The report "Benzoic Acid Market by Application (Benzoates, Benzoate Plasticizers, Alkyd Resins, Benzoyl Chloride, Animal Feed Additive), End-Use Industry (Food & Beverages, Chemical, Pharmaceutical), and Region - Global Forecast to 2023" The global benzoic acid market is projected to grow from USD 1,009.9 Million in 2018 to USD 1,313.5 Million by 2023, at a CAGR of 5.4% from 2018 to 2023. The growth of the benzoic acid market is driven by the rising demand for benzoic acid from the food & beverages industry; the ongoing urbanization and changing consumer lifestyle, particularly in the Asia Pacific region; and the increasing demand for processed food & beverages.

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Key players in the benzoic acid market include Emerald Performance Materials (US), Wuhan Youji Industries Co. (China), Tianjin Dongda Chemical Group (China), and Liao Ning Huayi Chemical Industry & Commerce Co. (China), among others.

Market Dynamics
Drivers

Rising demand for benzoic acid from the food & beverages industry
Ongoing urbanization and shift in the consumer lifestyle, particularly in the Asia Pacific region
Increasing demand for processed food items & beverages
Restraints

Regulations to limit the use of benzoic acid in packaged food items & beverages
Prolonged use of benzoic acid can cause harm to lungs and digestive tract
Opportunities

Replacement of phthalate plasticizers with non-phthalate plasticizers in the European and North American regions
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Increasing Use of benzoic acid in food and beverage industry drives the global benzoic acid market

Benzoic acid is primarily used as a preservative in packaged food items & beverages. It is majorly used to preserve acidic food items & beverages such as pickles, jams, fruit juices, aerated drinks, and sparkling drinks, among others. The increased use of benzoic acid as a food preservative can be attributed to the fact that it does not alter or affect the odor or taste of the food items or drinks to which it is added. The growth of the food & beverages end-use industry segment of the benzoic acid market is also due to change in the consumer preferences for packaged food items & drinks, and increased per capita income of consumers.

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