World - Benzoic Acid, Its Salts And Esters - Market Analysis, Forecast, Size, Trends And Insights
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The article discusses the projected growth of the global market for benzoic acid, its salts, and esters, with a forecasted increase in consumption volume and value over the next eight years. It highlights key trends in consumption and production, as well as the top consuming and producing countries. The analysis also includes information on import and export trends, average prices, and notable growth rates for various countries.
Market Forecast
Driven by increasing demand for benzoic acid, its salts and esters worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +2.3% for the period from 2022 to 2030, which is projected to bring the market volume to 729K tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $2.9B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Benzoic Acid, Its Salts And Esters
In 2022, global consumption of benzoic acid, its salts and esters stood at 610K tons, with an increase of 8.8% against the previous year's figure. The total consumption volume increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.
The global benzoic acid market size totaled $2B in 2022, growing by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +3.6% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.
Consumption By Country
The countries with the highest volumes of consumption in 2022 were China (114K tons), the United States (82K tons) and India (53K tons), with a combined 41% share of global consumption. The Netherlands, Germany, Brazil, Japan, Estonia, Mexico, Turkey, South Korea, Italy and Saudi Arabia lagged somewhat behind, together comprising a further 35%.
From 2012 to 2022, the biggest increases were recorded for Estonia (with a CAGR of +65.4%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, the largest benzoic acid markets worldwide were India ($505M), Japan ($374M) and the United States ($167M), together comprising 53% of the global market. China, the Netherlands, Brazil, Germany, Estonia, Mexico, South Korea, Turkey, Italy and Saudi Arabia lagged somewhat behind, together comprising a further 29%.
Estonia, with a CAGR of +60.7%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
In 2022, the highest levels of benzoic acid per capita consumption was registered in Estonia (16 kg per 1000 persons), followed by the Netherlands (3 kg per 1000 persons), Germany (0.3 kg per 1000 persons) and Saudi Arabia (0.3 kg per 1000 persons), while the world average per capita consumption of benzoic acid was estimated at 0.1 kg per 1000 persons.
From 2012 to 2022, the average annual rate of growth in terms of the benzoic acid per capita consumption in Estonia totaled +65.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the Netherlands (+9.1% per year) and Germany (-1.6% per year).
Production
World Production of Benzoic Acid, Its Salts And Esters
For the eleventh consecutive year, the global market recorded growth in production of benzoic acid, its salts and esters, which increased by 0.3% to 588K tons in 2022. The total output volume increased at an average annual rate of +4.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when the production volume increased by 13% against the previous year. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the near future.
In value terms, benzoic acid production reached $1.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2016 when the production volume increased by 16% against the previous year. Over the period under review, global production reached the peak level at $1.7B in 2018; afterwards, it flattened through to 2022.
Production By Country
The countries with the highest volumes of production in 2022 were China (218K tons), the Netherlands (128K tons) and Estonia (57K tons), with a combined 69% share of global production. The United States, India, Japan and Saudi Arabia lagged somewhat behind, together accounting for a further 21%.
From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by Saudi Arabia (with a CAGR of +10.7%), while production for the other global leaders experienced more modest paces of growth.
Imports
World Imports of Benzoic Acid, Its Salts And Esters
After six years of growth, overseas purchases of benzoic acid, its salts and esters decreased by -2% to 327K tons in 2022. The total import volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 8.2% against the previous year. As a result, imports attained the peak of 333K tons, and then contracted slightly in the following year.
In value terms, benzoic acid imports soared to $798M in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.
Imports By Country
In 2022, the United States (48K tons), distantly followed by Germany (23K tons), Brazil (18K tons), India (17K tons) and Italy (16K tons) represented the major importers of benzoic acid, its salts and esters, together constituting 37% of total imports. The following importers - France (15K tons), Belgium (14K tons), the Netherlands (13K tons), Mexico (11K tons), Turkey (9.9K tons), Thailand (8.4K tons), the UK (8.3K tons) and Indonesia (8.3K tons) - together made up 27% of total imports.
The United States was also the fastest-growing in terms of the benzoic acid, its salts and esters imports, with a CAGR of +8.9% from 2012 to 2022. At the same time, India (+7.5%), Turkey (+6.8%), France (+5.8%), Brazil (+4.5%), the UK (+2.2%), Indonesia (+1.6%) and Italy (+1.4%) displayed positive paces of growth. Mexico, Thailand, Belgium and the Netherlands experienced a relatively flat trend pattern. By contrast, Germany (-2.8%) illustrated a downward trend over the same period. The United States (+6.7 p.p.) and India (+1.9 p.p.) significantly strengthened its position in terms of the global imports, while Germany saw its share reduced by -4.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the United States ($98M), India ($59M) and Germany ($56M) appeared to be the countries with the highest levels of imports in 2022, together comprising 27% of global imports. Brazil, Italy, Belgium, France, the Netherlands, Mexico, Turkey, the UK, Thailand and Indonesia lagged somewhat behind, together comprising a further 37%.
Among the main importing countries, Turkey, with a CAGR of +8.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.
Import Prices By Country
In 2022, the average benzoic acid import price amounted to $2,443 per ton, surging by 23% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was India ($3,565 per ton), while the United States ($2,035 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+6.8%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Benzoic Acid, Its Salts And Esters
In 2022, shipments abroad of benzoic acid, its salts and esters decreased by -15.1% to 304K tons for the first time since 2019, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. The global exports peaked at 359K tons in 2021, and then fell remarkably in the following year.
In value terms, benzoic acid exports reached $720M in 2022. The total export value increased at an average annual rate of +3.0% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.
Exports By Country
China (107K tons) and the Netherlands (89K tons) represented roughly 64% of total exports in 2022. Estonia (37K tons) ranks next in terms of the total exports with a 12% share, followed by the United States (6.4%). France (10K tons), Belgium (7.6K tons) and India (6K tons) followed a long way behind the leaders.
From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by India (with a CAGR of +8.3%), while the other global leaders experienced more modest paces of growth.
In value terms, the Netherlands ($182M), China ($175M) and the United States ($73M) appeared to be the countries with the highest levels of exports in 2022, together comprising 60% of global exports. Estonia, India, France and Belgium lagged somewhat behind, together accounting for a further 24%.
India, with a CAGR of +6.8%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
The average benzoic acid export price stood at $2,364 per ton in 2022, growing by 26% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($9,333 per ton), while China ($1,633 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+1.9%), while the other global leaders experienced more modest paces of growth.
This report provides an in-depth analysis of the global benzoic acid market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 20143363 - Benzoic acid, its salts and esters
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Company coverage:
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
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