Benzoates Market by Type (Potassium Benzoate, Sodium Benzoate, Ammonium Benzoate), End-Use (Food & Beverage, Pharmaceutical, Personal Care), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027

Benzoates Market by Type (Potassium Benzoate, Sodium Benzoate, Ammonium Benzoate), End-Use (Food & Beverage, Pharmaceutical, Personal Care), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2027

The global benzoates market is projected to grow from USD 429 million in 2022 to USD 540 million by 2027, at a CAGR of 4.7% during the forecast period. Growing demand for benzoates is witnessed due to its usage in diversified applications, such as pickles, beverages, jams, jellies, cosmetic products, animal feed, cough syrups, and others.

“Sodium benzoate, by type was the largest segment in 2021”

Sodium benzoate is generated by reacting benzoic acid with sodium hydroxide. Sodium benzoate has major use in food & beverages. Also, it is used in other industries such as home care, personal care, and pharmaceutical. Moreover, sodium benzoate is used as a preservative in medicine, lotions, mouthwash, and water-based paint. Thus, such uses of sodium benzoate in various end-use industries are propelling demand.

“Food & beverage, by end-use was the largest segment in 2021”

Benzoates are used as preservatives for food & drinks. Benzoates that are majorly used in food & beverages are sodium and potassium. Growing demand for processed food as a result of increasing population and changing lifestyle is driving the growth of benzoates in food & beverage segment.

“Asia Pacific region was the largest segment in 2021”

China accounted for the largest market share in the region. The growing industrial activities and change in consumer’s lifestyle have resulted in the rising demand for household and consumer products in the country. In addition, the rise of upper-middle-class population and affluent households and the rise in the consumption of various packaged food products are contributing to the high demand for flavors & fragrances in the country. This creates demand for benzoates in the flavor & fragrance industry.

Profile break-up of primary participants for the report:

By Company Type: Tier 1 – 65%, Tier 2 – 20%, and Tier 3 – 15%

By Designation: Director Level– 30%, C-level– 25%, and Others – 45%

By Region: North America – 20%, Europe – 15%, Asia Pacific – 55%, South America – 7%, Middle East & Africa – 3%

LANXESS (Germany), Tengzhou Tenglong Chemical Co., Ltd. (China), Wuhan Youji Industries Co., Ltd. (China), Eastman Chemical Company (US), Merck KGaA (Germany), Tokyo Chemical Industry Co., Ltd. (Japan), Tianjin Dongda Chemical Group Co., Ltd (China), Ganesh Benzoplast Limited (India), American Elements (US), are some of the key players operating in the benzoates market. These players have adopted strategies such as partnerships, acquisitions, and expansions to enhance their business revenue and market share.

Research Coverage:

The report defines, segments, and projects the benzoates market based on type, end-use, and region. It provides detailed information regarding the major factors influencing the growth of the market, such as drivers, restraints, opportunities, and challenges. It strategically profiles, benzoates manufacturers and comprehensively analyses their market shares and core competencies as well as tracks and analyzes competitive developments, such as expansions, and acquisitions, undertaken by them in the market.

Reasons to Buy the Report:

The report is expected to help the market leaders/new entrants in the market by providing them the closest approximations of revenue numbers of the benzoates market and its segments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses, and make suitable go-to-market strategies. It also enables stakeholders to understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.