Global Benzoic Acid Market - Growth, Trends, and Forecast (2018 - 2023)
The benzoic acid market is expected to register a CAGR of over 3.6% during the forecast period. Food & beverages applications dominated benzoic acid consumption in the form of derivatives, such as sodium benzoate and potassium benzoate, and accounted for more than 45% for the total value, as of 2016. The application of food and beverages is expected to grow at an estimated CAGR of over 2.8% by 2023.
The application of benzoic acid can be traced in medical, dye intermediates, and animal feed. Benzoic acid is used as a constituent in the treatment of fungal skin diseases, such as ringworm, athlete’s foot, etc. Benzoic acid is a common constituent in toothpaste, mouthwashes, deodorants, etc., where it acts as an anti-microbial agent.
Lifestyle Changes are Expected to Boost the Market for Benzoic Acid
Benzoic acid and its salt derivatives, used as preservatives, are represented by E-numbers, such as E210, E211, E212, and E213. This acid, when used as a preservative, is added to a concentration of 0.05-0.1% to food products. Growing demand for preservatives to improve shelf life of the products, coupled with the growth in the food & beverages industry, is likely to drive the benzoic acid market size during the forecast period. The rise in income, growing population, and a change in lifestyle are expected to drive the benzoic acid market growth.
The global benzoic acid market is segmented by application into food & beverage (preservative), chemicals, plasticizers, animal feed, and others. Owing to the hectic lifestyle, consumer preference is shifting towards convenience food and ready-to-drink (RTD) beverages. Packaged food & beverage is gaining popularity, with the increase in availability of different product ranges. This requires food & beverages to be safe for consumption after days or weeks of production, which begets the use of benzoic acid derivatives as preservatives.
Geographically, the global benzoic acid market is segmented into Asia-Pacific, Europe, and North America. Growing population, higher income, and changing psychographics among Asian countries drive the benzoic acid market growth in the region. The consumption of benzoic acid is relatively higher in the Asia-Pacific region, which is expected to boost market advancements. Moreover, the growing demand for sodium and potassium benzoate has been supporting the benzoic acid market growth. Per-capita plastic consumption is growing in countries like India and China, which is expected to enhance the demand for plasticizers, and ultimately drive growth in the market for benzoic acid.
In 2016, Asia-Pacific dominated the market and accounted for more than 50% of the total volume and value and is expected to witness significant growth during the forecast period. Europe was the second largest region and accounted for over 20% of the total demand in 2014. North America, particularly the United States benzoic acid market, accounted for over 10% of the total volume in 2016 and is anticipated to witness a steady growth rate during the forecast period. Substitution of phthalate plasticizers by benzoate plasticizers due to the stringent government regulations, is likely to favor the market growth in this region. Increase in per capita disposable income levels, coupled with the shifting trend towards processed food & beverage, particularly in China and India, is expected to drive market demand.
September 2017 - Emerald Kalama Chemical has concluded a USD 40 million benzoic acid and benzaldehyde expansion in Rotterdam, Netherlands. The company’s expansion will support its hexyl cinnamic aldehyde (HCA) and amyl cinnamic aldehyde (ACA) plant in Widnes, England, which it acquired from Innospec in 2015, by providing it with additional benzaldehyde raw material.
The major players include - EMERALD KALAMA CHEMICAL, NOVAPHENE, HUANGSHITAIHUA INDUSTRY, SRIHARI CHEMICALS, SINTEZA SA, CHEMCRUZ ENTERPRISES LTD., WUHAN YOUJI INDUSTRIES, FUSHIMI, SAN FU, NANTONG HAIERS, HUAYIN JINQIANCHENG, amongst others.
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