Increasing Demand of Animal Feed is driving the Formic Acid Market Growth


Formic Acid Market is segmented by Application (Animal Feed and Silage Additives, Leather Tanning, Textile Dyeing and Finishing, Intermediary in Pharmaceuticals, and Other Applications), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)- Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The global Formic Acid Market is estimated to be valued at US$ 2.11 Billion in 2023 and is expected to exhibit a CAGR of 9.53 % over the forecast period as highlighted in a new report published by Coherent Market Insights.

Market Overview

Formic acid is an acid that belongs to carboxylic group. It is chemically expressed as HCOOH and formic acid is the main and starting member of the carboxylic acid group. Formic acid is also called as methanoic acid. Formic acid is colorless and fuming fluid. It has a powerful unpleasant smell. Formic acid is also utilized as a preservative and antibacterial agent, it is essential in the production of leather and rubber. It is helpful as a miticide by the people who keep bees.

Competitive Landscape:

Key players involved in the growth of global Formic Acid Market are LUXI Group, BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd., and Perstorp.

Market Key Drivers:

The rising production of animal feed is expected to augment the growth of global Formic Acid for Market. For instance, as per UN FAO, the world will produce 60% more food by 2050.

Rising demand of meat and poultry to propel the growth of global Formic Acid for Market. For instance, as per USDA, China's chicken production estimated to be at 14.3 million metric tons in 2023.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of global Formic Acid Market due to the surge in pandemic. The disruption in supply chain and the halt in the production of goods, shortage of labor to curb the spread of pandemic, restriction on transportation has impeded the market growth.

Key Takeaways:

The global Formic Acid for Market is expected to exhibit a CAGR of 9.53 % during the forecast period owing to the rising acquisitions and mergers. For instance, In March 2021, BASF SE declared a rise in cost of formic acid in North America for all grades, which would be US$ 0.05 per pound.

Among regions, North America, Asia Pacific and Europe anticipated to witness robust growth in the global Formic Acid Market due to increasing use pork, meat and animal feed. Increasing investment, rising acquisitions. For instance, Invest India assess that by 2025, the animal feed market might be around US$ 6 billion.

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