LONDON--(BUSINESS WIRE)--The global benzoic acid market is expected to post a CAGR of more than 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Benzoic acid and its derivatives such as potassium benzoate and sodium benzoate are widely used in the F&B industry to preserve acidic food items and beverages, including jams, fruit juices, and aerated drinks. This is because benzoic acid exhibits excellent solubility and anti-fungal characteristics. Moreover, when used as a food preservative, benzoic acid does not alter the taste of the F&B products. The growing global demand for processed and packaged food and beverages has significantly increased the consumption of food preservatives. This has increased the use of benzoic acid and its derivatives in antimicrobial packaging to inhibit bacterial growth. Therefore, the rising demand for benzoic acid from the food and beverage industry is expected to fuel the growth of the market during the forecast period.
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As per Technavio, the rising demand for processed and packaged food will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Benzoic Acid Market: Rising Demand for Processed and Packaged Food
Factors such as increasing awareness about healthy eating and living, rapid economic development, changing lifestyles, and urbanization have led to a rise in the demand for processed and packaged food products. In addition, the growing emphasis on food product safety is compelling food manufacturers to use food preservatives to keep packaged foods fresh for long durations. Therefore, the rising demand for processed and packed food will have a positive impact on the growth of the global benzoic acid market during the forecast period.
“Capacity expansions and development of new products and advances in the recovery of benzoic acid will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Benzoic Acid Market: Segmentation Analysis
This market report segments the global benzoic acid market by application (benzoates, benzoate plasticizers, alkyd resins, and others) and geography (Americas, APAC, and EMEA).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growth of various end-user industries in the region such as food and beverage, chemical, paints and coating, and building and construction.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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