The Worldwide Benzoates Industry is Projected to Reach $540 Million by 2027: Rise in Demand for Personal Care and Home Care Products Drives Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 5, 2023--
The “Global 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) - Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
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.
- Growth in Demand for Personal Care and Home Care Products
- High Demand from Non-Alcoholic, Sugar-Free Products
- Regulations to Limit Use of Benzoates in Packaged Food Items & Beverages
- Use of Benzoates in Animal Nutrition
- Use of Benzoates in Industrial Applications
- Increase in Use of Natural Preservatives in Food & Beverages
- A.M Food Chemical Co., Limited
- American Elements
- Eastman Chemical Company
- Fbc Industries
- Foodchem International Corporation
- Ganesh Benzoplast Limited
- IngPetr Svec - Penta S.R.O.
- Macco Organiques Inc.
- Rishi Chemical
- Shandong Ruiheng Biotechnology Co., Ltd.
- Shandong Tongtaiweirun Food Science Tech Co., Ltd.
- Spectrum Chemical
- Tengzhou Aolong Chemical Co., Ltd.
- Tengzhou Tenglong Chemical Co., Ltd.
- Tianjin Dongda Chemical Group Co., Ltd.
- Tokyo Chemical Industry Co., Ltd.
- Wuhan Youji Industries Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/729tnk
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SOURCE: Research and Markets
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PUB: 01/05/2023 10:29 AM/DISC: 01/05/2023 10:29 AM