Global Benzoic Acid Market Outlook 2018-2023

Global Benzoic Acid Market is anticipated to grow considerably in the forecast period owing to the increasing applications in food and beverage industry. Benzoic acid is a fungus-resistant compound that is majorly used as food preservative, drinks, and the other food products. If used in small amount, the chemical does not affect the aroma or taste of the beverage. 

The factors affecting the growth of benzoic acid market are explosive demand for packaged and ready-made food products, growing need to increase the shelf life of food items, and increasing use of benzoate plasticizers in place of phthalate plasticizers. Moreover, favorable response form the government for greener environment policies and availability of raw materials are encouraging the market growth. Nonetheless, prolonged use of benzoic acid is expected to have adverse effects on human health, which could hamper the growth of the market.

Owing to the hectic lifestyle, consumers from Europe and Asia Pacific are increasingly shifting towards packaged foods. This trend is expected to affect benzoic acid market in the years to come. Manufacturers are also emphasizing on innovation, which will bring new opportunities in market.

Benzoic acid market is categorized on the basis of manufacturing process, application and geography. On the basis of manufacturing process, the market is divided into friedel-crafts reaction and grignard reagents. Grignard reagents segment is expected to hold larger share of benzoic acid market since they are widely used and can be easily made in ethereal solution. 

Based on application, benzoic acid market is bifurcated into chemicals, food and beverage, pharmaceuticals, animal feed, plastic and others. Food and beverage industry is anticipated to grow significantly owing to explosive demand for foods due to hectic lifestyle that leads to increase in demand for ready-made food products.

Geographically, benzoic acid market is segmented as North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia Pacific followed by Europe leads benzoic acid market owing to the increase in demand for multiple applications in industries. The prominent market participants in benzoic acid market include Novaphene, HuangshiTaihua Industry, Emerald Kalama, Nantong Haiers, Shri Hari Chemicals, Wuhan Youji Industries, Fushimi, San Fu, Chemcrux Enterprises Ltd, Huayin Jinqiancheng, and Sinteza S.A.

Global benzoic acid market is anticipated to grow at a CAGR of 3.3% by 2023, according to a new report published by Gen Consulting Company. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography (North America, Europe, Asia-Pacific, MEA and South America).

The Global Market for benzoic acid to 2023 offers detailed coverage of benzoic acid industry and presents main market trends. The market research gives historical and forecast market size, demand and production forecasts, end-use demand details, price trends, and company shares of the leading benzoic acid producers to provide exhaustive coverage of the benzoic acid.

Report contents include
- Analysis of the benzoic acid market including revenues, future growth, market outlook
- Historical data and forecast
- Regional analysis including growth estimates
- Analyzes the end user markets including growth estimates.
- Profiles on benzoic acid including products, sales/revenues, and market position
- Market structure, market drivers and restraints.

Key regions
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America

Key vendors
- Eastman Chemical Company
- Emerald Kalama Chemical Limited
- Liaoning Huayi Chemical Industry & Commerce Co.,Ltd.
- Tengzhou Tenglong Chemical Co., Ltd.
- request free sample to get a complete list of companies