Potassium Benzoate Market Size, Share, Growth, and Global Industry Growth by Type (Food Grade Potassium Benzoate and Pharmaceutical Grade Potassium Benzoate), By Application (Pharmaceutical, Food & Beverages, Personal Care, and Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

POTASSIUM BENZOATE MARKET REPORT OVERVIEW

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The global potassium benzoate market size was USD 25 million in 2022 and is projected to touch USD 46.94 million by 2031, exhibiting a CAGR of 7.3% during the forecast period.

Potassium benzoate (E212), Cas 582-23-2 refers to a white-colored odorless powder that is obtained by combining potassium salt and benzoic acid. It is made under heat. It is a compound that is naturally found in plants, beauty, fermented products, and animals. It is potassium salt of benzoic acid and is used as a food preservative that propels the growth of yeast, mold, and some bacteria. It is originally derived from benzoin resin of certain tree species and it is now industrially made.  

The growing demand for potassium benzoate is due to its increasing usage in personal care and beauty products such as shampoos, facial cleansers, conditioners, and moisturizers. The demand is also rising from the food and beverage industry for products such as beverages, condiments, sweets, processed meats and fish, and spreads. Growth in packaged foods from the food and beverage industry is estimated to drive the market demand.  

COVID-19 Impact: Halt on Various Industries to Obstruct Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with potassium benzoate experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the potassium benzoate market growth and demand returning to pre-pandemic levels once the pandemic is over.

The effects of the COVID-19 pandemic are already being felt on a global level, the global potassium benzoate market was significantly influenced. The outbreak of COVID-19 had a negative impact on several markets. Various countries went into lockdown. With sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. The demand for potassium benzoate derives from the food and beverage industry and beauty care industry where it is used in products. Halt in production of products due to shortage of labor affected supply and demand for the product. Decline in demand from food and beverage and personal care industries affected the demand for potassium benzoate. 

LATEST TRENDS

"Use of Potassium Benzoate in Aerated Drinks to Boost Market Development"

Growing trend and increasing applications of potassium benzoate is estimated to expand the growth of the global potassium benzoate market. It is used as a preservative in aerated drinks to increase the acidity flavor and also as a preservative to extend shelf life. Sodium benzoate is one of the most commonly used as preservatives and as an antimicrobial agent. It is also used to preserve the freshness of carbonated drinks. Such increasing and new applications are anticipated to drive the market and pose opportunities for the market.

POTASSIUM BENZOATE MARKET SEGMENTATION

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• By Type

Based on type; the market is divided into food grade potassium benzoate and pharmaceutical potassium benzoate. 

Food grade potassium benzoate is the leading part of the type segment.

• By Application

Based on application; the market is divided into food & beverages, personal care, pharmaceutical, and others.

Food & Beverages is the leading part of the application segment.

DRIVING FACTORS

"Increasing Use of Product as a Preservative to Enhance Market Growth"

The global potassium benzoate market growth is anticipated to increase owing to its nature of preservation. It is used in the food and beverage industry to preserve foods under heat, cold, and reducing moisture. It is used by producers to preserve soda, hot sauce, jams, jellies, and sauerkraut are some of the most common food products preserved by potassium benzoate. It is also found naturally in various other seasonings such as apples, prunes, cinnamon, cranberries, and other fruits. They are used in small quantities by the manufacturers to make sure that the product is dissolved completely.

"Use of Product in Personal Care Products to Expand Market Performance"

Potassium benzoate is used in personal care products in cosmetics and pharmaceutical industries is expected to drive the demand for the forecast period. It is used to preserve cosmetics and pharma products. Rise in urban population has propelled the demand for pharmaceutical supplies and cosmetics. It is used as a medicine to treat hyperammonemia. Such uses of the product are anticipated to fuel the demand in the potassium benzoate market.   

RESTRAINING FACTORS

"Excess Use of Chemicals to Hamper Market Growth"

There are a number of factors that can push the growth of the potassium benzoate market. Restraining factors such as excess use of chemicals is expected to restrain the market demand. Strict government rules and regulations for excess use of chemicals is expected to restrain product demand. This factor is anticipated to restrict market growth.   

POTASSIUM BENZOATE MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead Market Owing to High Demand from Food and Beverage Industry"

Asia Pacific holds the largest part of the global potassium benzoate market share due to high demand from food and beverage industry. The demand for such chemicals is expected to rise in the region due to rising demand from the food and beverage industry from countries such as India, China, and Indonesia. Increase in spending by consumers and growth in the healthcare industry is anticipated to drive the demand for potassium benzoate. China has the major hold in this region owing to growing healthcare and food and beverage industries in the country.  

KEY INDUSTRY PLAYERS

"Market Players to Boost Market Growth"

The report delivers information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Emerald Kalama Chemical (Germany)
• Tengzhou Tenglong Chemical (China)
• A.M Food Chemical (China)
• Tengzhou Aolong Chemical (China)
• Macco Organiques Inc. (Canada)
• FBC Industries (U.S.)
• Shandong Tong Tai Wei Run Chemical (China)
• Shandong Ruisheng Biotechnology (China)

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.