According to a new report by MarketsandMarkets, the global market for choline chloride, which is mainly used as animal nutrition in feed, human nutrition as well as in oil and gas industry, is projected to grow at a CAGR of 5.6% from 2014 to 2019.

The world consumed about 430 kilo tonnes of choline chloride in 2013. Asia Pacific accounted for the biggest market share in 2013 and is anticipated to grow with the highest growth rate from 2014 to 2019. China was the largest market by country in the region.

Though penetration rate was currently low, markets in the Middle East and Africa are expected to achieve a high-growth rate as well, while developed markets in North America and Europa are predicted to show moderate growth.

Balchem Corporation (US), Taminco Corporation (Belgium), BASF (Germany), Havay Chemicals (China), NB Group Co., Ltd (China), Jubilant Life Sciences Ltd. (India), Algry Química (Spain) are the major players in the choline chloride market.

Balchem Corporation is the strongest player with significant capacity expansion in recent years. With application only in the ruminant feed, Kemin Industries is a relatively new player in the market.

The report also says that the choline chloride market is still a small part of the feed market and most compound feed producers are not heavily focused on it. However, with the new encapsulation technology, some new products have been launched in the ruminant feed segment.