Global Benzoic Acid Market: Brief Account
The global benzoic acid market will witness a strong demand during the forecast period of 2018 – 2026 due to it wide variety of applications in food and beverage industry. Benzoic acid is a colorless and crystalline aromatic carboxylic acid. Benzoic was initially extracted from resin of tree that belonged to the Styrax genus. Benzoic acid is extensively used for preserving food products in food and beverage industry. It helps in curbing the growth of fungi and bacteria. Benzoic acid is also used as a chemical reagent. Surge in demand for packaged food and beverages due to rise in working class people and rapid urbanization have fueled the demand for benzoic acid. Increase in working hours and need for nutrient rich food have made consumers to opt for packaged food instead of homemade meals.
Global Benzoic Acid Market: Trends and Opportunities
The global benzoic acid market is riding on the high demand for packaged food and beverages throughout the world. Benzoic acid is used to preserve these food products thus increasing the shelf-life of these products. Benzoic acid is also used for preserving acidified food products like pickles, sparkling drinks, and fruit juice, as the ability to produce desired results depends on the pH of food. Rising demand to substitute phthalate plasticizers for different applications is expected to boosts the global benzoic acid market growth.
Apart from food and beverage industry, benzoic acid also finds its application in plastics, pharmaceutical, chemical, and other industries. Benzoic acid can also finds its application for animal feed, dye intermediates, and medical purposes. Benzoic acid is used for treating fungal skin diseases such as athlete’s foot, tinea, ringworm, etc. All these factors are anticipated to boosts the global benzoic acid market growth. Furthermore, benzoic acid plays an integral role in manufacturing cosmetics products. Benzoic acid is an import ingredient in the toothpastes, deodorants, mouthwashes, etc. In these cosmetic products, benzoic acid acts as an anti-microbial agent. Apart from these, the cheap price and easy availability of benzoic acid is likely to favor the global benzoic acid market growth.
Global Benzoic Acid Market: Regional Outlook
The global benzoic acid market is segregated into Europe, Latin America, Middle East and Africa, North America, and Asia Pacific. Of these, Asia Pacific has seen a gradual rise in consumption of benzoic acid over past few years, owing to rise in per-capita disposable income along with gradual shift towards packaged foods. The major contributor in this region are China and India. North America is anticipated to expand at a robust CAGR during the assessed period.
Global Benzoic Acid Market: Companies Mentioned
Some of the key players in the global benzoic acid market are Chemcrux Enterprises ltd, Emerald Kalama Chemical, Shri Hari Chemicals, Huangashi Taihua Industry, and Novaphene.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.