Benzoates Market to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032

Global benzoates demand is anticipated to be valued at US$ 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at US$ 8.8 Billion from 2022 to 2032. In the foreseeable future, developed regions such as North America, Europe, and Central and South America are likely to increase demand for benzoates.

Report Attribute Details
Estimated Base Year Value (2021) US$ 5 Billion
Expected Market Value (2022) US$ 5.3 Billion
Anticipated Forecast Value (2032) US$ 8.8 Billion
Projected Growth Rate (2022-2032) 5.2% CAGR

Benzoic acid is a simple aromatic carboxylic acid which is a colorless crystalline solid. It’s only known source is gum benzoic, through which the name benzoic was derived. Benzoic acid is a naturally occurring acid in plants that serves as an intermediate in the biosynthesis of various secondary metabolites. Benzoic acid is a major precursor for the industrial synthesis of variety of organic substances. The salts of benzoic acid have application as food preservatives in the food industry. The esters and salts of benzoic acid are known as benzoates.

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Benzoates are divided into two types such as potassium benzoate and sodium benzoate. Potassium benzoate has application in food preservation. It restricts the growth of yeast, molds and some bacteria’s and functions efficiently in products having pH below 4.5. In low pH products, potassium benzoate exists as benzoic acid. Acidic food stuffs and beverages that include sparkling drinks, fruit juices, pickles and soft drinks are preserved with potassium benzoate. It is used and approved in many countries such as the U.S., Canada, and Europe. In these countries potassium benzoate is denoted by the number E, E212. In the European countries, potassium benzoate is not approved for consumption by children. Sodium benzoate has the same application as potassium benzoate and is denoted by the number E211. It exists in the form of benzoic acid when mixed with water. It is known to be fungistatic and bacteriostatic in acidic conditions. It is widely used in foods which are basically acidic in nature, such as salad dressings, fruit juices, jams and carbonated drinks.Sodium benzoate is also used in food industry as a preservative for products such as barley water, tomato and other sauces, crushes, fruit jelly, coffee extracts and squashes. Sodium benzoateis also used as a preservative in cosmetics and medicines. It has application in fireworks as a fuel which is in powdered form that gives out a whistling sound. Therefore, the whistle mix cracker and rockets emit sound once they are fired.

The growing demand from the food industry is the major driving factor for the benzoate industry. Other industries that include pharmaceutical and cosmetic industriesare also expected to boost demand for benzoates in the market.Factors that are anticipated to fuel growth of the market include food safety, longer shelf life of food, improving living standards, particularly in the emerging economies and continuing urbanization.

Certain health issues owing to benzoates reported by the FDA and World Health Organizations are known to hamper the market growth of benzoate market. Ascorbic acid in combination of sodium benzoate forms benzene that is known to be a carcinogen. This carcinogen is expected to be a threat to human health.

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North America, Asia Pacific, Europe and Rest of the World (RoW) are the major segments for benzoate market. Asia Pacific is the largest producer as well as consumer of benzoates. The developed regions such as North America, Europe and Central and South America is expected to boost demand for benzoates in the near future.

Key companies profiled for the benzoates industry include: Poulvet, RM Chemicals, The Good Scents Company, Taj Pharmaceuticals, Sakshi Dyes and Pharmaceuticals, SONEF, FBC Industries Inc, Panjiva, , Sino Harvest, Surya Life Sciences Ltd, SAFC, Brown Chemical Co. Ltd, Charkit Chemical Corp, Jarchem Industries, Total Specialty Chemicals Inc, U.S. Chemicals, LLC, Spectrum Chemicals and Cellmark USA, LLC.

This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product types and distribution channels.

The report covers exhaustive analysis on:

  • Market Segments
  • Market Dynamics
  • Market Size & Forecast 2015 -2025
  • Supply & Demand Value Chain
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Technology
  • Value Chain
  • Market Drivers and Restraints

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Report Highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

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