According to a new market research report, the “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) – Global Forecast to 2027″, 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. High demand for food & drinks, and pharmaceutical products in countries such as India and China along with the growth in personal care & home care, and animal feed industry is expected to drive the benzoates market.
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- 122 Market data Tables
- 35 Figures
- 135 Pages and in-depth TOC on “Benzoates Market – Global Forecast to 2027″
Some of the leading players in this market include LANXESS (Germany), Wuhan Youji Industries Co., Ltd. (China), Tengzhou Tenglong Chemical Co., Ltd. (China), Eastman Chemical Company (US), Merck KGaA (Germany), Tokyo Chemical Industry Co., Ltd. (Japan), Tianjin Dongda Chemical Group Co., Ltd (China), Ganesh Benzoplast Limited (India), American Elements (US), among others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Benzoates Market.
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LANXESS is one of the major players in the global benzoates market. It is involved in manufacturing of chemical intermediates, additives, specialty chemicals and consumer protection products. The company serves approximately 30 countries across the Americas, Asia Pacific, and EMEA. It has manufacturing facilities in several countries of the Americas, Asia, and EMEA, including India, China, South Korea, Argentina, Brazil, Canada, Belgium, France, and Germany. This further allows the company to meet the consumer demand rapidly. The company has a considerable focus on its consumer protection segment as it generates around 20% of revenue for the company. This indicates a good platform for the growth of its benzoates business.
Another important player in the global benzoates market is Wuhan Youji Industries Co., Ltd. In January 2022, the company announced the completion of its Wuhan production plant expansion and commencement of production in January. The company manufactures different salts of benzoic acid such as ammonium benzoate, sodium benzoate, benzyl benzoate, and potassium benzoate. Moreover, Wuhan has a distribution network covering around 100 countries including Germany, Brazil, Indonesia, and in the regions such as Asia Pacific, South America, North America, and Europe.
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