The global ethoxyquin market is anticipated to hit a valuation of US$ 324 Mn by the end of the forecasting period in 2030. The coronavirus pandemic is expected to marginally impact the ethoxyquin market. The industry is projected to face disruptions in raw material supplies and production activities, owing to lockdown regulations. On the other hand, extensive application in animal feed, and agriculture sectors as preservatives and pesticides will generate increased demand during the crisis period.
"Numerous countries across Europe, and Asia have restricted or banned the use of ethoxyquin in myriad feed applications. Regulatory bodies have also approved a number of safer alternatives. These factors will hinder the growth of the market significantly for the foreseeable future," states the FMI report.
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Ethoxyquin Market - Key Takeaways
Pesticide applications account for significant revenue share, owing to extensive application in agricultural markets in developing countries.
The use of ethoxyquin as an aquaculture feed ingredient is gaining substantial demand, owing to higher shrimp and fish meal consumption.
Asia Pacific is a prominent ethoxyquin consumer, aided by widespread applications as feed antioxidants, owing to high meat consumption.
Ethoxyquin Market - Critical Driving Factors
Increasing use of ethoxyquin by livestock breeders to cut costs of animal feed is a key market driver.
Ethoxyquin finds niche use as an antioxidant preservative for spice colors, contributing to revenue streams.
Ethoxyquin Market - Major Constraints
Toxicity concerns and side effects such as irritation of eyes and skin with unprotected exposure hurts market prospects.
Strict regulations and safety standards being imposed on pet food products will hinder applications and sales.
The Anticipated Impact of Coronavirus
The coronavirus pandemic has put substantial restrictions on manufacturing activities. This includes the production of feed and additives such as ethoxyquin. On the other hand, the constant demand for agricultural products to sustain existing food chains will support demand in the months ahead. Favorable government initiatives towards the food and agriculture sector during the crisis period will help ethoxyquin manufacturers.
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Prominent manufacturers in the ethoxyquin market include but are not limited to Camlin Fine Sciences Ltd., Rensin Chemicals Ltd., Merck KGaA, Impextraco N.V., Mitsui & Co., Jiangsu Zhongdan Group Co. Ltd., Shanghai Fuda Fine Material Co. Ltd., Kemin Industries Inc., and Skystone Feed Co.
Ethoxyquin manufacturers are increasingly investing in product innovation and research into widening the scope of application for the material, aside from conventionally known uses.
For instance, AxoProtego Therapeutics has come up with an experimental therapy for chemotherapy induced peripheral neuropathy, which uses ethoxyquin derivatives. Decco U.S. Post-Harvest Inc. has come up with an aerosol-based ethoxyquin fungicide treatment aimed towards orchardists. BASF has come up with an ethoxyquin based anti-oxidant coating for ships and boats to prevent marine biofouling.
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More About the Report
The FMI's market research report offers detailed insights on ethoxyquins market. The market is scrutinized 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 preservative, and industrial application), across seven key regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East and Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
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