According to a new report, published by KBV research, The Global Benzoic Acid Market size is expected to reach $1.6 billion by 2031, rising at a market growth of 5.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 692.95 kilo tonnes, experiencing a growth of 23.0% (2020-2023).
The Food & Beverages segment is leading the Global Benzoic Acid Market by End-User in 2023, thereby, achieving a market value of $660.4 Million by 2031. The food & beverages segment garnered 42% revenue share in the benzoic acid market in 2023. The demand for benzoic acid in the food and beverages industry is also driven by changing consumer preferences and lifestyles. The rising consumer inclination towards convenience, durability, and low-maintenance products has resulted in an upsurge in the desire for convenience and processed foods. This trend has increased the use of preservatives like benzoic acid in these products as manufacturers strive to meet consumer demands for safe and high-quality food products.
The Benzoates Plasticizers segment is anticipating a CAGR of 5.5% during (2024 - 2031). The benzoates segment acquired 33% revenue share in the benzoic acid market in 2023. Benzoates, including sodium benzoate and potassium benzoate, find widespread application as preservatives in pharmaceuticals, personal care products, and food and beverages. Benzoate demand has increased steadily in tandem with the growing awareness of food safety along with the need to extend the shelf life of processed and convenience foods. Additionally, the rising consumption of packaged foods and beverages, especially in emerging markets, has further fueled the demand for benzoates in the food and beverage industry.
Full Report: https://www.kbvresearch.com/benzoic-acid-market/
The Asia Pacific market dominated the Global Benzoic Acid Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $742.3 Million by 2031. The North America market is experiencing a CAGR of 4.7% during (2024 - 2031). Additionally, The Europe market would exhibit a CAGR of 5.9% during (2024 - 2031).
By End User (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Application (Volume, Kilo Tonnes, USD Billion, 2020-2024)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2024)
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