LONDON--(BUSINESS WIRE)--The global benzoic acid market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is high demand for benzoic acid from the food and beverage industry. Owing to its exceptional solubility and anti-fungal characteristics, benzoic acid is increasingly being used as a food preservative in the ever-growing food and beverage sector. Benzoic acid and its derivatives, including sodium benzoate and potassium benzoate, are used to preserve acidic food and beverage items, such as aerated drinks, fruit juices, and jams. Growth in the food preservative markets in China and India is likely to fuel the consumption of benzoic acid in the food and beverages industry throughout the forecast period. This, in turn, is expected to boost the growth of the benzoic acid market.
This market research report on the global benzoic acid market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the rising demand for processed and packages food as one of the key emerging trends in the global benzoic acid market:
Global benzoic acid market: Rising demand for processes and packaged food
With the increasing awareness of healthy eating and living, rapid economic development, along with the increased per capita income and expenditure, the demand for processed and packaged foods has significantly increased over the years. Processing and packaging extend the shelf life of food products. As a result, food manufacturers use benzoates as food preservatives to keep packaged foods fresh for long durations. The increasing use of benzoic acid and its derivative compounds as food preservatives will positively influence the global benzoic acid market during the forecast period.
“In APAC, benzoic acid is extensively used in the food and beverage, pharmaceutical, adhesive and sealant, coating, and chemical industries. In the region, Benzoic acid and its derivatives are crucial for manufacturing non-phthalate plasticizers that are used in adhesives, sealants, and coatings. Heavy investments in the building and construction industry by China, India, Vietnam, South Korea, and Japan will influence the demand for benzoic acid-based non-phthalate plasticizers in these countries,” says a senior analyst at Technavio for research on specialty chemicals.
Global benzoic acid market: Segmentation analysis
This market research report segments the global benzoic acid market by applications (benzoates, benzoate plasticizers, and alkyd resins) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018 with a market share of about 45%, followed by EMEA and the Americas respectively. The APAC is expected to continue to dominate the market during the forecast period owing to consistent growth in the food and beverage, paints and coatings, chemicals, and building and construction industries.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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