Benzoates Market

Benzoates Market Overview (2022 to 2032)

[250 Pages Report] Global benzoates demand is anticipated to be valued at USD 5.3 Billion in 2022, forecast to grow at a CAGR of 5.2% to be valued at USD 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 Attributes	Details
Estimated Base Year Value (2021)	USD 5 Billion
Expected Market Value (2022)	USD 5.3 Billion
Anticipated Forecast Value (2032)	USD 8.8 Billion
Projected Growth Rate (2022 to 2032)	5.2% CAGR

Benzoic acid is a white crystalline solid that is a simple aromatic carboxylic acid. Its sole known source is gum benzoic, from whence the word "benzoic" was derived. Benzoic acid is a naturally occurring chemical found in plants that acts as an intermediary in the production of a variety of secondary metabolites.

Benzoic acid is a critical precursor in the commercial synthesis of a wide range of organic compounds. In the food business, benzoic acid salts are used as food preservatives. Benzoates are the esters and salts of benzoic acid.

Which are Some Prominent Drivers Spearheading Benzoates Market Growth?

The increased demand from the food sector is the primary driver of the benzoate business. Other industries, such as pharmaceutical and cosmetics, are likely to raise global demand for benzoates. Food safety, extended shelf life of food, rising living standards, particularly in emerging nations, and continued urbanization are expected to drive market expansion.

What are the Challenges Faced by the Benzoates Industry?

Certain health risks caused by benzoates, as stated by the FDA and World Health Organizations, are known to stymie the benzoate market's expansion. Ascorbic acid, when combined with sodium benzoate, produces benzene, which is a recognized carcinogen. This carcinogen is anticipated to endanger human health.

Why is Asia-Pacific emerging as an Opportunistic Benzoates Market?

Asia Pacific was the largest market for Benzoates and the trend is expected to continue into the forecast period owing to rapid urbanization in this region. Growing demand for electronics and automotives are indirectly expected to in acidic circumstances, it is reported to be fungi static and bacteriostatic. It is commonly used in foods that are naturally acidic, such as salad dressings, fruit juices, jams, and carbonated beverages.

Sodium benzoate is also employed as a preservative in the food sector for items such as barley water, tomato and other sauces, crushes, fruit jellies, coffee extracts, and squashes. Sodium benzoate is also used in cosmetics and pharmaceuticals as a preservative. It is used in pyrotechnics as a powdered fuel that emits a whistling sound. As a result, when the whistle mix cracker and rockets are fired, they generate sound.

How is Europe Contributing to Growth of the Benzoates Market?

According to Future Market Insights, Europe is expected to provide immense growth opportunities for Benzoates, with Germany expected to steer the bulk of all regional growth. Extensive applications in the food industry are keeping sales of Benzoates afloat across Germany.

Potassium benzoate and sodium benzoate are the two forms of benzoates. Potassium benzoate is used in food preservation. It inhibits the growth of yeast, moulds, and certain bacteria and works well in goods with pH less than 4.5. Potassium benzoate occurs as benzoic acid in low pH goods. Potassium benzoate is used to preserve acidic foods and beverages such as sparkling drinks, fruit juices, pickles, and soft drinks. It is used and approved in Europe. Potassium benzoate is designated by the letter E, E212, in these countries.

Market Competition

Some of the key participants present in the global Benzoates market include Poulvet, RM Chemicals, The Good Scents Company, Taj Pharmaceuticals, Sakshi Dyes and Pharmaceuticals among others.

Attributed to the presence of such high number of participants, the market is highly competitive.

Report Scope

Report Attributes	Details
Growth Rate	CAGR of 5.2% from 2022 to 2032
Base Year for Estimation	2021
Historical Data	2015 to 2020
Forecast Period	2022 to 2032
Quantitative Units	Revenue in USD Million and CAGR from 2022 to 2032
Report Coverage	Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis
Segments Covered	Product, Application, Region
Regions Covered	North America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Latin America; Middle East and Africa
Key Countries Profiled	USA, Canada, Brazil, Argentina, Germany, UK, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASEAN, GCC Countries, South Africa
Customization	Available Upon Request

Key Segments Profiled in the Benzoates Industry Survey

Product:

• Potassium Benzoate
• Sodium Benzoate
• Other

Application:

• Food
• Drink
• Other Applications

Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Frequently Asked Questions

What is the anticipated growth of the Benzoates market until 2032?

FMI projects the global Benzoates market to expand at a 5.2% value CAGR by 2032

Which region is forecast to be the most lucrative for Benzoates market growth?

Asia Pacific is expected to be the most opportunistic Benzoates market.

Which are some prominent Benzoates manufacturers?

Poulvet, RM Chemicals, The Good Scents Company, Taj Pharmaceuticals, Sakshi Dyes and Pharmaceuticals are some prominent Benzoates manufacturers