Benzoic Acid Global Market Report 2023

Major players in the benzoic acid market are Emerald Kalama LLC, IG Petrochemicals Ltd., Merck KGaA, Chemcrux Enterprises Ltd., The Chemical Company, Ganesh Benzoplast Ltd., Huayin Jinqiancheng Pharmaceutical Co Ltd.

New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Benzoic Acid Global Market Report 2023" - https://www.reportlinker.com/p06486627/?utm_source=GNW , Wuhan Youji Industries Co Ltd., Tianjin Dongda Chemical Group Co Ltd., Lanxess AG, Eastman Chemical Company, Avantor Inc., Novaphene Specialties Pvt Ltd, DuPont de Nemours Inc., and Krishna Specialty Chemicals Pvt Ltd.The global benzoic acid market is expected to grow from $1.24 billion in 2022 to $1.31 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The benzoic acid market is expected to reach $1.61 billion in 2027 at a CAGR of 5.3%.The benzoic acid market consists of sales of benzoate salts derived from benzoic acid, benzoic acid flakes, benzene formic acid, benzene-methanoic acid, carboxy benzene, and benzene-carboxylic acid.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Benzoic acid is a white crystalline solid compound.It belongs to the class of aromatic carboxylic acids and is derived from benzene.Benzoic acid is naturally found in various fruits, such as cranberries, plums, apples, and some spices. It has a distinct, somewhat sweet odor.North America was the largest region in the benzoic acid market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.The regions covered in the benzoic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main benzoic acid form types are powder and granules.Powder refers to a fine substance made up of small particles.The various applications are sodium benzoate, potassium benzoate, benzyl benzoate, benzoate plasticizers, alkyd resin, benzoyl chloride, feed additives, and others used in food and beverages, the chemical industry, the pharmaceutical industry, and others.The increasing demand for processed foods is expected to drive the benzoic acid market going forward.Processed foods refer to food products that have undergone various alterations or modifications through processing techniques before they are consumed.These alterations can include the addition of preservatives and additives.Benzoic acid is widely used as a preservative in processed food products due to its antimicrobial properties, which help prevent the growth of bacteria, fungi, and yeast.It helps extend the shelf life of food items and maintain their quality and safety. For instance, in November 2022, according to OJ digital solutions, a US-based marketing agency company, the US online grocery market, which also sells packaged foods, is expected to earn $187.7 billion in revenue by 2024, up from around $95.8 billion in revenue in 2020. Therefore, the increasing demand for processed foods will drive the benzoic acid market.Product innovation is a popular trend in the benzoic acid market.Major companies operating in the benzoic acid market are focused on product innovations to sustain their position in the market.For instance, in June 2022, Menno Chemie GmbH & Co KG., a Germany-based chemical wholesaler company, launched A-QUASAN, a novel disinfectant formulated with benzoic acid for all sectors of fresh produce processing and the disinfection of drinking water systems. A-QUASAN is a highly effective at low concentrations against a wide spectrum of pathogens. Benzoic acid’s presence in the product and its strong biodegradability leaves no significant residues, and its performance stays exceptionally stable for up to 16 hours.In February 2021, Lanxess AG, a Germany-based specialty chemicals company, acquired Emerald Kalama for $1.08 billion. Through this acquisition, Lanxess strengthened its position in the markets with high-margin products, especially in beverage and cosmetic products. Emerald Kalama LLC is a US-based chemical company that is one of the largest producers of benzoic acid.The countries covered in the benzoic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The benzoic acid market research report is one of a series of new reports that provides benzoic acid market statistics, including benzoic acid industry global market size, regional shares, competitors with a benzoic acid market share, detailed benzoic acid market segments, market trends and opportunities, and any further data you may need to thrive in the benzoic acid industry. This benzoic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06486627/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________