Worldwide Formic Acid Industry to 2026 – Increasing Demand for Preservatives and Feed Additives is Driving the Market – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Formic Acid Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Global Formic Acid Market was valued at around 600 kilotons in 2020 and the market is projected to register a CAGR of over 3% during the forecast period (2021-2026).
Companies Mentioned
- Anhui Asahi Kasei Chemical Co., Ltd
- BASF SE
- Beijing Chemical Industry Group Co., Ltd
- Eastman Chemical Company
- Feicheng Acid Chemicals Co., Ltd.
- GNFC. Limited
- LUXI GROUP
- Perstorp
- Rashtriya Chemicals and Fertilizers Limited
- Shandong Baoyuan Chemical Co., Ltd
- Shanxi Province Yuanping Chemicals Co., Ltd
- Wuhan Ruisunny Chemical
Key Market Trends
Animal Feed a Huge Market Potential
- Formic acid, as a commercial animal feed additive, is added to the animal diet for feed acidification.
- It is used as an animal feed additive for fisheries, cattle, poultry, etc. The growth of cattle and poultry is higher in countries, such as the United States, China, India, etc., and these are the countries where the demand for formic acid has increased at a moderately high rate.
- Formic acid is also used as an antibacterial agent and preservative in livestock feed.
- Formic acid is sprayed on fresh hay, in order to delay or halt decay, thereby, allowing the feed a longer survival period. This process is of particular importance in the preservation of winter cattle feed.
- In poultry farming, formic acid is applied to feed, in order to kill salmonella bacteria. These practices are widespread in Europe, but are not as common in the United States, due to the generally low commercial availability of formic acid.
- In addition, the use of formic acid on hay feed may reduce the total milk fat when given to milch cows.
- According to survey by Alltech(animal nutrition, feed and supplements company), the global animal feed production increased 1% in 2020 to 1,187.7 million metric tons compared to 2019.
- These applications of formic acid are on the rise, due to the increase in demand for animal feed. This trend is expected to contribute to the demand for formic acid, over the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. The region is expected to dominate the market during the forecast period, owing to the demand for meat and poultry, coupled with the demand from the textile industry in countries, such as China and India.
- China is among the largest meat producers in the world. The top three categories include pork, chicken, and beef. In 2019, according to the National Bureau of Statistics China, the volume of beef and veal production in China is around 6.67 million metric tons.
- In 2020, according to the US Department of Agriculture, broiler meat production in China is estimated at around 15.5 million metric tons.
- At present, India is the fifth-largest feed manufacturer in the world. The commercial feed industry in India is around 28 million metric ton and caters largely to poultry feed (70-75%), aquaculture feed (10-12%), and dairy feed (10-15%). In terms of revenue, the local animal feed is valued at more than USD 5.35 billion in 2019 and is expected to reach more than USD 12 billion by 2025, with a CAGR of more than 14%. In 2019, India exported 123,830 metric ton of various kinds of animal feed to the world, valued at 228 million USD, representing 1.5% of the world’s export.
- China’s textile and apparel makers are going through painful industrial restructuring. While the country, with enormous production capacity, is still the world’s largest clothing exporter, oversupply at home, high labor costs, and rising global protectionism have all eroded its competitiveness.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Demand for Preservatives and Feed Additives
4.1.2 Increasing Consumption of Meat and Poultry
4.2 Restraints
4.2.1 Emerging Cost-effective Substitutes
4.2.2 Impact of COVID-19
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
4.5 Price Analysis
5 MARKET SEGMENTATION (Market Size by Volume and Value)
5.1 Grade Type
5.2 Application
5.3 Geography
5.3.1 Asia-Pacific
5.3.2 North America
5.3.3 Europe
5.3.4 South America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Organic Acid as a Substitute for Antibiotics in Animal Feed
For more information about this report visit https://www.researchandmarkets.com/r/4j8kp5
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