The Benzoic Acid Market is to Touch $1.7 billion by 2030; Increasing demand for packaged food and beverages and Expanding Applications in the Chemical and Pharmaceutical Industries propels market growth.

The Benzoic Acid Market size is estimated to reach $1.7 billion by 2030, growing at a CAGR of 5.3% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Benzoic Acid Market – By Application (Sodium Benzoate, Potassium Benzoate, Benzyl Benzoate, Benzoate  Plasticizers, Alkyd Resin, Benzoyl Chloride, Feed Additives, and others.), By End-Use (Chemicals Industry, Food and Beverage, Pharmaceuticals Industry, and others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” Increasing demand for packaged food and beverages and Expanding Applications in the Chemical and Pharmaceutical Industries are fueling the growth of the Benzoic Acid industry during the forecast period.

In 2023, the Asia-Pacific region has emerged as the largest consumer of various chemical and industrial products, with strong demand driven by rising per capita disposable income and a shift towards convenience-based lifestyles. As consumers increasingly rely on processed foods and ready-to-drink (RTD) beverages, demand for related products has surged, particularly in large markets like China and India. This trend is expected to continue and even accelerate, as consumers prioritize convenience, affordability, and accessibility in their food and beverage choices. Additionally, Asia-Pacific is anticipated to see substantial gains over the forecast period due to the expansion of phenol production facilities and the growth of key end-use industries such as food & beverages, personal care, and pharmaceuticals. These industries have a high demand for phenolic compounds, which are essential for manufacturing a range of consumer products, from preservatives to packaging materials. As these sectors continue to grow, they are expected to drive demand for phenolic and related products across the region.

The growing demand for packaged food and beverages is driving the global benzoic acid market. Food preservation is essential for extending the shelf life of packaged products, which, in turn, fuels the growth of the benzoic acid market. There is also an increasing shift towards using benzoate plasticizers as a safer alternative to phthalate plasticizers in various applications. As consumers prioritize convenient and long-lasting food options, manufacturers depend on benzoic acid for its effectiveness in inhibiting microbial growth, which ensures food safety and prolongs product shelf life. This aligns with consumer expectations for freshness and convenience. Additionally, the expanding processed foods market is expected to further increase demand for preservatives like benzoic acid, boosting market growth.

Another major driver of the benzoic acid market is its application in the chemical and pharmaceutical industries. Benzoic acid is a critical intermediate in the production of various chemicals, such as benzoyl chloride, phenol, and caprolactam. These derivatives are essential for producing resins, plastics, and other polymers used in diverse industries, including automotive, electronics, and packaging. As demand for these products rises, so does the demand for benzoic acid as an intermediate. In the pharmaceutical industry, benzoic acid is used to formulate antiseptic, analgesic, and antifungal medicines. It also acts as a pH adjuster in medications and skincare products. As healthcare infrastructure expands and awareness about personal health grows, particularly in emerging economies, the demand for pharmaceuticals containing benzoic acid as an ingredient is increasing. Furthermore, as the cosmetics industry innovates new formulations that are gentle on the skin, benzoic acid’s properties as a pH balancer and preservative make it a valuable component.

• In August 2023, Sinteza S.A. initiated a project aimed at harnessing thermal energy from waste. The project will utilize various by-products derived from the benzoic acid production process to generate thermal energy (in the form of steam), which will then be reintroduced into the production cycle.

Key companies profiled in the Benzoic Acid Market are Wuhan Youji Industries Co., Liaoning Huayi Chemical Industry& Commerce Co.,Ltd., Ganesh Benzoplast Limited, Shri Hari Chemicals, Hebei Smart Chemicals Co.,Ltd., Merck Group,  Chemcrux Enterprises Ltd, Apollo Scientific, Shree Chemopharma Ankleshwar Pvt. Ltd. and  Clarion Drugs Ltd. and others.