Growing demand for food preservatives is driving the global potassium benzonate market.
The global Potassium Benzoate market is anticipated to increase at a 5% CAGR to reach value USD 902.3 million in 2030
Covid-19 Impact & Market Status
The COVID-19 has had an impact on every industry throughout the world, however it can be shown that it has had a favourable impact on the potassium benzoate business. The COVID-19 epidemic has boosted the food industry's need for potassium benzoate, a food additive and preservative. Because of the pandemic's strict lockdown, the use of packaged food increased, which led to the introduction of potassium benzoate as a preservative in packaged food.
The report investigates the financial status of the global potassium benzonate market and determines the marketing mix of the potassium benzonate industry. The report explores the strategies implemented by the market players during pandemic and post-pandemic for market sustainability. The marketing mix conducted in the study helps analyse the market brands and companies covering the price structure, products & services, marketing strategies, etc. The PEST analysis is the study is used to analyse the global potassium benzonate market in terms of its external macro-environment such as political factors, economic factors, social and technological factors. The political factors analyzed are tax pressure, regulations, tariff and trade restrictions. The economic factors are inflation rate, market size, growth projections, compound annual growth rate, etc. The social factors are health concerns and issues facing the customers and the technological factors are research and development current status and future plans.
Food Industry To Be The Major Driver For The Market
The global potassium benzoate market is predicted to be primarily driven by the food industry. The food sector is seeing a significant trend toward natural, nutritious goods that are devoid of chemical preservatives. The rising popularity of natural goods is projected to drive demand for potassium benzoate in this market. The worldwide potassium benzoate market is predicted to expand due to increased consumption of goods such as soft drinks, which are also the most common end uses for potassium benzoate. Potassium benzoate is also projected to be in high demand due to potassium's advantages as an important mineral. The electrolyte potassium facilitates the passage of electrical impulses and pulses through the body. Potassium benzoate is a food preservative and flavouring ingredient that has been certified for use as a generally regarded as safe substance.
Asia Pacific Will Be Leading The Potassium Benzoate Market.
Potassium benzoate's major market is in Asia Pacific. Throughout the forecast period, the Asia Pacific potassium benzoate market is likely to be a prominent driver of the potassium benzoate market. Rising awareness of health and wellness trends such as anti-aging and ageing will drive demand for potassium benzoate in the Asia Pacific region. Furthermore, due to expanding demand for food additives and developing economies, the area is predicted to be the fastest growing for potassium benzoate. This expansion is likely to be fuelled by the increasing usage of potassium benzoate as a preservative and in the production of food and drinks, as well as the rising prevalence of diet-related disorders such as obesity and diabetes.
In the potassium benzoate market, Asia Pacific will be followed by North America and Europe, with sluggish expansion over the same time. The Asia Pacific region has significant opportunities for the global potassium benzoate market's growth. The South American potassium benzoate market is predicted to develop faster than the Middle Eastern industry.
Potassium benzoate has an advantage over alternative compounds due to its physical properties. The demand for potassium benzonate is increased mostly due to rising food and beverage consumption, which is a significant end-use application for potassium benzoate. The rising prevalence of food safety laws in the food sector is likely to fuel market expansion over the forecast period.
Potassium bnzonate also offers medicinal advantages. When digested, potassium benzoate decomposes into two pieces, one of which is electrolyte potassium. This is beneficial for several important biological functions, such as heart muscle contractions, which are required by the cardiovascular and respiratory systems. It is also a common food preservative with several applications, such as preventing food from deteriorating or preserving colour and flavour. Some drugs, such as cough syrups and pain relievers, include potassium benzoate. These factors encourage further adoption of potassium benzonate.
The global potassium benzoate market is expected to be of worth USD 39 million at a CAGR of 7.5% during 2022-2029.
Potassium benzoate is used as a preservative because it inhibits the growth of bacteria, yeast, and mould. Potassium benzoate is an organic chemical that occurs naturally. It is used to help preserve baked products, processed meats, and other foods. It's most commonly found in soft drinks, fruit juices, pickles, and sauces. Potassium benzoate is a preservative that may be found in a range of foods. This chemical has a sweet-sour flavour and is frequently substituted for sodium benzoate.
Benzoyl chloride, potassium carbonate, and water are used to make it. Potassium benzoate is primarily used as a preservative in dried and fresh fruit, pickles, and other items; in meat and meat products; in wines and sparkling wines; and in dairy products. In the projected future, rising food safety standards are expected to create excellent growth chances for the potassium benzoate market.
Potassium benzoate's principal application is in the food business, where it is used as a preservative and flavouring. Potassium benzoate, one of the key chemicals in liquid soft drinks, is also employed as a preservative and flavouring agent. The product is created by combining the benzoyl group with potassium carbonate, which is generated from the salt. It is extensively utilised in the food and beverage sectors, particularly in carbonated soft drinks. Potassium benzoate is also employed in the manufacture of alcoholic drinks, bakery items, and pharmaceuticals.
It's quite common in the food sector. It is commonly found in candy, fish, bread, meat, and jams, and other preserves. Potassium benzoate has a variety of uses, including increasing shelf life and retaining original qualities in foods and beverages.
One of the key issues that may impede the expansion of the potassium benzoate market is the existence of stringent restrictions restricting the amount of benzene in food. Previously, it was discovered that the benzene chemical concentration was higher than the allowable limit.
Benzoate salts is also present in food and drinks. Vitamin C is commonly added when benzoate salts, such as potassium and sodium benzoate, are employed as preservatives in foods. Extremely high quantities of benzene were created when meals and drinks containing benzoate salts and vitamin C were exposed to heat and light.
Although potassium benzoate has many benefits, it has the potential to change into benzene, which is carcinogenic in nature. However, based on the government's safety precautions and standards for the use of potassium benzoate, the potassium benzoate market looks to be progressive, and it will have strong growth in the near future. Various major players are looking forward to investing in the market which in turn will give rise to a healthy competition which will be a growth opportunity to the global potassium benzonate market.
The key market players in the global potassium benzoate market are FBC Industries, Emerald Kalama Chemical, Tengzhou Aolong Chemical, Macco Organiques Inc., Shandong Ruisheng Biotechnology, IRO Group, and Foodchem among others.
Potassium Benzoate Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 39 million|
|Growth Rate||CAGR of 7.5 %|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||FBC Industries, Emerald Kalama Chemical, Tengzhou Aolong Chemical, Macco Organiques Inc., Shandong Ruisheng Biotechnology, IRO Group, and Foodchem among others.|
Key Segments of the Global Potassium Benzoate Market
Type Overview, 2019-2029 (USD Million)
- Pharmaceutical Grade
- Food Grade
Application Overview, 2019-2029 (USD Million)
- Food & Beverages
- Personal Care
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa