The global benzoates market is anticipated to showcase a flourishing CAGR of 5.2% across the forecast period from 2022 to 2032. The global market was valued at US$ 5.3 Billion in 2022 to surpass a valuation of US$ 8.8 Billion by 2032. In the foreseeable future, various developed regions including North America, Europe, Central America, and South America are likely to hold a significant share of the worldwide benzoates market over the assessment period.
Benzoic acid is a critical precursor within the commercial synthesis of a massive range of organic compounds. Within the food business, benzoic acid salts are utilized as vital food preservatives. Benzoates are the esters and salts of benzoic acid.
Benzoic acid is known as a white crystalline solid that is known as a simple aromatic carboxylic acid. The source it is extracted from is gum benzoic which is the single medium of extraction. The word “benzoic” is derived from its source gum benzoic. This acid is a naturally occurring chemical found in plants that acts as an intermediary in the production of a variety of secondary metabolites.
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Key Takeaways
- The surging demand from the food sector is known as a primary driver of the benzoate business. Other industries, including pharmaceutical and cosmetics, are likely to raise the global demand for benzoates.
- The prominent growth drivers of the global benzoates market comprise food safety, the extended shelf life of food, rising living standards, particularly in emerging nations, and continued urbanization across the globe.
- According to FDA and World Health Organization, certain health risks are caused by Benzoates which are likely to be seen as a restraining factor and hamper the growth of the global benzoates market. Ascorbic acid, when combined with sodium benzoate, produces benzene, which is a recognized carcinogen. This carcinogen is anticipated to endanger human health.
Competitive Landscape
Some of the key participants present in the global Benzoates market are attributed to the presence of a such high number of participants due to which the market is highly competitive.
- Key Companies Profiled
- Poulvet
- RM Chemicals
- The Good Scents Company
- Taj Pharmaceuticals
- Sakshi Dyes and Pharmaceuticals
More Insights into the Benzoates Market
The Asia Pacific region is anticipated to dominate the global benzoates market over the assessment period. Being one of the largest markets for benzoates, the Asia Pacific region is expected to maintain its dominance over the upcoming decade. The growth of the region is attributed to the rapid urbanization in developing countries such as India and China among others.
Augmenting demand for electronics and other automobiles has an indirect impact on the acidic circumstances throughout the forecast period. In addition to that, acidic circumstances have been reported to be fungi static and bacteriostatic.
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Benzoates acid is commonly used in foods that are naturally acidic including salad dressings, fruit juices, jams, and carbonated beverages.
Sodium benzoate is also employed as an efficient preservative within the entire food and beverage industry. Moreover, it is excessively used for items such as barley water, tomato, and other sauces, crushes, fruit jellies, coffee extracts, and squashes.
Sodium benzoate is commonly utilized in cosmetics and other pharmaceuticals as an efficient preservative. It is employed in pyrotechnics as a powdered fuel that emits a whistling sound. As a result, when the whistle mix cracker and rockets are fired, they generate loud sounds.
According to Future Market Insights analysis, Europe is expected to showcase positive growth throughout the evaluation period. The European region is anticipated to offer significant growth opportunities for Benzoates over the evaluation period.
Germany is expected to steer the bulk of all regional growth. Extensive applications in the food industry are keeping sales of Benzoates afloat across Germany.
Potassium benzoate and sodium benzoate are the two forms of benzoates. Potassium benzoate is used in food preservation. It inhibits the growth of yeast, molds, and certain bacteria and works well in goods with a pH of less than 4.5. Potassium benzoate occurs as benzoic acid in low-pH goods. Potassium benzoate is used to preserve acidic foods and beverages such as sparkling drinks, fruit juices, pickles, and soft drinks. It is used and approved in Europe. Potassium benzoate is designated by the letter E, E212, in these countries.
Key Segments Profiled in the Benzoates Industry Survey
Product:
- Potassium Benzoate
- Sodium Benzoate
- Other
Application:
- Food
- Drink
- Other Applications
Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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