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.
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