The Formic Acid Market Growth Accelerated By Increased Demand In Animal Feed Preservatives

The Formic Acid Market Growth Accelerated By Increased Demand In Animal Feed Preservatives

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:
 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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