Companies are focusing on leveraging applications in the pet food industries, in addition to expansion in Europe and North America.
DUBAI, UAE / ACCESSWIRE / April 28, 2020 / A significant increase in consumer demand for pet food post COVID-19 is likely to drive Ethoxyquin market growth, according to a new study by Future Market Insights (FMI). Market players are targeting poultry, pesticide, and food preservative industries to increase their market share. The rising demand from the aquaculture sector will continue to boost growth of ethoxyquin market, reveals Future Market Insights (FMI).
"Despite rising use of pesticides, demand is likely to be limited by the recent coronavirus outbreak. Manufacturers need to come up with aggressive strategies to recover their growth prospects," says the FMI analyst.
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Ethoxyquin Market - Key Takeaways
- Ethoxyquin-95 will remain a leading product in the market, driven by the demand in aquaculture during the forecast period.
- Ethoxyquin-33 will gain a higher CAGR through the forecast period, owing to preservative applications.
- The poultry application will account for majority market share, while pet food preservatives applications are growing at a higher CAGR.
- North America will hold a leading position in the global market share, while Asia Pacific and Latin America will display steady growth.
Ethoxyquin Market - Key Driving Factors
- The rise in the price of animal feed and the demand to minimize feed wastage are major growth drivers.
- Rising awareness about the benefits of anti-oxidants in animal feeds remains a key influencer.
- The expansion of the poultry and animal food applications in recent years supports overall market growth.
- Increased rates of pet ownership, and the resultant demand for pet food is also a driver for global market growth.
Ethoxyquin Market - Key Constraints
- Strict international government policies associated with food additives will remain a challenge for market players.
The Coronavirus Impact
The global outbreak of coronavirus is anticipated to adversely effect global demand for ethoxyquin. Major problems associated with supply-chain disruptions, reduced availability of critical raw materials, and minimized worldwide demand will influence developments in the industry, restraining market growth for the short term.
The excessive dependence on China for animal feed ingredients has been exposed during the outbreak, as the country had to deal with the brunt of the pandemic, with country-wide factory shutdowns and extensive travel and logistics restrictions. Aggressive business strategies will be critical for the global ethoxyquin industries through the forecast period.
Explore the global ethoxyquin market report with 111 illustrative figures, 124 data tables and the table of contents. You can also find a comprehensive market segmentation on https://www.futuremarketinsights.com/customization-available/rep-gb-11215
Competition Landscape
Key players in the ethoxyquin market are Rensin Chemicals Ltd., Camlin Fine Sciences Ltd., Impextraco N.V., Merck KGaA, Jiangsu Zhongdan Group Co. Ltd., Mitsui & Company Ltd., Kemin Industries Inc., Shanghai Fuda Fine Material Co. Ltd., Industrial Tecnica Pecuaria S.A., and Skystone FeedCo Ltd. Majority of these players are investing in expanding their product portfolios and penetration into North America and Europe, owing to lower entry barriers. Moreover, increased applications in pet foods is a major strategy being adopted by market leaders.
More About the Report
The FMI's market research report of 300 pages offers comprehensive insights on ethoxyquin market. The market is analyzed on the basis of product type (ethoxyquin-95 oil, ethoxyquin-66 powder, and ethoxyquin-33 powder), and application (pesticides, pet food preservatives, poultry industry, aquaculture industry, spice color preservatives, and industrial applications) across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights