The antioxidants market is anticipated to expand at a robust CAGR during the forecast period, between 2021-2028. Antioxidants are the compounds that form a radical formation, which prevents the process of oxidation and protects the cells from being damaged. They can be obtained from various fruits and vegetables such as eggplant and raspberries and also can be produced artificially. Moreover, its extensive combination as a preservative in numerous processed food products, it is widely used as a plastic, fuel, and latex additive. Additionally, it is also used as an important ingredient in several pharmaceutical and cosmetic products.
The recent outbreak of the COVID-19 pandemic has caused a staggering effect on the market. However, the acceleration in the vaccination drive is expected to fuel the growth of the market.
Market Trends, Drivers, Restraints, and Opportunities:
- Increasing adoption of antioxidants in the food and beverage industry as an important additive is spurring the market growth.
- Rising consumer awareness about its benefits in preventing chronic diseases such as diabetes and extending the shelf-life of the food are major drivers of the growth of the market.
- Rising income of growing population and rapid urbanization significantly increased the demand for animal products in the developing countries, spurring the market growth.
- Numerous regulatory bodies carefully monitors the food additives and preservatives content as it can cause various health problems the people. Thus, such regulations and approvals on food ingredients can create immense opportunities in the projected timeline.
Scope of the report:
The report of antioxidants market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Antioxidants Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
2018 & 2019
Types (Synthetic and Natural), Applications (Fuel & Lubricants, Additives Food & Feed Additives, Pharmaceutical & Personal Care Products, Plastic, Rubber, and Latex Additives)
Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
Key Players Covered
Archer Daniels Midland Company, BASF SE, Givaudan, Kemin Industries Inc., Koninklijke DSM N.V., and ICC Industries Inc., Frutarom Industries Ltd.
Antioxidants Market Segment Insights
Synthetic segment to hold a significant share of the market
In terms of types, the market can be dividend into synthetic and natural. The synthetic segment to hold a significant share in the market. The synthetic oxidants are chemically used for various industries such as in foods, fuel, and feed. Four types of synthetic antioxidants are butylated hydroxyanisole (BHA), propyl gallate (PG), butylated hydroxytoluene (BHT), and tert-butyl hydroquinone (TBHQ). The limit of these oxidants use in the products varies from region to region and is anticipated to grow at a steady rate during the forecast period. However, the natural segment is anticipated to exhibit a high CAGR during the forecast period. The preference for natural products among consumers is driving the growth of the market segment.
Plastic segment to grow at a robust rate
On the basis of applications, the market can be segmented into fuel & lubricant, additives food & feed additive, pharmaceutical & personal care products, plastic, rubber, & latex additives. Antioxidants are added to the plastic products due to the thermal-oxidative conditions. They also help in improving the appearance, stiffness, flexibility, and strength of the products. However, the food & food additives segment is anticipated to exhibit a substantial CAGR during the forecast period as they are added in the food products to increase their nutritional properties and maintain their freshness.
Europe and North America to constitute a major market share
In terms of regions, the market can be divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America and Europe accounted for a large share of the market in 2020. The rapid growing food industry and the rapidly developing defence and aerospace sector have boosted the growth of the market in the region. Manufacturers inventing and applying various new advanced technologies for framing antioxidant blends have helped the expansion in North America. On the other hand, in Europe it is anticipated to account a considerable amount of growth owing to established automotive sector. The rapid growing tourism and food industries in Europe are spurring the market growth in the region.
- Fuel & Lubricant
- Additives Food & Feed Additive
- Pharmaceutical & Personal Care Products
- Latex Additives
By Key Players
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
The key players of the market are Archer Daniels Midland Company, BASF SE, Givaudan, Kemin Industries Inc., Koninklijke DSM N.V., and ICC Industries Inc., Frutarom Industries Ltd. These players have a significant share in the market are anticipated to grow at a robust rate during the forecasted year.