The Global Ethoxyquin Market was valued at US$ 172.5 million in 2016. Ethoxyquin 95 oil is widely used as an antioxidant in various end use industries such as pet food, aquaculture and poultry industries which provides resistance from oxidation and deterioration of protein, amino acid, fat, natural pigments, grease, vitamin A, D, E and K in various animals food, is in turn is expected to boost the market for ethoxyquin during 2017-2025. The global ethoxyquin market is expected to witness a significant growth during the forecast period due to rise in demand for pesticides from agricultural sector especially from the growing economy of Asia Pacific. Also, the increasing trend of pet ownership, in turn creates high demand for pet food. Ethoxyquin is widely used as an antioxidant in pet food. Thus, this factor acts as a major growth driver for the ethoxyquin market. Moreover, growing trade activities of various food products worldwide, aiding the demand for food preservatives, which in turn is expected to propel the market for ethoxyquin.
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North America holds a dominant position in global ethoxyquin market, followed by Europe and Asia Pacific, owing to increasing inclination of consumers towards consumption of high protein food and high prevalence of foodborne diseases. According to analysis, the global ethoxyquin market is projected to exhibit a CAGR of 4.23% during the forecast period. Key players in the market are majorly investing on development off new products and technological advancement, owing to the stringent government regulations for the use of ethoxyquin in food products. For instance, in 2017, Royal DSM introduced an antioxidant BHT, which is an alternative to ethoxyquin, taking into account the European Food Safety Authority (EFSA), about the safety of consumers and animals from the use of ethoxyquin preservatives in food products.
Key takeaways of the market:
- North America is projected to be the largest region in global ethoxyquin market. It accounted for around 33.10% of overall ethoxyquin market revenue in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries and favorable government regulations. For instance, in April 1, 2016, U.S. Food & Drug Administration (FDA) --- revised the use of ethoxyquin in animal feed, under sec 573.380, this law states that ethoxyquin (1,2-dihydro-6-ethoxy-2,2,4-trimethylquinoline) may be safely used in animal feeds, when incorporated therein in accordance with certain conditions.
- The market in Latin America is expected to register a significant growth rate over the forecast period. Rise in discretionary income along with increasing disposable income owing to the demand for protein food is expected to create lucrative growth opportunities for the players in this region.
- Aquaculture end use industry is one of the key industries for the use of ethoxyquin. For instance, In February 5, 2014, according to The World Bank --- data the aquaculture or fish farming, is expected to provide close to two thirds of global food fish consumption by 2030, which includes wild capture fisheries level off and demand from an emerging global middle class, especially in China, substantially increases. Also, in 2015, according to the Government of Canada, it was the world eighth largest sea food and fish exporters to more than 130 countries, which was valued at US$ 6.0 billion.
- Camlin Fine Sciences Ltd., Merck KGaA, Mitsui & Co. Ltd., Shanghai Fuda Fine Material Co. Ltd., Skystone Feed Co. Ltd., Industrial Técnica Pecuaria S.A., Kemin Industries Inc., Jiangsu Zhongdan Group Co. Ltd., Impextraco N.V., Rensin Chemicals Ltd. are few of the key players in global ethoxyquin market.
- There are various organic, and inorganic growth strategies which are being followed by the leading market players in the market. Technological advancement is leading to the key innovation in the new product launches. Companies are also investing in expansions, mergers & acquisitions, and joint ventures in the market.