Global Benzoic Acid Market - Growth, Trends and Forecast (2017 - 2022)
|出版商||Mordor Intelligence LLP||商品編碼||572858|
|出版日期||內容資訊||英文 100 Pages
|全球苯甲酸市場:成長，趨勢及預測(2017年∼2022年) Global Benzoic Acid Market - Growth, Trends and Forecast (2017 - 2022)|
|出版日期: 2017年07月01日||內容資訊: 英文 100 Pages||
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 per 2014. The application of food and beverages is expected to grow at an estimated CAGR of over 2.8% by 2023. The benzoic acid market size was estimated to reach USD XX million in 2016 and is expected to reach USD XX million by 2022, registering a CAGR of over 3.4%, during 2017-2022 (the forecast period).
The application of benzoic acid can be traced in medical, dye intermediates, and animal feed. Benzoic acid is used as a constituent for the treatment of fungal skin diseases, such as ringworm, athlete's foot, etc. Benzoic acid is a common constituent in toothpaste, mouthwashes, deodorants, etc., where it acts as an anti-microbial agent.
Benzoic acid and its salt derivatives, used as preservatives, are represented by E-numbers, such as E210, E211, E212, and E213. This acid, when used as a preservative, is added to a concentration of 0.05-0.1% to food products. Growing demand for preservatives, to improve shelf-life of the products, coupled with the growth in food & beverages industry, is likely to drive the benzoic acid market size, during 2017-2022 (the forecast period). The rise in income, growing population, and a change in lifestyle are expected to drive the benzoic acid market growth.
The global benzoic acid market, based on application, is segmented into food & beverage, benzoates, plasticizers, animal feed, and 'others'. Owing to the hectic lifestyle, the preference among consumers is shifting towards the adoption of convenience food and ready-to-drink (RTD) beverages. Packaged food & beverage is gaining popularity with the increase in availability of different product ranges. This factor requires food & beverages to be safe for consumption after days or weeks of production, which begets the use of benzoic acid derivatives as preservatives.
Geographically, the global benzoic acid market is segmented into Asia-Pacific, Europe, and North America. Growing population, higher income, and changing psychographics among Asian countries drive the benzoic acid market growth in the region. The consumption of benzoic acid allows the market to remain relatively higher in the Asia-Pacific region, which is expected to boost the market advancements. Moreover, growing demand for sodium and potassium benzoate has been supporting the benzoic acid market growth. Per-capita plastic consumption is following a high rate in countries like India and China, which is anticipated to enhance the demand for plasticizers and ultimately drive the market growth for benzoic acid.
In 2016, Asia-pacific was the dominant region, which accounted for more than 50% of the total volume and value and is expected to witness significant growth, during 2017-2022 (the forecast period). Europe was the second largest region and accounted for over 20% of the total demand in 2014. North America, particularly, the US benzoic acid market size accounted for over 10% of the total volume in 2016 and is anticipated to witness steady growth rate, during 2017-2022 (the forecast period).
North America is expected to witness a steady growth rate during 2017-2022 (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, during 2017-2022 (the forecast period). Increase in per-capita disposable income levels, coupled with the shifting trend towards processed food & beverage, particularly in China and India, is likely to drive the market demand, regionally.
Leading manufacturers and suppliers of the benzoic acid include:
These companies focus on capacity expansion due to the growing demand for benzoic acid as an additive in the food & beverage industry.
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