Antioxidants are food additive that exhibit excellent functionality of extending shelf-life of the food products. They can be synthetic antioxidants and natural antioxidants. Moreover, antioxidants contain various nutrients that are essential for the human body such as Vitamin A, E, and C. They are widely used across cosmetics products such as anti-aging creams, hair care products, etc.
Global antioxidants market is estimated to account for around US$ 2,947.9 million in terms of value in the year 2019 and it predicted to grow at a CAGR of 5.6% during the forecast period (2020-2027).
Growing demand for antioxidants such as vitamin C, carotenoids, vitamin E, and polyphenols from the pharmaceutical industry for the formulation of supplements is expected to foster market growth. Expanding healthcare industry due to increasing consumer spending on the regular check-ups is also expected to bolster the market growth of antioxidants. Thus, growth in the pharmaceutical industry is expected to accelerate the market growth of antioxidants.
Growing demand for natural antioxidants from the food &beverage industry for extending the shelf-life of the product is projected to serve major growth opportunities. For instance, in May 2017, Sunup Inc. introduced a new ready-to-drink coffee — Sunup Green Coffee. The product is made with organic coffee beans that have never been roasted and contain natural antioxidants and caffeine. Thus, the growing demand for food &beverage with antioxidants is expected to propel the market growth.
Strict government rules regarding the use of food ingredient in order to reduce the chances of food deterioration is projected to hamper the market growth of antioxidants. For example, According to the FDA, dietary supplements that contain antioxidants must be regulated as foods or drugs. Rigorous testing is done to determine the safety levels of different feed additives. Moreover, feed antioxidant producers must first submit petitions to FDA for approval and prove that their product is safe before it is allowed to be marketed.
On the basis of region, Asia Pacific region dominated the global antioxidants market in 2019 with a 32.4% of market share in terms of value, followed by North America and Europe respectively.
On the basis of natural antioxidants type, vitamin E segment dominated the global antioxidants market in 2019 with 36.1% of market share in terms of value, followed by vitamin C and vitamin A segment respectively.
Growing demand for antioxidants in dietary supplements is expected to positively shape the industry's growth. For instance, in September 2017, QNET launched revolutionary antioxidant health supplement – Nutriplus EDG3 for Indian Market. Nutriplus EDG3 is a powdered drink that is designed to be consumed daily. It helps in activating the production of Glutathione in the body which is a blend of three amino acids (L-Cystine, Glycine, L-Glutamine, and Selenomethionine). This helps in detoxification and is very essential for the human immune system.
Antioxidants Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus outbreak is expected to have impact on employment and consumer spending. Customers are expected to spend less on premium & luxury cosmetic and personal care products which will lead decreasing demand for these products. This is expected to decrease the demand for antioxidants from personal care and cosmetic industry. According to Coherent Market Insights, the antioxidants market is expected to grow at a slightly lower CAGR between 2020 and 2021.
Few Recent Developments
In August 2017, Archer Daniels Midland Company announced that it has expanded its line of plant-based functional extracts to include green tea, an antioxidant blend, and acerola, a tropical fruit that is rich in Vitamin C as well as bioflavonoids and other nutritional ingredients.