The Latin America, Middle East and Africa Benzoic Acid Market would witness market growth of 7.7% CAGR during the forecast period (2024-2031). In the year 2027, the LAMEA market's volume is expected to surge to 66.06 kilo tonnes, showcasing a growth of 6.9% (2024-2031).
Benzoate plasticizers are derived from benzoic acid and are widely used in the plastics industry to enhance the flexibility and durability of various polymer products. These plasticizers are especially valuable in the production of flexible polyvinyl chloride (PVC) and other plastics, contributing to the manufacturing of consumer goods such as packaging materials, flooring, and medical devices. The growing emphasis on sustainability and the demand for non-toxic alternatives to traditional phthalate-based plasticizers have led to increased adoption of benzoate plasticizers. Thus, the Brazil market is expected to utilize 6.44 kilo tonnes of benzoic acid in Benzoate plasticizers application by 2031.
The Brazil market dominated the LAMEA Benzoic Acid Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $40.3 Million by 2031. Argentina market is showcasing a CAGR of 8.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 6.6% during (2024 - 2031).
Health awareness among consumers has also played a pivotal role in the growth of the benzoic acid market. Demand for efficacious and validated safety-profile preservatives is increasing in tandem with consumer awareness regarding the components of food and beverages.
Moreover, a safer alternative to synthetic preservatives, benzoic acid is a naturally occurring compound present in numerous fruits and spices. This perception and its effectiveness in low concentrations have reinforced its adoption in the food and beverage industry.
The LAMEA region presents opportunities for the benzoic acid market, driven by the growing food and beverage industry and the increasing focus on healthcare. In Brazil, the food and beverage industry is a major consumer of benzoic acid. In 2021, the Brazilian food service industry reached revenues of BRL 460 billion (USD 85.2 billion), a growth of 26 percent compared to 2020. The rising disposable income and expanding population of the nation have contributed to an upsurge in the consumption of processed and convenience foods, thereby stimulating the need for benzoic acid as a preservative. The Brazilian market utilizes benzoic acid extensively as a preservative in various food products, such as beverages, sauces, and processed foods, to extend shelf life and ensure safety.
Free Valuable Insights: The Worldwide Benzoic Acid Market is Projected to reach USD 1.6 Billion by 2031, at a CAGR of 5.3%
Based on End-User, the market is segmented into Food & Beverages, Chemicals, Pharmaceuticals, and Other End-User. Based on Application, the market is segmented into Benzoates, Benzoates Plasticizers, Benzoyl Chloride, Alkyd Resins, and Animal Feed Additives. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2024)
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