Global Benzoic Acid Market 2019-2023
About this market
The increasing demand for processed and packaged foods has been one of our key trends in the market due to increasing awareness towards healthy eating and living. The food manufacturers use benzoates as food preservatives to keep packaged foods fresh for long durations. Additionally, the rising consumption of dairy foods and emphasis on food product safety compel food manufacturer to use food preservatives. The use of benzoic acid and its derivative compounds as food preservatives will have a positive influence the global benzoic acid market during the forecast period. Our market research analysts have predicted that the benzoic acid market will register a CAGR of more than 6% by 2023.
High demand for benzoic acid from the food and beverage industry
The increasing need for benzoic acid in food preservative in the food and beverage industry. The increasing demand for processed and package food and beverages has considerably increased the consumption of food preservatives.
Health hazards and environmental effects of benzoic acid
Consumption of highly concentrated benzoic acid is higher concentration can lead to eyes, lungs, and skin, digestive tract, and respiratory tract.
For the detailed list of factors that will drive and challenge the growth of the benzoic acid market during the 2019-2023, view our report.
The benzoic acid market is concentrated since the market has a few vendors that offer limited products with presence of few global and local vendors. The capacity expansions and development of new products such as Emerald Kalama Chemical, a business group of Emerald Performance Materials, announced the completion of its $40-million expansion at its Rotterdam site in the Netherlands. With this expansion, the company increased its production capacity for Purox B, benzoic acid.
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