Sodium Formate Market to Become a Worth ~US$ 604 Mn by 2027

Posted by pranav suryawanshi on October 15th, 2019

The use of organic acids as food additives gained significant importance after the ban on antibiotic growth promoters (AGPs) in Europe in 2006, which addressed the problem of non-essential use of antibiotics. There is an increasing preference for organic and safe feed additives, globally, which has had a significant impact on the sodium formate market, due to its application as an effective organic feed additive.

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Various regulations have given rise to the demand for organic acids in the animal nutrition sector, and with the growing awareness about their positive effects on feed quality, and subsequently animal performance, the sales of sodium formate are likely to soar in this sector in the coming years. A recently published rule by The Food and Drug Administration (FDA) (Document citation: 81 FR 67153), amended the regulations for the safe use of sodium formate as a food additive. Further, the European Food Safety Authority (EFSA) also confirmed the safety of the use of sodium formate in the production of animal feed additives.

Food additives accounted for almost a third of the global sodium formate market share in 2018, which is likely to remain the same during the forecast period of 2019-2027. The efficacy and safety of sodium formate as an animal feed additive will continue to make it a popular application for sodium formate, positively impacting the growth of the market.

• Activity in Textile & Printing Industry Creates Sustained Opportunities

The sodium formate industry’s reliance on textile and printing is expected to continue to prevail during the forecast period of 2019–2027. In 2018, the textile and printing industry held almost 40% share of the global sodium formate market revenue, and this share is projected to increase over the forecast period.

The information Presented in this Review is Based on Press-Release by TMR

A steady rise in printing activity and advancements of printing techniques that involve the use of sodium formate are also expected to cause a boost in the growth of the sodium formate market. The expansion of the digital printing market, along with innovation in fabric dyeing and printing processes for effective alkali neutralization and pH control, coupled with the environment-friendly attributes of sodium formate, is expected to contribute to the evolution of the market.