The scope of our recent study, titled "Benzoic Acid Market to 2028 - COVID-19 Impact and Global Analysis - by Application (Food Preservatives, Corrosive Inhibitor, Alkyd Resins, Synthesis Intermediates, Plasticizers, Feed Additives, and Others)" consists of the factors fueling the market growth, revenue estimation and forecast, and market share analysis. It also includes the identification of significant market players along with their key developments.

The benzoic acid market size was valued at US$ 1,028.07 million in 2021 and is projected to reach US$ 1,496.54 million by 2028. It is expected to grow at a CAGR of 5.5% from 2021 to 2028.

Asia Pacific and African regions are the largest consumers of fertilizers. The increasing population, especially in Asia, resulted in the increasing demand for food and beverages, which in turn, leads to the increased demand for food preservatives. Benzoic acid is commonly used as a food preservative in different foods as it can prevent the growth of bacteria and fungus. Further, food preservation is necessary to increase the shelf life of food products. Moreover, food items such as jams, jelly, marmalade, coffee extract, cooked pork, sauce, and different syrups are preserved using benzoic acid.

Based on application, the global benzoic acid market is segmented into food preservatives, corrosive inhibitor, alkyd resins, synthesis intermediates, plasticizers, feed additives, and others. Benzoic acid can prevent the growth of bacteria and fungi. Hence, it is commonly used as a preservative in a wide range of food products, such as jams, jelly, marmalade, coffee extract, cooked pork, sauce, and syrups. It is also commonly used to preserve raw food items, such as fish and meat.

The global benzoic acid market is segmented into five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2020, APAC held the largest revenue share in the global artificial turf market. The growth of the market in North America region is due to the rising demand for food preservatives since consumption of food and beverages increased significantly. The flourished food & beverages industry in the region creates huge demands for food preservatives, including benzoic acid. Further, the chemicals industry is one of the largest manufacturing industries in the US; it serves both domestic and foreign markets. The chemicals industry in the country generates a huge demand for benzoic acid as an intermediate for the synthesis of different chemicals.

Impact of COVID-19 Pandemic on the Benzoic acid Market

COVID-19 initially restricted the manufacturing and supply chain of the benzoic acid market globally. However, the market restored its operational activities by the end of 2020 and sustained its growth rate. Additionally, ease in lockdown restrictions by several countries resumed many economies globally, and the demand for benzoic acid is surging gradually. Hence, the impact of the COVID-19 on the benzoic acid supply chain was severe in 2020.

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