Benzoic Acid Excipient Price Trend

Benzoic Acid Excipient Prices June 2023

The price of benzoic acid excipient in USA for Q2 2023 reached 1680 USD/MT in June. The prices rose because of different weather conditions. Higher temperatures in some regions accelerated food deterioration, which increased the demand for preservatives like benzoic acid in a number of sectors, including food and beverage (F&B), pharmaceutical, and other industries. Prices went up because of the growing requirement for benzoic acid to stop spoiling by preventing bacterial and fungal development.

The price trend for benzoic acid excipient in China for Q2 reached 1360 USD/MT in 2023. The rise was prompted by heat waves and moisture in China, which increased food spoilage in the F&B sector. The increase in demand for preservatives such as benzoic acid to prevent spoilage caused prices to rise.

In Germany, benzoic acid excipient prices in June 2023 reached 1586 USD/MT. The prices dropped at first but then increased because of a favorable currency exchange rate. Individuals in the country were able to purchase Chinese items at reduced rates as a result of the decline in Chinese renminbi in value relative to the Euro.

Benzoic Acid Excipient Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Benzoic Acid Excipient Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of benzoic acid excipient pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of benzoic acid excipient at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of benzoic acid excipient price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing benzoic acid excipient price fluctuations, such as changes in raw material costs, supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Benzoic Acid Excipient Market Analysis

The global benzoic acid excipient market size reached 239.2 Thousand Tons in 2023. By 2032, IMARC Group expects the market to reach 331.7 Thousand Tons, at a projected CAGR of 3.70% during 2023-2032.

• The growing demand for processed and packaged food products among the masses is offering a favorable market outlook. More consumers are opting for convenient, ready-to-eat (RTE) food items because of busy schedules and the rise of urban living. In 2023, the global market for ready-to-eat (RTE) food was valued at approximately US$ 181.5 billion. The market is expected to grow at a CAGR of 4.18% from 2024 to 2032, with a projected value of US$ 262.4 billion in 2032 by the IMARC Group. Benzoic acid is essential in preserving these products to ensure their safety, taste, and longevity. It is commonly utilized in an assortment of processed foods like condiments, dressings, pastries, and snacks to hinder spoilage and maintain product quality for prolonged durations. In developing nations, there is an increase in the consumption of processed foods due to urbanization and higher incomes, leading to changes in eating patterns. According to the China in Numbers (2023) report by the United Nations Development Programme (UNDP), the percentage of permanent residents in urban locations has increased by over threefold since 1982, reaching 66.2% in 2023.
• The rising incorporation of benzoic acid in personal care items such as sunscreens, lipsticks, and lotions are propelling the market growth.
• The use of benzoic acid in the pharmaceutical sector is a major factor supporting the market growth. Benzoic acid is incorporated in creams, ointments, and medications due to its antimicrobial characteristics. It is also a vital ingredient in the synthesis of active pharmaceutical ingredients (APIs) for preserving their potency. The IMARC Group projects that the worldwide market for API will grow from its 2023 valuation of US$ 234.7 billion to US$ 357.0 billion by 2032. The growing international pharmaceutical industry, driven by the ongoing requirement for novel and effective treatments, raises the requirement for trustworthy excipients such as benzoic acid. In addition, the increasing geriatric population that is more prone to numerous age-related ailments is driving the demand for benzoic acid for the synthesis of various drugs. As per the 2023 US Census Bureau report, the number of people in the US aged 65 and above was projected to increase by 47%, rising from 58 million in 2022 to 82 million by 2050.

Benzoic Acid Excipient News

The report covers the latest developments, updates, and trends impacting the global benzoic acid excipient market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, advancements in benzoic acid excipient production technologies, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the benzoic acid excipient price trend.

