Benzoic Acid Market Size

Benzoic Acid Market size was valued at USD 1.12 billion in 2023 and is poised to grow from USD 1.17 billion in 2024 to USD 1.71 billion by 2032, growing at a CAGR of 4.8% during the forecast period (2025-2032).

The rising global demand for packaged and processed foods is one of the primary growth drivers of the benzoic acid market. As lifestyles continue to get more hectic, the need for ready-to-eat, long-shelf-life food has risen dramatically, and so has the utilization of benzoic acid preservatives to make foods safe and quality-friendly.

The global benzoic acid market has been experiencing consistent growth owing to its extensive industrial applications, especially food preservation, drugs, and chemicals. Benzoic acid, a carboxylic organic acid, finds extensive application as a food and beverage preservative to prevent bacterial, yeast, and fungal growth. The growing demand for packaged and processed food has promoted the use of sodium benzoate, a benzoic acid-based preservative. Benzoic acid also finds important applications in the pharmaceutical sector, where it is utilized for the manufacture of drugs to cure fungal diseases and skin ailments. The chemical industry also heavily depends on benzoic acid to produce alkyd resins, which find applications in coatings, adhesives, and plasticizers.

One of the prevalent market trends is the rising demand for eco-friendly and bio-based benzoic acid with rising environmental issues. The global food industry trend of moving towards nature-based preservatives has promoted producers to manufacture benzoic acid from natural raw materials. Also, the growing need for phthalate-free plasticizers in the polymer market is driving the consumption of benzoic acid since it is a major raw material used to manufacture non-phthalate plasticizers like benzoate esters. The growing cosmetics and personal care sector also drive the market since benzoic acid is used extensively in formulations of skincare and haircare products owing to its antimicrobial and antifungal nature.

Another key market trend is the increasing investment in research and development to enhance the efficiency and safety of benzoic acid applications. Manufacturers are actively searching for new production technologies and cutting-edge purification processes to produce high-quality products that meet rigorous regulatory requirements. In addition, increasing interest in benzoic acid derivatives, including benzyl benzoate and potassium benzoate, is generating new possibilities in the pharmaceutical and industrial industries. There is increased demand for benzoic acid from the agriculture segment as it is being considered for application in crop protection chemicals. Also, the continued growth of the polymer sector, especially in developing economies, is likely to generate steady demand for benzoic acid as a raw material.

In August 2021, LANXESS AG, a German specialty chemicals corporation, finalized the acquisition of Emerald Kalama Chemical, a top U.S.-based company that deals in benzoic acid and its derivatives. The strategic acquisition is anticipated to enhance LANXESS's footprint in the global preservatives market, especially in food, household, cosmetics, and personal care markets. The takeover increases LANXESS's portfolio of products, its manufacturing capabilities, and its prospects for sustained growth. In the next 4-5 years, this growth will fuel market competitiveness and innovation to meet the growing demand for safe, high-quality preservatives globally across industries.

In July 2021, Eastman Chemical Company made an announcement of cooperation with Adven Oy to increase the production plant for benzoic acid in Estonia. This is a move geared towards the adoption of cutting-edge energy solutions for expanding the manufacturing capacity and international distribution of benzoic acid and its derivatives. The project aims to satisfy growing demand for benzoic acid in food, beverage, and industrial markets, especially in Europe, North America, and Asia. The growth over the coming years will assist in enhancing supply chain reliability, contributing to sustainability objectives, and providing a secure supply of premium-quality benzoic acid for industries.

In August 2023, Sinteza S.A. initiated a project for the use of thermal energy from waste by-products produced in the process of manufacturing benzoic acid. The project targets the production of steam for re-use in manufacturing processes, thereby boosting energy efficiency and sustainability. By implementing this green strategy, Sinteza seeks to lower operating costs and minimize the environmental footprint. Throughout the next ten years, this shift is likely to create a new standard for sustainable practices within the benzoic acid market. As businesses prioritize sustainability more, this effort could incentivize others within worldwide manufacturing, creating a leaner, cleaner marketplace.

Brenntag, the world's leading chemical and ingredient distributor, in August 2022, signed a strategic alliance with ISCA, a specialty chemicals producer. This is aimed at distributing preservatives such as benzoic acid derivatives for the cosmetics segment throughout Europe. Through the combination of Brenntag's extensive distribution network and ISCA's preservative expertise, the partnership will address the increasing demand for high-quality, sustainable cosmetic ingredients. In the next decade, this partnership is likely to propel tremendous growth in the benzoic acid market, especially in the cosmetics industry, as the demand for safe and efficient preservatives continues to grow.