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Benzoic Acid Market Size to Reach USD $1.7 billion, Globally, By 2030 at CAGR of 5.3% – IndustryARC

May 15, 2024 7:00 PM ET

Benzoic Acid Market Size to Reach USD $1.7 billion, Globally, By 2030 at CAGR of 5.3% – IndustryARC

benzoic acid market exhibits steady growth, driven by its essential role as a preservative and intermediate in various industries, coupled with evolving consumer preferences and regulatory requirements

Benzoic Acid Market size is forecast to reach $1.7 billion by 2030, after growing at a CAGR of 5.3% during 2024-2030. Benzoic acid is an aromatic carboxylic acid that is colorless and crystalline. Benzoic originally was derived from tree resin which belonged to the genus Styrax. Benzoic acid is commonly used in food and beverage industries to preserve foodstuffs. It helps to curb the growth of the bacteria and fungi. Even the benzoic acid is used as a chemical reagent. The demand for packaged food and beverages has fueled the market for benzoic acid due to the increase in working-class people and rapid urbanization. Rising hours of work and the need for nutrient-rich food have made customers opt for prepared food rather than homemade meals.

Benzoic acid is witnessing increased use as a preservative in packaged foods and beverages due to its antimicrobial properties, aligning with consumer preferences for longer shelf-life and natural products. Innovations in production methods, such as green synthesis techniques and efficient manufacturing processes, are enhancing the sustainability and cost-effectiveness of benzoic acid production, driving industry competitiveness and environmental stewardship. The pharmaceutical industry is exploring benzoic acid for its potential therapeutic applications, including its role as a precursor in the synthesis of various drugs, indicating a shift towards more diverse uses, which tends to the market growth.

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Benzoic Acid Market and Future Trends:

  1. 1. Technology Advancements:

  Demand Growth : The demand for benzoic acid is expected to continue growing steadily, driven by its widespread use in industries such as food and beverage, pharmaceuticals, and personal care products. As consumer preferences shift towards natural and organic ingredients, there may be an increased demand for benzoic acid derived from renewable sources.

  1. 2. Food Preservatives:

  Benzoic acid and its salts, such as sodium benzoate, are commonly used as preservatives in food and beverages to inhibit the growth of bacteria, yeast, and mold. With the rising demand for packaged and processed foods, the use of benzoic acid as a preservative is likely to increase, especially in emerging markets where food safety regulations are becoming more stringent.

  1. Health Concerns and Regulations:

 Despite its widespread use, there have been concerns about the safety of benzoic acid, particularly in relation to its potential to form benzene, a known carcinogen, under certain conditions. Regulatory agencies such as the FDA and EFSA continue to monitor and assess the safety of benzoic acid and its derivatives, which may lead to stricter regulations or alternative preservatives in the future.

  1. Shift towards Natural Preservatives:

 In response to consumer preferences for clean label products, manufacturers are exploring natural alternatives to synthetic preservatives like benzoic acid. This trend is driving the development of natural preservatives derived from plant extracts, essential oils, and fermentation processes, which could impact the demand for benzoic acid in the long term.

  1. Pharmaceutical Applications:

 Benzoic acid is used in the pharmaceutical industry as an intermediate in the synthesis of active pharmaceutical ingredients (APIs) and as a component of topical medications for skin conditions such as acne and eczema. The growing pharmaceutical industry, especially in emerging economies, is expected to fuel demand for benzoic acid for use in drug manufacturing.

  1. Technological Innovations:

  Advancements in manufacturing processes and green chemistry technologies may lead to improvements in the production efficiency and environmental sustainability of benzoic acid. Innovative approaches such as bio-based production methods utilizing renewable feedstocks or enzymatic synthesis could reduce the reliance on petrochemical-derived benzoic acid and minimize environmental impact.

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Benzoic Acid Market – Scope :

Benzoic Acid Market – Scope: th as been segmented By Application, By End-Use, By Geography. The report provides insights into the market dynamics, including market drivers and challenges.

Benzoic Acid Market with top country data and analysis. The report also highlights the market potential, growth rates, and alternative relevant statistics.

The competitive landscape section features company profiles of major players such as   Wuhan Youji Industries Co., Liaoning Huayi Chemical Industry& Commerce Co.,Ltd., Ganesh Benzoplast Limited, and Clarion Drugs Ltd This report is a valuable source of guidance and direction for companies and individuals interested in The Benzoic Acid Market  .

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The top 10 players in the Benzoic Acid industry are:

  1. Wuhan Youji Industries Co.,
  2. Liaoning Huayi Chemical Industry& Commerce Co.,Ltd.,

3.Ganesh Benzoplast Limited,

  1. Shri Hari Chemicals,
  2. Hebei Smart Chemicals Co.,Ltd.,
  3. Merck Group,
  4. Chemcrux Enterprises Ltd,
  5. Apollo Scientific,
  6. Shree Chemopharma Ankleshwar Pvt. Ltd.
  7. Clarion Drugs Ltd

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