Antioxidants Market size was valued at $ 995.8 Million by 2019, and is anticipated to grow at a CAGR of 6.65% during the forecast period 2020-2025. The Antioxidants Market growth rate is attributed to the increasing demand for natural antioxidants in food and beverages, cosmetics, pharmaceutical, and animal feed. Rising demand for fortified food and beverages owing to growing inclination towards a healthy lifestyle is anticipated to drive the global market over the forecast period 2020-2025. One of the most common problems within the food industry is abstract oxidation, as it decreases the shelf life of fresh products by a substantial margin. Food manufacturers have increasingly begun introducing antioxidants to stabilize free radicals and boost color stability to solve this unavoidable issue. While a host of synthetic antioxidants are available, it is anticipated that the demand for natural antioxidants to prevent oxidation damage especially in the meat sector, is poised to develop significantly during the study period. During the forecast period 2020-2025, this is anticipated to drive the antioxidant market.
Additionally, research and development in this field and surveys conducted by the research institutes have fueled the growth of the segment. For instance, The American Heart Association recommends a diet high in fruits, vegetables, and other foods that contain antioxidants to help fight cardiovascular disease. Also, the US Agricultural Research Service suggested that a diet high in antioxidants, especially those found in blueberries, strawberries, and spinach, may also help fight the loss of brain function associated with aging. However, food regulation approved by the regulatory authorities is limiting the use of synthetically derived antioxidants products.
Antioxidants Market Segment Analysis – By Product Type
On the basis of product type, natural antioxidants segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 6.50%. This can be attributed to the fact that the Natural antioxidants are abundantly found in various natural sources including plants, fruits, meats, herbs, and spices. Vitamin C dominated the global market and is widely used in pharmaceutical, food, beverages, and feed applications. In addition, the non-toxicity of vitamin C has resulted in its widespread use as pharmaceutical supplements. Vitamin E is predominantly used in animal feed applications.
Furthermore, growing demand for animal feed on account of increasing consumption of dairy products and meat products on a global scale is anticipated to augment the vitamin E market growth over the forecast period 2020-2025. Rising demand for functional food and beverages is expected to be the primary factor for augmenting polyphenol demand over the next few years. Carotenoids are extensively used as an additive in manufacturing animal feed to impart coloration. However, the high price of carotenoids is poised to adversely hamper the natural antioxidants market demand.
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Antioxidants Market Segment Analysis – By Geography
North America dominated the Antioxidants Market with a share of 38.65% in 2019. Europe emerged as the dominant regional market owing to easy availability of food and heavy food subsidization by the government, especially in United States. Apart from this, market demand for healthy eating, the movement towards natural and organic foods, and the increasing need for convenience food items significantly influence the Asia Pacific food & beverage industry. With emerging economies, rising industrialization, growing demand for packaged foods, and customer preference for quality products, the growth of the Antioxidants industry is becoming increasingly positive.
Antioxidants Market Drivers
Growth in the prepared foods industry
The Antioxidants market is poised to receive upswing with growth in the prepared foods industry. Apart from this, the pharmaceutical & personal care products application segment, antioxidant market landscape is poised to grow. Traditionally, antioxidants are regarded as one of the most crucial cosmeceuticals that have proven their capabilities to restrict cellular damage. In addition, antioxidants continue to gain popularity as an essential compound with a proven track record of reducing aging of the skin and providing protection against toxic free radicals.
Antioxidants Market Challenges
High cost of natural food antioxidants/safety issues with synthetic food antioxidants Despite several drivers, natural food antioxidants such as mixed tocopherols and Vitamin C are priced higher due to the high raw material prices compared to their synthetic counterparts such as BHA, BHT, and TBHQ, which are derived from petroleum products.
However, the safety of synthetic food antioxidants is a major issue, and hence their use is regulated in most countries. The uncertainty about the safety of synthetic antioxidants has prompted extensive research for natural sources of food antioxidants. Natural antioxidants allow food manufacturers to produce stable products with ‘clean’ labels of all-natural ingredients.
Antioxidants Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Antioxidants Market. In 2019, Antioxidants Market share is fragmented by the top ten players present in the market. Antioxidants Market top 10 companies are Archer-Daniels-Midland Company, BASF SE, E.I.DuPont El Nemours and Company, Barentz International BV, Kalsec Inc., Kemin Industries, Inc., Koninklijke DSM N.V., Nutreco N.V., Cargill Incorporated, Aland (Jiangsu) Nutraceutical Co. Ltd. and others.
In October 2020, Barentz announced the acquisition of Maroon Group.This acquisition would help the company strengthen its foothold further in North America and become a global leader in the life science and broader specialty chemical industries.
In July 2018, Kemin Industries added a new antioxidant to its portfolio of antioxidant solutions. Fortium RVC, a rosemary and ascorbic acid blend, which can be used as an alternative to traditional tocopherols in bakery and snack applications.
North America dominated the Antioxidants Market with a share of 38.65% in the year 2019.
The factors such increasing demand for poultry, changing consumer preferences due to fast-paced lifestyles, and increased need for natural antioxidants in food products are amongst the major factor projected to impel growth of Antioxidants Market.
Increasing demand for these antioxidants in manufacturing quality animal feed to promote cattle growth and reduce the occurrences of diseases are the key factors owing to the growth in the segment during forecast period 2020-2025.
Related Reports :
A. Food Antioxidants Market
B. Natural Antioxidants Market
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