The global benzoates market 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. Benzoates are primarily used in personal care & cosmetic products, food & beverages, pharmaceutical, home care products, and others.
LANXESS (Germany), Wuhan Youji Industries Co., Ltd. (China), Tengzhou Tenglong Chemical Co., Ltd. (China), Eastman Chemical Company (US), Vertellus (US) are some of the key players operating in the benzoates market. These players have adopted strategies such as acquisitions, partnerships, and expansions to enhance their business revenue and market share. Expansion of production units globally is the key strategy adopted by these players to cater to the increasing demand for benzoates.
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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.
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
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