Hardening government regulations onfood additives in major economies is likely to emerge as a prominent factor inthe expansion of the global benzoicacid market size. The World Health Organization defines food additives as“added substances that maintain or improve the taste, safety, appearance, orfreshness of food”. Many research studies have found that these substances mayhave adverse effects on human health. For example, the National Institutes ofHealth reported that Red 3 food dye can increase the risk of thyroid tumors. Asa result, governments across the globe are framing and implementing stringentregulations regarding food additives, rising as one of leading benzoic acidmarket trends. For instance, the US Food and Drug Administration’s FederalFood, Drug, and Cosmetic Act (FFDCA) painstakingly details the classificationof additives into safe and unsafe. Similarly, the Food Safety StandardsAuthority of India monitors and executes the FSSAI Act which chalks out atedious screening process which every food and beverage item has to passthrough before going on the market.
The new Fortune Business Insights™report, titled “Benzoic Acid Market Size,Share & Industry Analysis, By End Use (Chemical Industry, Food andBeverages, Cosmetics and Personal Care, Pharmaceutical Industry) and RegionalForecast, 2019-2026”, provides valuable information on the market in the following manner:
· Detailed analysis of the market segments;
· Exhaustive study of the competitive dynamics using company profiles, keystrategies, and product launches;
· Careful research into the regional prospects for the market; and
· In-depth evaluation of the various factors fuelling and hindering themarket.
Market Driver
Diverse Benefits of Benzoic Acid and Its Derivativesto Open Exciting Avenues
According to the benzoic acidmarket report, the multiple benefits offered by benzoic acid has escalated itsuptake in various industries. For example, benzoic acid prevents the growth ofbacteria and fungus, making the ideal candidate as a preservative in foodstuffssuch as jams and sauces. The acid has also found applicability in thepreservation of raw foods such as meat and fish. Furthermore, benzoic acid isalso highly effective in treating skin infections. Topical medicines having salicylic and benzoic acids are commonly prescribed by doctors to treatmild to severe skin infections occurring due to bacteria or yeast. This acid isalso widely used in the manufacture of chemicals, pesticides, and insecticides.When combined with chloride and phosphorous, this acid can produce extremelypoisonous chemicals. Another major area of application for benzoic acid iscosmetics where the acid is commonly used in shampoos, perfumes, sunscreenlotions, and many such cosmetic products.
RegionalAnalysis
Asia-Pacificto Lead the Pack; Europe and North America to Grow Steadily
Among regions, Asia-Pacific is slated to dominate the benzoic acid marketshare during the forecast period as a result of rising demand for packaged andfrozen food and beverage items in the developing countries of India and China.The region is also fast emerging as a major chemical manufacturing hub, whichaugurs well for the market. Increasing uptake of frozen consumables andpreservatives is expected to fuel the market in South America, while highconsumption of processed food products will drive the market in North Americaand Europe. On the down side, rigid food quality regulations may stem thegrowth of the market in these regions.
CompetitiveLandscape
Research-basedInnovation to Unlock Competition Potential of Players
Key players are implementing different strategies to solidify theirposition in this market, as per the benzoic acid market analysis. Top amongthese strategies is increasing focus on R&D and testing the feasibility ofthis acid in various domains. Moreover, academic research is also enhancing thepotential of this market.
IndustryDevelopments:
· April 2019:Tworesearchers at IIT Madras successfully carried out the conversion of toluene, awaste product of petroleum, into benzoic acid. The researchers used water as asolvent and used a catalyst developed at the institute to eliminate thepossibility of producing a waste product in the process.
· September2017:Emerald Kalama Chemical, the American specialty chemical manufacturer, expandedits operations in Europe by establishing a benzoic acid and benzaldehydeproduction unit in Netherlands. The company also upgraded its amyl cinnamicaldehyde and hexyle cinnamic aldehyde plants in the UK.
Browse Complete Report: https://www.fortunebusinessinsights.com/industry-reports/benzoic-acid-market-101923
