Benzoates Market - By Type (Sodium, Potassium, Calcium, Benzyl), By Grade (Food Grade, Pharmaceutical Grade, Industrial Grade, Technical Grade), By Application (F&B, Pharma, Personal Care & Cosmetics, Industrial Applications) & Forecast, 2023 - 2032

Benzoates Market - By Type (Sodium, Potassium, Calcium, Benzyl), By Grade (Food Grade, Pharmaceutical Grade, Industrial Grade, Technical Grade), By Application (F&B, Pharma, Personal Care & Cosmetics, Industrial Applications) & Forecast, 2023 - 2032

Benzoates Market size is estimated to expand at 5.2% CAGR from 2023 to 2032, driven by the booming healthcare sector worldwide and the consequently rising demand for safe and effective medications. Benzoates, such as sodium benzoate and benzoic acid, find extensive application as preservatives and stabilizing agents in pharmaceutical formulations for maintaining the stability and shelf life of oral drugs, topical creams, and syrups. Furthermore, the rising consumption of carbonated beverages is boosting the usage of benzoates to prevent the growth of microorganisms and maintain the flavor and freshness, thereby fueling the market growth.

The benzoates industry is segmented into type, grade, application, and region.

Based on type, the calcium benzoates market is set to witness immense traction from 2023 to 2032 owing to its widespread usage as food preservative to render effectiveness in inhibiting the growth of bacteria and fungi. With the surging consumer demand for safer and longer-lasting food products, the food sector is relying on calcium benzoate to maintain product quality and extend shelf life. Moreover, the rising health-consciousness towards clean-label ingredients will spur the product preference over its synthetic alternatives.

In terms of application, the benzoates industry from the personal care and cosmetics segment is expected to witness robust growth between 2023 and 2032. Benzoates, including sodium benzoate, are widely used as preservatives in personal care and cosmetic products to inhibit microbial growth for ensuring product safety and extending shelf life. Furthermore, skincare and cosmetics businesses are focusing on supplying high-quality, natural, and safe products, further driving the benzoate demand. For instance, in January 2021, Emerald Kalama Chemical added kalama sodium benzoate liquid to its portfolio to serve as effective preservative to blend its high-quality sodium benzoate NF/FCC into novel solution-in-water form.

Asia-Pacific benzoates market is expected to record considerable growth through 2032. The burgeoning food and beverage sector in the region, driven by the rising population and changing consumer preferences is fueling the demand for benzoates as preservatives to extend the shelf life of products. Additionally, the changing lifestyles and the expanding middle-class population is contributing to the demand for processed and packaged foods. Furthermore, the ongoing development of the pharmaceutical sector has led to the increased need for benzoates in drug formulations, contributing to the regional industry growth.