Market Overview

The Global Benzoic Acid Market was valued at USD 1,493.8 million in 2023 and is expected to reach USD 2,275.2 million by 2031 while growing at a CAGR of 5.4% during the forecast period (2024-2031).

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Market Dynamics

This section of the report will analyze various driving and restraining factors that are expected to have a significant impact on the global benzoic Acid market growth. Benzoic acid, with the formula C7H6O2, is a crystalline organic compound derived from benzene, belonging to aromatic carboxylic acids. It features a benzene ring with a carboxyl group (-COOH) responsible for its acidic properties.

Increasing demand in end-use industries and for food preservatives and additives propels the growth of the benzoic acid market. Despite this, stringent regulations, safety concerns, and health and environmental issues could impede market expansion.

Furthermore, the global benzoic Acid industry will be analyzed through various tools including PESTLE analysis, and Porter’s analysis.

Segmentation – By Form Analysis

The Global Benzoic Acid Market is segmented among Liquid, and Anhydrous, based on Form. In 2023, Anhydrous accounted for the majority of the market share*.

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Segmentation – By Application Analysis

The Global Benzoic Acid Market is segmented among Food & Beverage, Pharmaceuticals, Chemicals, and Others, based on Application. In 2023, Food & Beverage accounted for the majority of the market share*.

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Global Benzoic Acid Market: Regional Analysis

Based on region, the market is divided into six regions including North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. In 2023, Asia Pacific dominated the market with the highest market share, while North America is expected to grow with the highest CAGR during the forecast period (2024 – 2031).

 *Note: Graph is shown for illustrative purposes only; complete datasets will be provided in the full report

Competitive Landscape

Some of the key players operating in the market are Lanxess AG, I G Petrochemicals Ltd (IGPL), EastMan Chemical Company, Chemcrux Enterprises Ltd, Merck KGaA, The Chemical Company, Ganesh Benzoplast, Huayin Jinqiancheng Pharmaceutical Co. Ltd, and Wuhan Youji Industry Company Limited.

Table of Contents:

1. Research Methodology and Market Scope

• Research Methodology

• Market Scope

2. Executive Summary

3. Global Benzoic Acid Market Dynamics

• Drivers

• Restraints

• Opportunity

4. Global Benzoic Acid Industry Analysis

• PEST Analysis

• Porter's Five Force Analysis

• Recent Deals Analysis

5. Global Benzoic Acid Market Segmentation, By Form

• Global Benzoic Acid Market Share Analysis, By Form

• Global Benzoic Acid Market Growth Analysis, By Form

• Global Benzoic Acid Market Trends, By Form

o Liquid

o Anhydrous

6. Global Benzoic Acid Market Segmentation, By Application

• Global Benzoic Acid Market Share Analysis, By Application

• Global Benzoic Acid Market Growth Analysis, By Application

• Global Benzoic Acid Market Trends, By Application

o Food & Beverage

Ø Bakery

Ø Confectionery

Ø Dairy

Ø Beverage

Ø Others

o Pharmaceuticals

o Chemicals

o Others

7. Global Benzoic Acid Market Segmentation, By Region

• Global Benzoic Acid Market Share Analysis, By Region

• Global Benzoic Acid Market Growth Analysis, By Region

• Global Benzoic Acid Market Trends, By Region

o North America

o Europe

o Asia Pacific

o Latin America

o Middle East

o Africa

8. Competitive Landscape

• Lanxess AG*

o Company Overview

o Financial Performance

o Key Development/Strategies

o SWOT Analysis

• I G Petrochemicals Ltd (IGPL)

• EastMan Chemical Company

• Chemcrux Enterprises Ltd

• Merck KGaA

• The Chemical Company

• Ganesh Benzoplast

• Huayin Jinqiancheng Pharmaceutical Co. Ltd

• Wuhan Youji Industry Company Limited   

 *Similar analysis will be provided for each company listed above.