Latest developments in the benzoic acid excipient industry:

• August 2023: Conagen and Sumitomo Chemical jointly developed renewable p-hydroxystyrene (HS) and poly p-hydroxystyrene (PHS) using biosynthesis, chemosynthesis, and polymerization. The project proposed a comparable process to produce benzoic acid and other compounds.
• December 2023: Ganesh Benzoplast Limited known for producing benzoic acid, announced it expected to receive INR 302.6 million in funding through a private placement of equity shares. The transaction involved new investors Malabar India Fund Limited and Susram Financial Services and Realty Private Limited.

Product Description

Benzoic acid excipient is a basic aromatic carboxylic acid used in the pharmaceutical and food and beverage (F&B) sectors. It is produced by partially oxidizing toluene with oxygen gas and utilizing cobalt or manganese salts as catalysts, which results in high purity of the product. It has different derivatives, such as sodium benzoate and potassium benzoate, which offer greater solubility in water and are frequently present in liquid medications and drinks. It is valued for its antibacterial qualities that help to prevent the growth of bacteria, yeast, and fungi. Its capacity to easily mix in organic solvents, but with limited solubility in water, makes it suitable for various formulations like topical, oral, and injectable medications. It is a favorable option for different pharmaceutical applications due to its inexpensive cost, ease of production, and minimal harmful effects. It is used to adjust pH in cosmetics and as a reference standard for calibrating analytical chemistry instruments.

Regional Coverage

The report provides a detailed analysis of the benzoic acid excipient market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the benzoic acid excipient price trend. 

Global Benzoic Acid Excipient Price

The report offers a holistic view of the global benzoic acid excipient pricing trends in the form of benzoic acid excipient price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of benzoic acid excipient but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed benzoic acid excipient demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Benzoic Acid Excipient Price

The prices of benzoic acid excipient dropped in Germany as a result of decreased sales in the pharmaceutical and food industries. Nevertheless, by the conclusion of Q2, prices experienced a notable increase. The Euro's rise against the Chinese renminbi in June fueled a strong market trend, leading German buyers to replenish their stocks at reduced prices due to the cheaper Chinese imports.

This analysis can be extended to include detailed benzoic acid excipient price information for a comprehensive list of countries.

North America Benzoic Acid Excipient Price

In the second quarter of 2023, the prices of benzoic acid excipients in North America experienced an initial decrease because of the changing toluene markets and reduced demand from the cosmetic, food and beverage (F&B), and pharmaceutical industries. This downward trend continued until the middle of May. Nevertheless, prices saw a notable increase in June, signaling a departure from the previous downward trend and showcasing a rise in demand or market modifications.

Specific benzoic acid excipient historical data within the United States and Canada can also be provided.

Middle East and Africa Benzoic Acid Excipient Price

The report explores the benzoic acid excipient pricing trends in the Middle East and Africa, considering factors like regional industrial growth, the availability of natural resources, and geopolitical tensions that uniquely influence market prices.

In addition to region-wise data, information on benzoic acid excipient prices for countries can also be provided.

Asia Pacific Benzoic Acid Excipient Price

During Q2 2023, benzoic acid excipient costs in the Asia Pacific area dropped at first because of decreased global demand and higher product availability from enhanced Q1 production. By the middle of the second quarter, the market continued to be negative as the upstream toluene market weakened. Nonetheless, a rise in local consumption of preservatives such as benzoic acid resulted in notable price increases and supply shortages. The quarter concluded with a steady, growing market for benzoic acid.

This benzoic acid excipient price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Benzoic Acid Excipient Price

The analysis of benzoic acid excipient prices in Latin America provides a detailed overview, reflecting the unique market dynamics in the region influenced by economic policies, industrial growth, and trade frameworks.

This comprehensive review can be extended to include specific countries within the region.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of benzoic acid excipient pricing, covering global and regional trends, spot prices at key ports, and a breakdown of Ex Works, FOB, and CIF prices.
• The study examines factors affecting benzoic acid excipient price trend, including raw material costs, supply-demand shifts, geopolitical impacts, and industry developments, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The benzoic acid excipient price charts ensure our clients remain at the forefront of the industry.