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.
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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