Antioxidants Market Overview
Increasing consumption of processed food, high demand for products with longer shelf life, rapid urbanization, and rising disposable income are some of the factors boosting the growth of the global antioxidants market. An antioxidant is a substance that can reduce the damage which can be caused to other substances due to oxidation.
Based on product, the antioxidants market is categorized into natural and synthetic antioxidants. In the report, natural antioxidants are further classified into vitamin C, vitamin E, vitamin A, polyphenols, and carotenoids, and synthetic antioxidants are further categorized into tert-butylhydroquinone (THBQ), butylated hydroxytoluene (BHT), butylated hydroxyanisole (BHA), and Propyl Gallate (PG). Of the two product categories, natural antioxidants are expected to hold the larger market share during the forecast period, due to the anti-aging benefits offered by them and the growing public awareness on healthy eating habits.
On the basis of application, the antioxidants market is categorized into pharmaceuticals, food and beverages, feed additives, and cosmetics. Of these, the food and beverages category is expected to hold largest share in the market during the forecast period. The antioxidants found in fruits help fight various kinds of health problems, such as cardiovascular diseases. Besides, the growing usage of antioxidants in animal feed is contributing to the market growth, globally. For instance, vitamin E is extensively used in the animal feed for pigs.
During the forecast period, the antioxidants market is expected to register the fastest growth in Asia-Pacific, on account of changing lifestyle of consumers, increasing health problems, rising disposable income, and growing demand for anti-aging products.
Antioxidants Market Dynamics
One of the major factors driving the growth of antioxidants market is the increase in consumption of processed food. In recent years, the demand for processed food or ultra-processed food has considerably increased across the globe. The processed food products available in the market are high in saturated fats, carbohydrates, total fats, free sugars, and sodium and low in essential nutrients such as fiber, proteins, vitamins, and potassium. Thus, more consumption of processed food primarily means a high intake of sugar as well as salt content, which may lead to health problems, such as high and low blood pressure, in the long run. However, growing awareness among people on the importance of a healthy lifestyle is leading to a corresponding increase in demand for natural antioxidants across the world.
Besides, the growing preference for quality food, growing awareness about food safety, and rising demand for products with longer shelf life are predicted to support the antioxidants market growth in the coming years. Synthetic antioxidants, such as TBHQ and BHA, are being utilized in the food industry to extend the shelf life of products. Both are safe to use and are quite effective in protecting the food against oxidation (color changes and fat rancidity).
Growth in demand for natural antioxidants in small industries can be viewed as a growth opportunity by the players operating in the antioxidants market. Antioxidants find wide application in the animal feed industry, the food and beverages industry, and the cosmetics industry. In the food and beverages industry, the demand for antioxidants is rising on account of the growing inclination of people toward nutritional food and beverages and increasing awareness on the importance of a healthy lifestyle. This, in turn, is translating into a lucrative opportunity for the players in the market to introduce new offerings and increase their market share.
Stringent government regulations related to antioxidants are expected to hamper the growth of the antioxidants market to some extent. This can be mainly ascribed to the quality certifications required for the manufacturing of antioxidants-based products. For instance, FAMI-QS, a European system quality certification, is required by the companies that develop animal feed additives involving the use of antioxidants.
Antioxidants Market Competitive Landscape
Players in the global antioxidants market are increasingly focusing on the acquisition of other companies to strengthen their product portfolio and increase their market share. For instance, in September 2018, Givaudan SA, a Switzerland-based developer of natural flavors and fragrances, acquired 40.5% share of Naturex S.A., a company specializing in plant extraction and the development of natural ingredients and solutions for the food, health, and beauty sectors.
Due to the presence of a large number of regional and domestic players, the antioxidants market is fragmented. Some of the major players operating in the market are Kemin Industries Inc., Vitablend Nederland B.V., Koninklijke DSM N.V., Nutreco N.V., Aland (Jiangsu) Nutraceutical Co. Ltd., Cargill Incorporated, Kalsec Inc., Naturex S.A., BASF SE, E. I. du Pont de Nemours and Company, and Archer Daniels Midland Company (ADM).
The report covers country-wise antioxidants market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Russia, Japan, China, India, Australia, the U.A.E., Mexico, and Brazil.