Apr 16, 2018   SOURCE: BusinessWire

Global Benzoic Acid Market Growth, Trends, and Forecast 2018-2023 - ResearchAndMarkets.com

The "Global Benzoic Acid Market - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

The benzoic acid market is expected to register a CAGR of over 3.6% during the forecast period. Food & beverages applications dominated benzoic acid consumption in the form of derivatives, such as sodium benzoate and potassium benzoate, and accounted for more than 45% for the total value, as of 2016. The application of food and beverages is expected to grow at an estimated CAGR of over 2.8% by 2023.

The global benzoic acid market is segmented by application into food & beverage, chemicals, plasticizers, animal feed, and others. Owing to the hectic lifestyle, consumer preference is shifting towards convenience food and ready-to-drink (RTD) beverages. Packaged food & beverage is gaining popularity, with the increase in availability of different product ranges. This requires food & beverages to be safe for consumption after days or weeks of production, which begets the use of benzoic acid derivatives as preservatives.

In 2016, Asia-Pacific dominated the market and accounted for more than 50% of the total volume and value and is expected to witness significant growth during the forecast period. Europe was the second largest region and accounted for over 20% of the total demand in 2014. North America, particularly the United States benzoic acid market, accounted for over 10% of the total volume in 2016 and is anticipated to witness a steady growth rate during the forecast period.

Substitution of phthalate plasticizers by benzoate plasticizers due to the stringent government regulations, is likely to favor the market growth in this region. Increase in per capita disposable income levels, coupled with the shifting trend towards processed food & beverage, particularly in China and India, is expected to drive market demand.

Companies Mentioned

  • Emerald Kalama Chemical
  • Novaphene
  • Huangshitaihua Industry
  • Srihari Chemicals
  • Sinteza SA
  • Chemcruz Enterprises Ltd.
  • Wuhan Youji Industries
  • Fushimi
  • San Fu
  • Nantong Haiers
  • Huayin Jinqiancheng

Key Topics Covered:

1. Introduction

2. Research Approach & Methodology

3. Market Overview

4. Market Dynamics

5. Market Segmentation

6. Competitive Landscape

7. Company Profiles

8. Appendix

For more information about this report visit https://www.researchandmarkets.com/research/zn4t98/global_benzoic?w=4