Benzoates Market Worth $540 Million by 2027
Leading players in this Benzoates Market include LANXESS (Germany), Wuhan Youji Industries Co., Ltd. (China), Tengzhou Tenglong Chemical 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), among others.
Northbrook, IL 60062 -- (SBWire) -- 03/24/2023 --The report "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", 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. High demand for food & drinks, and pharmaceutical products in countries such as India and China along with the growth in personal care & home care, and animal feed industry is expected to drive the benzoates market.
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Sodium benzoate, by type, is expected to account for the largest market share during the forecast period
Based on type, the benzoates are classified into potassium benzoate, sodium benzoate, ammonium benzoate, and others. Sodium benzoate is majorly used in food products to increase their shelf life and preserve them. There is significant growth related to the food & beverage industry in some of the key countries, such as China, Japan, Germany, which is driving the market for benzoates.
Food & beverage segment, by end-use, is expected to account for the largest market share during the forecast period
Based on end-use, the benzoate market is segmented into food & beverage, pharmaceutical, personal care, and others. Growing population of countries such as India and China with a significant growth in urban population has given a boost in the demand for packaged food & drinks. Benzoates are used as preservatives in this industry. Thus, usage of benzoates in the production of food & beverage is expected to drive the market.
North America region is expected to account for the second-largest market share during the forecast period
North America is expected to be the second-largest market during the forecast period by value. This demand can be attributed to the increasing use of cosmetic & personal care products in the region. US is one of the largest markets for benzoates and is expected to contribute a major portion to the overall regional demand for benzoates during the forecast period.
Some of the leading players in this market include LANXESS (Germany), Wuhan Youji Industries Co., Ltd. (China), Tengzhou Tenglong Chemical 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), among others.
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