Led by Rensin Chemicals, Jiangsu Zhongdan Group, Impextraco, Kemin Industries, and Skystone Feed Co., the global market for ethoxyquin displays a competitive landscape, states a research report by Transparency Market Research (TMR). These companies mostly rely on innovation and advancements to expand their businesses. Over the coming years, a shift in partcipants’ focus towards setting up subsidiary units in developing countries and involving actively in mergers and acquisitions can be observed, states the market report.
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According to the research study, the opportunity in the worldwide market for ethoxyquin is anticipated to progress at a CAGR of 4.50% during the period from 2017 to 2025, rising from US$172.2 mn in 2016 to US$255.0 mn by the end of the forecast period. Ethoxyquin-95 oil is reporting a much higher demand than the other two on the grounds of the increasing need for fishmeal across the world, boosted by the rising consumption of fish and shrimps among people. Analysts expect this trend to remain so over the forthcoming years.
Aquaculture Industry to Continue Reporting High Demand for Ethoxyquin
As per the research report, the poultry industry, pesticides, pet food preservatives, spice color preservatives, industrial applications, and the aquaculture sector are the main application areas of ethoxyquin. Among these, the aquaculture industry has been registering a significantly higher demand for ethoxyquin and, thanks to the augmenting demand for fish and fishmeal products in developing economies, the segment is expected to continue doing so throughout the period of the forecast.
The report further presents a regional analysis of the worldwide market for ethoxyquin. According to it, Asia Pacific, the Middle East and Africa, North America, Latin America, and Europe are the prime regional markets for ethoxyquin across the world. In 2016, North America emerged as the leading regional market with a share of nearly 30% in the overall market. This regional market is likely to remain dominant over the forthcoming years, thanks to the growing consumption of ethoxyquin-95, specifically in the poultry and the aquaculture industries, notes the research study.
Rising Trend of Pet Adoption to Boost Market’s Growth
“The significant rise in the trend of pet adoption, worldwide, is having the most prominent impact on the global market for ethoxyquin,” says an analyst at TMR. Ethoxyquin is a highly effective preservative, which helps in slowing down the oxidation of xanthophyll, carotene, and vitamin A and vitamin E in pet food products, ensuring their long shelf-life. Owing to this factor, the demand for ethoxyquin is increasing remarkably with the rising requirement for pet food products, leading to a substantial rise in the global market.
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The growing need for effective preservation of poultry and fish meals is also reflecting greatly on the demand for ethoxyquin and is expected to continue doing so over the next few years. Another factor, which is likely to boost this market is the phenomenal rise in the food trade across the world. However, the increasing knowledge of toxicity of ethoxyquin and the enforcement of strict regulations regarding the usage of chemicals in pet food may limit the growth of this market in the near future, states the research report.
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