Benzoic Acid Market Analysis ,COVID19 impact on Industry and Outlook 2030
Benzoic Acid Market Analysis The global benzoic acid market is touted to reach a valuation of USD 1,219 million by 2023. It can exhibit a CAGR of 5.9% during the forecast period. It stood at a value of USD 868 million in 2017. It can command a market demand of 689.1 KT by 2023 at a CAGR of 5.21% during the aforementioned period. The Benzoic Acid Market Analysis has gained huge attention over the past few years due to the surging demand from the food and beverage industry. Benzoic acid and its potassium, sodium, and calcium salts are in high demand among the public as a preservative in foods owing to their effective antifungal property. It is effective against bacteria. The surging demand for packaged and preserved foods is predicted to spark the demand for natural preservatives such as benzoic acid. The soaring demand for beverages such as fruit juices, soft drinks, and others can spur the market demand of benzoic acid during the assessment period. The use of benzoic acid in the pr