverage industry is the main reason of the attention towards benzoic acid market in the recent past. This compound and its salts (potassium, sodium, calcium), due to their antifungal and antibacterial qualities, have a great popularity as food preservatives.
The use of benzoic acid and other natural preservatives is thus sought after due to the fact that more and more demand for packaged and preserved products is being developed. The rising demand for drinks like fruit juices and soda is a major factor in this growth. The continued importance of benzoic acid in the production of phenols and benzoyl chloride is driving the market's expansion. Benzoic acid's adaptability and importance in satisfying a wide range of industrial demands are being highlighted by the increasing demand from a number of sectors as the industry undergoes further transformation.
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 1.09 Billion |
| Growth Rate | 5.41 % (2022-2030) |
Benzoic Acid Market Highlights:
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