"Market Intelligence that Adds Flavour to Your Success"
The global antioxidants market size was USD 3.92 billion in 2020. The global impact of COVID-19 has been unparalleled and staggering, with antioxidants observing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 3.98% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is expected to grow from USD 4.13 billion in 2021 to USD 6.05 billion in 2028 at a CAGR of 5.61% in the 2021-2028 period. The gradual increase in CAGR is attributable to this market’s demand and growth, recurring to pre-pandemic levels once the pandemic is over.
Antioxidants are compounds that inhibit free radical formation by preventing the oxidation process that may damage the cells of organisms. They can be obtained naturally from various fruits and vegetables, such as raspberries, spinach, and eggplant or are artificially synthesized to be utilized as additives for numerous purposes. Other than its wide incorporation as a preservative in various processed food products, it is extensively used as a fuel, plastic, and latex additive. Along with this, it is also a vital ingredient in various pharmaceutical and cosmetic products. Further, the rising global population, high demand for processed foods, and the surging growth in the pharma sector are some of the factors that would cumulatively aid in driving the market throughout the forecast period (2021-2028).
Global Shutdowns amidst COVID-19 Affected Supply Chain and Hampered Market Growth
The COVID-19 pandemic outbreak has bashed hard on the global economy and various end-use industries. The food and beverage industry has seen several highs and lows in its functioning amidst this pandemic. Due to the government imposing lockdowns and implementing social distancing norms, various manufacturing facilities remained shut. The market’s supply chain was also disrupted due to the imposition of trade barriers and restricted public mobility. Any imports or exports from China abstained as it was the epicenter for the virus outbreak. This affected the market negatively as it is an important additive and ingredients manufacturing country. To cope with the outbreak, manufacturing companies had to halt their manufacturing plants in Asia.
For instance, BASF SE suspended its manufacturing operations across India. However, the global situation normalizing and the industry returning to its usual pace offers various growth opportunities for improving the industry’s performance. As the recovery initiates, market players are trying to recuperate the losses by strategic alliances and expanding their production bases, which is also anticipated to boost the market growth.
Request a Free sample to learn more about this report.
Increasing Demand for Antioxidants-enriched Cosmetics and Personal Care Products is a Vital Trend
The growing demand for anti-aging products among consumers has gradually prompted the rise in the utilization of these compounds in numerous cosmetic products. These products protect the human cells against any inflammatory and aging damage. They are incorporated in several personal care products, such as creams, conditioners, shampoos, body lotions, and others to prevent them from spoilage and from turning rancid on exposure to oxygen. Some of the common antioxidant compounds used in cosmetics are vitamin A, vitamin C, butylated hydroxyanisole (BHA), and others. According to the Ministry of Foreign Affairs, Europe, the natural cosmetics market stood at USD 4.16 billion in 2018 and is surging with an average of 7% year-on-year growth. Furthermore, the increasing demand for cosmetic products enriched with nutrients and minerals in Asia and the Middle East is propelling the market growth.
Increasing Consumption of Processed Food to Propel Market Growth
Antioxidants are continuing to gain momentum in the food and beverage industry and are nowadays considered an important additive. The increasing consumer awareness about several benefits of the additive in preventing chronic diseases, such as diabetes, has led to its wide utilization. The increasing demand and consumption of processed foods, which widely contain antioxidant compounds, has influenced market growth. Its presence prevents oxidation and extends the shelf-life of the food. The increasing working population and the fast-paced lifestyle of people have led to their surging reliance on processed foods. According to the United States Bureau of Labor Statistics, 2019, the working population in the U.S. increased from 64.4% in 2018 to 64.9% in 2019.
Further, functional foods are becoming more influential, and consumers are demanding high-protein, nutritionally rich superfoods. These factors influenced manufacturers to come up with innovative products and adopt new technologies. For instance, in February 2019, Kemin Industries, Inc., using Power-packed Molecule technology, developed new and improved naturally derived antioxidant compounds that offer similar levels of food protection as the conventional ones but with reduced dosage amounts to provide significant cost savings.
Surging Urbanization & Increasing Global Meat Consumption to Spur Market Growth
Rising disposable income, growing population, and rapid urbanization significantly fuelled the demand for animal products in developing economies. According to World Bank Data, by 2020, 55% of the global population will inhibit the cities, and the trend is likely to continue in the upcoming years. Global meat consumption has constantly been increasing over the past 20 years, which has spurred by 58% to reach 360 million tons. Out of which, 54% of this increase is attributed to population growth. With various traditional meat preservation techniques, such as salting, drying, and smoking, the sector has evolved to multiple advanced methods, namely, novel thermal treatments and the addition of preservatives. This is expected to fuel the demand and sales of these compounds, which, in turn, will aid in boosting the antioxidants market growth.
Stringent Regulations on Food Additives to Hamper Market Performance
Various regulatory bodies closely monitor the food additives and preservatives content as it poses a public health risk. A few of the major threats are allergic responses and digestive disorders. To ensure maximum food safety, these regulatory bodies have laid down various norms about the dosage amount of preservatives used in food products. Long-term efforts are made in terms of food standards, food legislation, and flood control systems to counter the additives' overdosage and quality discrepancies. This negatively impacts the new product approvals and the operations thereby, hampering the market growth.
