Zinc acetate market is projected to reach $229.0 million by 2030, growing at a CAGR of 5.2% from 2021 to 2030
OREGON, PORTLAND, UNITED STATES, September 6, 2023/EINPresswire.com/ — The global zinc acetate industry generated $138.3 million in 2020, and is anticipated to generate $229.0 million by 2030, witnessing a CAGR of 5.2% from 2021 to 2030. Allied Market Research published a report, titled, ”Zinc Acetate Market by Form (Dihydrate and Anhydrous) and Application (Dietary & Medicine, Analytical Reagent, Wood Preservative, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030″.
Prime determinants of growth:
Use of zinc acetate for medicines & astringents, expansion of animal feed market, and surge in demand for wood preservation chemicals drive the growth of the global zinc acetate market. However, availability of other zinc based alternatives hinders the market growth. On the other hand, rise in use of zinc acetate in other applications presents new opportunities in the coming years.
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Leading Market Players
Celtic Chemicals
Fengchen Group Co. Ltd.
GFS Chemicals Inc.
Jost Chemical Co.
Kerry Group Plc.
Merck KGaA
Thermo Fisher Scientific
TIB Chemicals AG
FUJIFILM Corporation
Spectrum Chemical
Covid-19 Scenario
The outbreak of the COVID-19 pandemic has had a positive impact on the growth of the global zinc acetate market.
The pandemic has led to a steep increase in demand for zinc based supplements, thus boosting the global zinc acetate market.
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The dihydrate segment to maintain its leadership status throughout the forecast period
Based on form, the dihydrate segment held the highest market share in 2020, accounting for more than two-thirds of the global zinc acetate market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 5.4% from 2021 to 2030, owing to its wide range of applications such as dietary products, medicines, and chemicals.
The dietary & medicine segment to maintain its lead position during the forecast period
Based on application, the dietary & medicine segment accounted for the largest share in 2020, contributing to nearly two-thirds of the global zinc acetate market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 5.4% from 2021 to 2030. The segment includes the use of zinc acetate as a feed and food additive for making supplements, animal feed, capsules, tablets, astringents, and lozenges.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global zinc acetate market. Moreover, the same region is expected to witness the fastest CAGR of 6.0% during the forecast period. This is attributed to the fact that the countries such as India and China have presence of large big base for supplements and animal feed.
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