Apr 20, 2025
IndexBox has just published a new report: China – Benzoic Acid, Its Salts And Esters – Market Analysis, Forecast, Size, Trends And Insights.
Driven by rising demand in China, the market for benzoic acid and its derivatives is set to see steady growth over the next decade. With a projected CAGR of +2.0% in volume and +3.0% in value from 2024 to 2035, the market is forecasted to reach significant milestones by the end of the period.
Market Forecast
Driven by increasing demand for benzoic acid, its salts and esters in China, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market volume to 224K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2024 to 2035, which is projected to bring the market value to $335M (in nominal wholesale prices) by the end of 2035.
Consumption
China’s Consumption of Benzoic Acid, Its Salts And Esters
In 2024, consumption of benzoic acid, its salts and esters in China totaled 181K tons, almost unchanged from the previous year’s figure. The total consumption volume increased at an average annual rate of +2.2% from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 5.5%. Over the period under review, consumption attained the maximum volume in 2024 and is likely to see gradual growth in years to come.
The value of the benzoic acid market in China contracted slightly to $243M in 2024, stabilizing at 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). Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $277M in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.
Imports
Imports By Country
Taiwan (Chinese) (408 tons), the Netherlands (357 tons) and Rwanda (260 tons) were the main suppliers of benzoic acid imports to China, together comprising 55% of total imports.
From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Rwanda (with a CAGR of +251.1%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Rwanda ($4.2M) constituted the largest supplier of benzoic acid, its salts and esters to China, comprising 33% of total imports. The second position in the ranking was held by the United States ($1.6M), with a 13% share of total imports. It was followed by Taiwan (Chinese), with an 11% share.
From 2013 to 2024, the average annual rate of growth in terms of value from Rwanda totaled +312.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+4.7% per year) and Taiwan (Chinese) (-0.6% per year).
Import Prices By Country
In 2024, the average benzoic acid import price amounted to $6,647 per ton, dropping by -4.3% against the previous year. Over the period under review, the import price, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2022 when the average import price increased by 107% against the previous year. Over the period under review, average import prices attained the maximum at $6,946 per ton in 2023, and then reduced modestly in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($16,841 per ton), while the price for the Netherlands ($2,437 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Rwanda (+17.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports
China’s Exports of Benzoic Acid, Its Salts And Esters
In 2024, the amount of benzoic acid, its salts and esters exported from China soared to 165K tons, increasing by 34% against 2023. Overall, exports showed a strong expansion. The growth pace was the most rapid in 2017 when exports increased by 37%. The exports peaked in 2024 and are likely to see steady growth in the near future.
In value terms, benzoic acid exports surged to $205M in 2024. Over the period under review, exports continue to indicate moderate growth. The most prominent rate of growth was recorded in 2021 with an increase of 57%. The exports peaked in 2024 and are likely to continue growth in years to come.
This report provides an in-depth analysis of the benzoic acid market in China. 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:
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in China
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
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.