To know how our report can help streamline your business, Speak to Analyst
Synthetic Segment to Hold Prominent Share Owing to its Wide Availability
Synthetic antioxidants are chemically synthesized by various techniques extensively used in food, feed, fuel, and other industries. There are majorly four types of them - butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT), propyl gallate (PG), and tert-butyl hydroquinone (TBHQ). The maximum permissible limit of synthetic compounds in food varies across the region and the type of food it is being used in. The segment is likely to hold the major share in the market due to its wide availability and lower costs. The demand for natural antioxidant compounds is witnessing a surge among consumers due to their growing inclination towards safer and clean-label products. The natural antioxidants industry size is relatively smaller than its synthetic counterpart but exhibits a tremendous potential to emerge as the leading segment in the years to come.
Plastic, Rubber, and Latex Additives Segment to Grow Steadily Backed by the Need to Enhance Appearance
The plastic, rubber, and latex additives segment is highly lucrative with extensive utilization. They are added to plastic products to inhibit the degradation due to thermo-mechanical or thermo-oxidative conditions. They also help in enhancing the appearance, strength, stiffness, and flexibility of the product. An increase in the demand for these products is a major factor expected to drive the market during the forthcoming years.
The food and feed additives segment is anticipated to grow substantially due to the increasing demand for the additive in various meat poultry products and animal food. They are added to the food and feed to enhance its nutritional properties, maintain its flavor, freshness, and odor. Further, the expanding food industry is anticipated to support market growth.
The fuel and lubricant additive segment is gaining traction due to the product's performance-enhancing and oxidation slowing properties.
Asia Pacific Antioxidants Market Size, 2020 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
The Asia Pacific in 2020 held the largest antioxidants market share and stood at USD 1.71 billion. The region is showcasing significant growth in the market, as it is one of the biggest consumers of fuel. The rising population and fastest-growing demand for fuel from various end-use sectors, such as power generation industries and transportation, are likely to boost the market growth. According to a report published by BP International Limited, 2019, Asia Pacific consumed 1,651.3 million tons of oil in 2018 as fuel. In addition to this, the large processed food sector of the region also helps in driving the market.
According to the Food Export Association of the Midwest USA, Japan is the third-largest packaged food industry after the U.S. and China. The increased digitization and the rising consumer awareness about the benefits of the product and its uses have also contributed to boosting regional performance.
North America is projected to witness significant growth in the market. The well-established food industry and the rapidly expanding defense and aerospace sector have propelled the regional market growth. Manufacturers improvising and utilizing new advanced technologies for formulating antioxidant blends have supported the expansion. Further, the increased incorporation of the additive among plastic, latex, lubricant, and rubber industries, coupled with the existence of major players in the region, will influence growth.
Europe is expected to foresee considerable growth due to a well-established automotive sector and an increasing number of personal vehicles. According to the International Council on Clean Transportation, the number of new car registrations in Europe increased by 5.7 million cars in 2019 than the previous year. Additionally, the region is witnessing a surging demand for cosmetic products and is currently the largest cosmetic market, which, in turn, will stimulate growth.
The increasing tourism and expanding food industry in the Middle East are the factors driving the regional market growth. The surging strategic urbanization in Africa has influenced a rise in meat consumption in the region. Further, the huge livestock sector also plays a crucial role in driving the market. According to the Food and Agriculture Organization Stat (FAOSTAT), 2019, the livestock densities in Africa between 1990 to 2017 in central Africa have increased by 257%.
To know how our report can help streamline your business, Speak to Analyst
South America is observing significant industrialization and development, which would pave new ways for the region to flourish in the upcoming years. Countries such as Brazil and Argentina are experiencing strong industrial growth and improvement in the standard of living.
Geographical Expansion and New Product Launches are the Strategies Adopted by Key Players to Compete with Rivals
With several global key players capturing a significant share, the market is moderately consolidated in nature. Archer Daniels Midland Company, BASF SE, Givaudan, Kemin Industries Inc., Koninklijke DSM N.V., and ICC Industries Inc. (Frutarom Industries Ltd.) are some of the major players in the market.
These players are set to boost their market presence and expand their product portfolios. They are focusing on strategic alliances and expanding their production capabilities. For instance, in January 2019, BASF SE inaugurated its new antioxidant compounds manufacturing facility in Shanghai, China, with an annual capacity of 42,000 tons.
An Infographic Representation of Food Antioxidants Market
To get information on various segments, share your queries with us
The antioxidants market research report provides qualitative and quantitative insights into the market. It also offers a detailed analysis of the market size and growth rate for all the segments. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, competitive landscape, the regulatory scenario in critical countries, and key industry trends.
Value (USD Billion)
According to Fortune Business Insights, the global market size was USD 3.92 billion in 2020 and is expected to reach USD 6.05 billion by 2028.
Registering a CAGR of 5.61%, the market will exhibit steady growth in the forecast period (2021-2028).
The synthetic segment is expected to be leading the market based on product type.
The increasing consumption of processed foods is the key factor driving the market.
Archer Daniels Midland Company, BASF SE, Givaudan, Kemin Industries Inc., Koninklijke DSM N.V., and ICC Industries Inc. are the leading players in the market.
Asia Pacific held the highest market share in 2020.
The plastic, rubber, and latex additives segment is set to lead the market.
The growing demand for anti-aging products is one of the key market trends.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry