Formic acid is widely used as an animal feed preservative and silage additive that helps in the preservation of fresh fodder and improves the nutritional value of the silage. It acts as an anti-bacterial and anti-fungal agent, preventing the growth of molds and yeasts in silage which leads to better feeding quality. With the rising demand for quality animal feed from the growing population of livestock animals like cattle and poultry, the use of formic acid as a preservative in animal feed is increasing.
The global Formic Acid Market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the global formic acid market is the increased demand from the animal feed preservatives segment. The production and consumption of meat and poultry has been increasing significantly over the past few years due to the rising disposable incomes and changing dietary patterns among consumers globally. Formic acid acts as an effective preservative and acidulant for silage and animal feed to increase nutritional value and prevent spoilage. It has been widely used as a feed additive for promoting growth in livestock and improving feed efficiency. The rising demand for higher quality animal feed from the flourishing meat and dairy industry is expected to propel the demand for formic acid over the forecast period.
Segment Analysis
The global formic acid market is segmented based on application and grade. In terms of application, the silage & feed segment dominates the market owing to its widespread use as an acidifier in silage making. Formic acid helps improve the fermentation and aerobic stability of silage by reducing the pH level, thus preventing the growth of harmful yeasts and molds. This leads to higher nutritive value and palatability of silage for cattle feeding.
Key Takeaways
The Global Formic Acid Market Size is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis
Asia Pacific dominates the global formic acid market and is expected to maintain its leading position through 2030. This can be attributed to the huge demand from silage & animal feed applications in major livestock markets such as China and India. Strong demand from rubber chemicals and agricultural applications further support market growth in the region.
Key players
Key players operating in the formic acid market include BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Rashtriya Chemicals and Fertilizers Limited, and Wuhan Ruisunny Chemical Co. Ltd.
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The Formic Acid Market 2021 research report gives emerging industry data, global segments and regional outlook.
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The major players in the formic acid market include BASF , LUXI , Eastan , Rashtriya Chemicals and Fertilizers , Tianyuan Group , Gujarat Narmada Valley Fertilizers & Chemicals , Feicheng Acid , Perstorp , Wuhan Ruisunny Chemical , Shandong Rongyue Chemical S. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Formic Acid Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/formic-acid-market/download-sampleMarket DynamicsThe global formic acid market is foreseen to grow at a moderate rate during the forecast period.
The demand for formic acid is increasing owing to the growing demand from end-use industries.
Animal feed applications majorly drive the global market.
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These include a comprehensive analysis of the regulatory and strategic landscape during the historical period on the global level and across numerous regions.
Fact.MR offers data-driven insights through the formic acid market sizing and projections of various segments—shares and size—during the forecast period.
The insights offered in the report are aimed at guiding companies and players to identify new growth avenues, winning imperatives, and untapped regional markets.The recently published research report by Fact.MR regarding the global formic acid market includes product classification and current synopsis, along with product grades and innovations.
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Formic acid presently is being utilized in a wide range of industrial applications, including pharmaceuticals and chemicals, which hold a considerable market share.
