Ethoxyquin Market Forecast Hit by Coronavirus Outbreak, Downside Risks Continue to Escalate
The worldwide market for ethoxyquin is anticipated to touch US$ 324.4 Million towards 2029 end. The market was estimated at US$ 230 Million in 2019. The market is anticipated reflect a 3.5% CAGR amid 2019-2029. Ethoxyquin in nature is an antioxidant, and majorly it is utilized in pet food preservatives, pesticides, and adding color to spices.
Key Takeaways from the Market Research
- The projected estimation of the market was at US$ 230 Million during 2019. During the assessment period, the market is projected to reflect a firm growth pace.
- North America has come out as a foremost Ethoxyquin market.
- Asia and Latin America would stay steady as foremost as Ethoxyquin markets.
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- The worldwide coronavirus outbreak would influence the ethoxyquin demand because of several aspects such as supply-chain disruptions, restricted accessibility of raw materials and less demand worldwide.
- The U.S. is one of the bad hit nations by this pandemic. This might have a negative influence on the requirement foreseen in North America.
- Key Participants will concentrate on business collaborations and product innovations to remain applicable in emerged markets.
Increasing Intake of Pet Food Preservatives would Soar the Market Development
Ethoxyquin is extensively utilized in animal feed because of the security it offers against lipid peroxidation. It can’t be utilized in food items aimed to be devoured by humans. Conversely, it could be contained ahead by pet feed to farmed poultry and fish, which makes human intake probable. Additionally, a rise in veterinaries and pet health care centers push market development. Moreover, increment in the cost of feed and reduced feed wastages because of oxidation push the market expansion. Moreover, the rise in awareness for reimbursement of antioxidants on animal health boosts the market. Additionally, stringent government policies are anticipated to concentrate on the development of the market.
In terms of region, the worldwide market consists of Latin America, North America, Europe, South Asia, East Asia, Oceania, and the MEA. Amid these regions, North America at present directs the market. The ethoxyquin demand has been extensively high in the aquaculture sector and will foresee a notable upsurge in the approaching years due to the growing need for fishmeal and fish products in growing economies. Nations in Latin America and the Asia Pacific provide substantial development prospects to the market.
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Ethoxyquin is majorly utilized in as a colorant in spices, pesticides, and pet food preservatives. Whereas before the coronavirus influence, experts had projected a positive outlook for the market with current changes in the landscape, development prospects might seem a little limited. The coronavirus spread and preventive measures carried out all over several nations have made customers less probable to expend on products with higher costs. Moreover, growing feed cost because of restricted mobility amid lockdown imposed all over several nations might market development.