Press release
GLOBAL ETHOXYQUIN MARKET TO SURPASS US$ 249.1 MILLION BY 2025, WITH PET FOOD AND AQUACULTURE INDUSTRY POISED TO BE GROWTH ENGINES
Ethoxyquin are quinoline-based antioxidants that find wide application in various end-use industries such as poultry, pet food, chemicals, and pesticides. These preservatives are used to lower the rate of oxidation of several food products. For instance, fish oils and krill meals are the basic raw material used to manufacture omega 3 ingredients, which undergo rapid oxidation when exposed to the environment. Thus, anti-oxidizing agent or anti-oxidants are used to preserve these raw materials, which in turn is expected to boost the ethoxyquin market during 2017-2025, as it is a widely-used antioxidant for industrial application.
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In terms of end-use industry, the global ethoxyquin market is segmented into pesticides, pet food, aquaculture, poultry, chemicals and others. The market is dominated by the aquaculture end-use industry segment in 2016 and the trend is expected to continue during the forecast period. According to Coherent Market Insights, the market for aquaculture is expected to expand at a CAGR of 4.23% during 2017-2025. Growing demand from agricultural sector is boosting growth of the ethoxyquin market. Ethoxyquin is widely used in pesticides. Ethoxyquin is also used in various spices as an antioxidant, as it lowers the rate of color loss of natural carotenoid pigments. This creates a highly conducive environment for growth of the global ethoxyquin market. For instance, according to the India Brand Equity Foundation (IBEF)—a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India—India is the largest consumer, producer and exporter of various spices and spice products and second largest in the production of fruits worldwide. In 2016-2017, the Indian horticulture production is estimated to produce 287.3 million tons.
The global ethoxyquin market size is estimated at US$ 172.5 million (revenue) in 2016 and is expected to expand at a CAGR of 4.23% in terms of revenue during 2017 – 2025.
Ethoxyquin Market Dynamics
Ethoxyquin are highly effective preservative used to slow down the oxidation of vitamins A & E, xanthophyll and carotene in pet food products coupled with increasing the self-life of the end product. Increasing trend of pet ownership across the world, in turn fuels demand for pet food. This is a major factor projected to fuel growth of the ethoxyquin market during the forecast period. Growing trade activities and propelling demand for processed food across the world is further expected to create a conducive environment for growth of the ethoxyquin market. However, stringent government regulations for the use of ethoxyquin is expected to be the key challenges for the market growth. For instance, the European Food Safety Authority (EFSA) --- permits the use of 150mg/kg in feed.
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Regional Insights
North America, followed by Europe and Asia Pacific, respectively accounted for major share in the global ethoxyquin market in terms of revenue in 2016 and the trend is projected to remain the same over the forecast period. In 2016, North America held a market share of 33.10% in terms of value, followed by Europe (28.10%) in ethoxyquin market. Increasing demand for ethoxyquin from food industry across North America is propelling the market growth, due to growing public awareness for healthy diet and supplements food. According to a study conducted by Coherent Market Insights, the global ethoxyquin 33 powder market is expected to witness a CAGR of 4.22% during 2017–2025, which in turn is expected to fuel growth of the global ethoxyquin market.
Multinational players need to tap potential addressable market in the emerging regions with the help of geographical expansion
Product portfolio expansion and geographical expansion are the key market trends which are expected to shape the industry in the near future. Major players in the global ethoxyquin market include 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. and among others.
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