Benzoates Market Analysis

Benzoates Market Analysis

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Based on type, the benzoates market is segmented as sodium benzoate, potassium benzoate, calcium benzoate, benzyl benzoate, others. Sodium Benzoate held a majority market value of USD 60.7 million in 2022. Sodium benzoate is widely used as a preservative in various food and beverage products, which drives its demand in the food industry. It can be used as a pH regulator and acidulant in certain food and beverage formulations.
 

Based on grade, the benzoates market is segmented as food grade benzoates, pharmaceutical grade benzoates, industrial grade benzoates, technical grade benzoates, others. Food grade held a dominant market share of around 40% in 2022 and is expected to grow at a lucrative pace till 2032. Food grade benzoates, such as sodium benzoate and potassium benzoate, are widely used as preservatives in the food and beverage industry, which drives their demand.
 

Based on application, the benzoates market is segmented as food & beverages, pharmaceuticals, personal care & cosmetics, industrial applications, chemical applications, others. Food & beverages held a dominant market share in 2022 and is anticipated to grow at 4.9% CAGR through 2032. Benzoates, such as sodium benzoate and potassium benzoate, are widely used as preservatives in the food and beverage industry to extend the shelf life of products and prevent spoilage. Thus, the high-quality services and growing usage of benzoates at food centres are anticipated to expedite the business statistics.
 

U.S. dominated the North American region with majority benzoates market share and a revenue of USD 52.1 million in 2022 and is anticipated to expand at a significant pace from 2023-2032. Stringent regulations and safety standards set by authorities such as the U.S. Food and Drug Administration (FDA) ensure the safe usage of benzoates in food products, thereby driving demand for compliant preservatives.