Global ethoxyquin market is expected to witness high demand over the next seven years on account of rising consumption of pet food preservatives, increasing trade of food items among distant countries, growing need for effective pesticides, and rising global agricultural output. Ethoxyquin is an antioxidant in nature, and most commonly it is used in pesticides, pet food preservatives, and for imparting color to spices. Increasing feed prices and growing awareness among animal breeders with regards to feed antioxidant’s role in bringing feed cost down are some of the other factors expected to drive the market growth.
Ethoxyquin is widely used in animal feed on account of protection it provides against lipid peroxidation. It can’t be used in food items intended to be consumed by humans. However, it can be carried ahead by pet feed to farmed fish and poultry, which makes human consumption possible. In 1980s, major researches were conducted to find the level of toxicity people are exposed to, associated with its intake. The results are still debatable.
In terms of application, the ethoxyquin market can be segmented into pet food preservative, pesticides, and spice color preservative. Among these, the largest share of the market is held by pesticides, on account of increasing consumption in the agriculture sector on account of rising population in developing countries across the world. However, this application has come under significant criticism from various organizations over the last few decades, which had resulted in the EU and Australia banning the use of ethoxyquin. It is widely used as pet food preservative owing to increasing need to preserve the food for longer duration, thus enabling long distance shipment, and reduction of waste. It is also used in spices to retain colors which may fade with time as a result of oxidation.
In terms of region, the market can be segmented into North America, Latin America, Europe, the Middle East, Africa and Asia Pacific. North America was the largest shareholder in the market on account of fewer regulations present in regards to antioxidant use. In the region, the use of ethoxyquin has been cleared in pet food preservatives, and in pesticides, with the notion that the risk involved with its consumption doesn’t exceed the specified level. Asia Pacific is expected to witness the highest growth rate among the regions on account of it being the largest consumer of feed antioxidants. India and China are expected to be the major contributors to the growth in Asia Pacific, due to rapid industrialization and rising meat and protein consumption. Meanwhile, Latin America witnessed a moderate growth rate, with Brazil majorly contributing to the increase in ethoxyquin consumption, with growing meat and protein needs. Europe, on the other hand, was pessimistic in approach about ethoxyquin use and banned its numerous applications. This led to serious downfall in the region’s share of ethoxyquin market. Africa, and the Middle East witnessed moderate growth over the last three years, on account of rising feed antioxidant requirement resulting from increasing population’s needs, coupled with greater meat and protein consumption.
North America is expected to witness similar growth trend over the forecast period owing to lesser number of challenges and restraints. Europe is also expected to maintain its trend over the forecast period, owing to presence of stringent regulations regarding use of feed additives by EC. Asia Pacific, on the other hand, is expected to witness significant growth on account of increasing population and rapid industrialization. Furthermore, it is expected to be driven by rising meat and protein consumption over the next seven years. Meanwhile, Latin America, the Middle East and Africa are expected to witness below average growth rate over the forecast period. There would only be few notable contributors to the market, such as Brazil, Nigeria and Saudi Arabia.
Key players involved in ethoxyquin market are Impextraco N.V., Cargill, Inc. and Kemin Industries. Cargill Inc. offers animal feed and nutrition products along with agribusiness solutions catering to the needs of preservatives and pesticides, for pork, poultry, dairy cattle, beef cattle and aquaculture applications. Impextraco N.V. provides antioxidants manufactured with ethoxyquin by the name Feedox Dry. It has research and development centers in both Belgium and Brazil. Kemin Industries is a biotechnology company providing nutritional ingredients for human and animal consumption with headquarters in Iowa, U.S.
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Restrictions on manufacturing activities due to the advent of the COVID-19 pandemic shall cause a slump in the supply of feed, as well as its additives. The current stagnation in supply is, in turn, detrimental against the backdrop of ever-increasing demand for essential food products such as dairy and meat. The report will account for Covid19 as a key market contributor.