Antioxidants are an essential ingredient that increases the shelf-life of the food &beverage products by preventing oxidation. They are also referred to as shelf-life extenders and are used as food additives. They are also used in the cosmetic industry for the manufacturing of anti-aging skincare products as they protect cell membranes and stop the oxidation process.
The global antioxidants market is projected to reach around US$ 4,556.4 million by the end of 2027, in terms of revenue, growing at CAGR of 5.6% during the forecast period (2020-2027).
Growth in global meat consumption and production is expected to augment the market growth of the antioxidants. Antioxidants are used across the animal feed industry to support cattle growth and reduce the chances of disease. According to the Food and Agriculture Organization of the United Nations, overall world meat production increased by 1.25% to 323 Mt in 2017, with moderate increases in the production of bovine and poultry meats and more modest gains in pig and sheep meat.
Rising demand for antioxidants from the cosmetic industry for manufacturing various skincare especially anti-aging creams is expected to fuel the market growth of anti-oxidants. Moreover, growing demand for men's skincare products is also expected to foster the market growth of the anti-oxidants. In the cosmetic industry natural antioxidants such as vitamin E, vitamin C, and polyphenols are widely used due to their post skin application benefits.
Figure 1. Global Antioxidants Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global antioxidants market in 2019, accounting for 32.4% share in terms of value, followed by North America and Europe, respectively.
Side-effects associated with the synthetic antioxidants and wide availability of these antioxidants such as BHA, propyl gallates, BHT, and EDTA are projected to hamper the market growth.
Antioxidants Market Report Coverage
|Base Year:||2019||Market Size in 2019:||US$ 2,947.9 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||5.6%||2027 Value Projection:||US$ 4,556.4 Mn|
Aland (Jiangsu) Nutraceutical Co., Ltd., Archer-Daniels-Midland Company, BASF S.E, Cargill, Incorporated, DuPont, Kalsec, Inc., Kemin Industries, Inc., Koninklijke DSM N.V, Naturex S.A., and Nutreco N.V.
|Restraints & Challenges:||
Increasing demand for antioxidants from bakery &confectionary food products due to rising consumption of bakery products is projected to offer numerous opportunities to the market of antioxidants. According to The University of British Columbia, bread sales accounted for the largest portion of baked goods sales each year. In 2017, bread sales accounted for $3.5 billion (USD) or almost 63% of total sales that years.
Growing health issues associated with the lack of antioxidants coupled with the rising awareness regarding the benefits of antioxidants are expected to serve profitable opportunities to the market. A growing number of antioxidants suppliers as well as manufacturers along with the easy availability of raw materials in the market is further anticipated to propel the market growth of the antioxidants over the forecast timeframe.
Figure 2. Global Antioxidants Market– Opportunity Analysis
Tocopherols antioxidants are gaining popularity across the food &beverage industry as they prevent the oxidation process effectively. The growing use of monosodium glutamate as flavor enhancers in the processed food products such as sausages, soups, and sauces is further expected to accelerate the market growth of antioxidants.
Global Antioxidants Market - Impact of Coronavirus (Covid-19) Pandemic
Food being an essential commodity, the demand for food additives such as antioxidants is expected to rise during the pandemic and post pandemic conditions, worldwide. Coronavirus (Covid-19) has majorly impacted the food & beverages industry and in turn has changed the dynamics of entire ecosystem including raw material suppliers supplying food additives. Lockdown in various nations such as India, China and Spain, among others and cease in the subsequent trade activities has paralyzed the supply chain. Lockdown in various countries is expected to impact supply chain system of antioxidants which will hamper growth of antioxidants market for short period.
Few Recent Developments
In June 2018, DuPont Nutrition and Health has created a new antioxidant ingredient for use in cereal and granola products. DuPont’s new Guardian Toco 30P antioxidant is made from naturally-sourced tocopherols and is available in a powder form.
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