Global ethoxyquin market is projected to record substantial gains throughout the analysis period 2021-2027. The continued application in animal and fish feed will remain one of the major factors driving the industry expansion. The growing trend of pet ownership across the world has led to an increase in pet food consumption. Meanwhile, the aquaculture feed demand is rising with the uptick in fish consumption globally.
The global rise in trade activities and the intensifying demand for processed food worldwide will create a lucrative growth outlook for the ethoxyquin industry. The ongoing developments in the agriculture sector to enhance crop production and the heightened demand for pesticides will bolster the industry outlook significantly. Ethoxyquin is primarily utilized as an antioxidant in animal feed and canned pet food. It is a synthetic ingredient which prevents oxidative degradation in fat-soluble vitamins in these products, thereby enhancing their shelf-life.
Ethoxyquin finds application in pet food preservatives, poultry, aquaculture, spice color preservatives, pesticides, and others. Among these, spice color preservatives segment is anticipated to hold a significant share of the ethoxyquin market through 2027. It is commonly used in some spices to prevent color loss caused by the oxidation of the naturally present carotenoid pigments. The increasing demand and consumption of spices among consumers, across the processed food sector, and across restaurants and fast-food chains will certainly augment ethoxyquin demand.
Considering the regional landscape, North America ethoxyquin industry size is estimated to reach a substantial valuation by the end of 2027. The regional product consumption is largely influenced by the widespread consumption of aquaculture products and the increasing adoption of pets. The U.S. FDA Center for Veterinary Medicine (CVM) has approved the use of the substance as a food additive in animal feed. Additionally, the poultry sector being a major end-user of ethoxyquin, the rising consumption of poultry products will further amplify the ingredient consumption across the region.
Merck KGaA, Archer Daniels Midland Company, Royal DSM, Cargill, Kemin Industries, and Perstorp Group are among the notable companies that manufacture and supply ethoxyquin. The market players are adopting strategies such as mergers, acquisitions, and partnerships to expand their product range and gain a competitive advantage. The companies could also lay emphasis on R&D and product innovation to introduce novel solutions to the market.
The coronavirus pandemic has affected the ethoxyquin industry trends to some extent. Lockdown restrictions and other containment measures enforced by the respective governments had created several challenges for the manufacturers. Additionally, supply chain issues, workforce shortage, and strict operating protocols have also been major factors causing a decline in the product demand and consumption.
The pandemic has also caused a shift in the eating patterns of consumers. A large number of individuals had reduced their intake of some poultry, aquaculture, and other animal-sourced products due to increased concerns over health and immunity. The reduced demand for poultry and aquaculture products many have directly impacted ethoxyquin consumption. The demand for pet and animal feed products, however, has remained fairly constant throughout the pandemic, supplementing the ethoxyquin market outlook.