Benzoates Market: By Type (Potassium Benzoate, Sodium Benzoate, Ammonium Benzoate, Others), By Form (Powder, Granule, Others), By End-Use (Food and beverage, Pharmaceutical, Personal Care, Fireworks, Others), and Geography

Benzoates Market size was valued at USD 5,573.1 million in 2022 and is poised to grow at a CAGR of 5.4% from 2023-2029. Benzoates are the esters and salts of benzoic acid widely used for the preservation of food and as a pickling agent to extend the shelf life. Benzoates inhibit the growth of harmful bacteria, mold, and other microbes in food thus deterring spoilage. Growth in the use of benzoates in prescription medication, particularly in liquid medicines is driving the benzoate market. According to research, sodium benzoate is used to treat elevated levels of ammonia in the blood. Moreover, based on end use, cosmetics, and personal care products are anticipated to show a significant growth rate in the market share over the forecasting period. Benzoates in skincare products are used to prevent the overgrowth of microorganisms that contaminate the product. Currently, the development of methods for alkyl benzoates synthesis, which are used as an aroma additive in the fragrance industry has increased the opportunities for the hike in the benzoates market. But, the growing awareness of the use of synthetic food additives and their side effects is posing a challenge to the benzoates market. However, the increased consumer awareness, increased awareness, increased medicinal supplies and the growth of the packaged food business have heightened the overall growth of the market and is expected to surge in the forecasted years.

Benzoates Market Key Developments:

• In August 2021, LANXESS acquired Emerald Kalama Chemical, a new business unit for flavor and fragrances.
• In February 2019, DuPont de Nemours (“DuPont”) and International Flavours & Fragrances (IFF) signed a merger to merge DuPont’s Nutrition and Biosciences (N&B) division with IFF.