COVID19: BENZOIC ACID MARKET TO REACH USD 1.5 BILLION BY 2027 | CAGR 4.7% — FORENCIS RESEARCH

Global Benzoic Acid Market: Key Highlights

• According to the new market research report “Benzoic Acid Market by Type (Nitrogenous, Micronutrients, Phosphatic, Potassium), by Application (Foliar and Fertigation), by Crop Type (Field Crops, Horticultural Crops, Turf & Ornamentals, Other Crop Type), by Region (North America, Asia Pacific, Europe, Middle East & Africa, South America) — Global Forecast (2020 to 2027)”, the global Benzoic Acid market is estimated to reach USD 1.5 Billion by 2027 at a CAGR of around 4.7% during the review period.
• Benzoic acid’s salt (sodium benzoate) is commonly used as a pH adjustor and preservative in food, preventing the growth of microbes to keep food safe.
• Benzoic acid is the simplest aromatic carboxylic acid with various functional properties, including antifungal and antibacterial properties, which have made it popular in a number of end-use industries.

Global Benzoic Acid Market: Key Market Dynamics

• Growing demand from the food and beverage industry is likely to be a major driver for the global benzoic acid market
• The growing demand for preserved and packaged food from the global consumer demographic is likely to drive the demand for benzoic acid as a effective natural preservatives
• However, Volatile raw materials price of toluene which is linked to crude oil prices is likely to hamper industry profitability
• Prolonged use of benzoic acid can cause harm to lungs and digestive tract is also act as an restraint towards the market growth

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Global Benzoic Acid Market: Regional Overview

• Asia-Pacific

Asia-Pacific is expected to account the largest consumer of the benzoic acid across the globe. Increase in per-capita disposable income levels coupled with the shift towards dependency on processed foods and RTD beverages particularly in China and India is likely to drive regional demand. The Asia-Pacific is also likely to gains significant gains over the forecast period owing to increase in phenol production coupled with growth in end-use industries such as food & beverages, personal care and pharmaceuticals.

• North America

North America is likely to witness a steady growth rate over the forecast period. Substitution of phthalate plasticizers by benzoate plasticizers owing to stringent government regulations is likely to favor growth in this region. Benzoate plasticizers are expected to witness an increase in demand in North America over the forecast period owing to the aforementioned reason.

Global Benzoic Acid Market: Key Players Overview

• Ganesh Benzoplast Limited.:

Ganesh Benzoplast Limited is an India-based company, which is engaged in the manufacture, export and import of a range of specialty chemicals, food preservatives and industrial lubricants. The Company also provides conditioned storage facilities for bulk liquids and chemicals at various ports in India. Its segments include Chemical Division and Liquid Storage Terminal (LST) Division.

• Hemadri Chemicals:

Himadri Chemical Ltd is an India-based most reliable and acclaimed Manufacturer, Trader and Supplier of Industrial Chemicals. The company is segregated into many departments, such as manufacturing, sales & marketing, customer care, quality assurance and logistics. The product range offered by us consists of Zinc Oxide, Benzoic Acid and Sulphamic Acid.

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