Food Antioxidants Market is projected to register a CAGR of 5.47% and reach a value of USD 2,260.10 million by 2030
The global food antioxidants market is projected to register a CAGR of 5.47% and reach a value of USD 2,260.10 million by 2030. An antioxidant is an element that prevents oxidization. Food antioxidants are a type of component that can increase the shelf life of food and prevent oxidization. Today, there are both traditional and synthetic antioxidants. Antioxidants are naturally found in many food items. There are vegetables, spinach, raspberries, or eggplant from which natural antioxidants are extracted. There are lots of uses for these food antioxidants. These components can prevent damage to cells. The use of food antioxidants in the pharmaceutical market is growing rapidly. Today, ready-to-eat food items are growing rapidly in many regions. Many prefer these food items as they are quick to prepare and eat. In all these food industries the use of food antioxidants is rising. By using these components, the overall life of these food items rises.
COVID-19 Impact Analysis
The global Food Antioxidants Market was facing a pre-lockdown decline in business due to the disruption of supply chains. The pandemic stopped cash flows, while the migration of workers caused much distress. The COVID pandemic has mainly affected micro, small and medium enterprises (MSMEs), which are facing closure owing to problems like a lack of working capital and labor. During this pandemic, several countries including China, India, Germany, Italy, Brazil, and Canada declared complete lockdown. This further led to the shutdown of production facilities, and raw material transportation. This epidemic has severely affected the supply chain of numerous manufacturing units. Since, both raw material supply and finished goods distribution is majorly affected, causing a massive drop in revenue. China is a major consumer of materials and an epicenter of coronavirus, thus, inhibiting the development of the market. Restrictions over the export and import of products such as tires, and general, and industrial goods act as a factor in the decline of the market.
The global food antioxidants market has witnessed a significant growth rate over the last few years and is projected to register a 5.47% CAGR during the forecast period. The growth of convenience foods is the major driver and surging urbanization & increasing global meat consumption spur market growth. The growing demand in emerging economies is an opportunity in the global market.
The rising demand for the processed food market is a crucial driver of the market. In the forecast period, there is a high consumer preference for ready-to-eat foods. These are food that has a high food shelf life. Food antioxidants are highly used in the processed food market. Due to the demand for these food items, there is a positive impact on this market. The changing consumer preference plays a major role in this market. Growth in the prepared foods industry Prepared foods is processed foods that are treated to ensure longer shelf life, reduce rancidity, and be easy to use. The prepared food industry is expected to witness substantial growth in the coming years due to factors such as high disposable income and a gradual increase in the number of working women, thereby positively impacting the food antioxidants market.
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 new product approvals and operations thereby, hampering market growth. Governments have stringent policies in developing countries on the addition of food ingredients. They also have relatively strict policies on antioxidants from synthetic foods and their food product quality. Natural food antioxidants such as mixed tocopherols and Vitamin C are priced higher due to the high raw material prices compared to their synthetic counterparts such as BHA, BHT, and TBHQ, which are derived from petroleum products. However, the safety of synthetic food antioxidants is a major issue, and hence their use is regulated in most countries. The uncertainty about the safety of synthetic antioxidants has prompted extensive research for natural sources of food antioxidants. Natural antioxidants allow food manufacturers to produce stable products with ‘clean’ labels of all-natural ingredients. Regulatory agencies like the European Food Safety Authority, the Food and Drug Administration, and the European Union Law on the Safety of Food Additives, on the other hand, can act as a deterrent to the worldwide market for food additives.
Rising demand from emerging economies is creating Food Antioxidants Market Growth opportunities. In some of these developing nations, the awareness about food antioxidants is low. However, in the upcoming years, there is industrialization happening in all of these regions. The economies such as China and India are facing exceptional demand among the end-users. Asia Pacific market is witnessing rapid development in the functional market. It is creating plenty of growth prospects in these regions. The countries such as Thailand, India, China, Japan, and Malaysia are raising their production of food antioxidants. These factors are expected to increase the overall profitability of the market. Furthermore, the rising global population is having a positive impact on this market. With the population rise, the food market has higher needs. The rising population will contribute to the highest demand in the upcoming years. This will expand the overall market in the forecast period. Awareness about food antioxidants is low, and emerging economies such as China and India are experiencing high industrialization. As these emerging economies grow and attain high disposable income, their demand for food antioxidants is also rising. The APAC region is exhibiting increased demand for prepared and functional foods & beverages, and hence, the region’s food antioxidants market is expected to grow. The demand for food antioxidants is expected to grow at a modest pace in early adopting countries such as Japan, and Germany, and at an exponential rate in new & emerging markets such as Thailand, Malaysia, and other Asian countries. The growing global population is putting more pressure on producers for the manufacture, extraction, and maintenance of scarce resources.
Based on type, the global food antioxidants market has been segmented into synthetic and natural. The natural segment is estimated to retain its prominent share of 74% in 2021 whereas, the synthetic segment is projected to record the highest CAGR of 6.20% during the forecast period.
Based on source, the global food antioxidants market has been segmented into fruits & vegetables, petroleum & oils, nuts & seed, spices & herbs, and others. The fruits & vegetable segment accounted for a larger market share of 46% in 2021 whereas, the nuts & seeds segment is projected to record the highest CAGR of 5.82% during the forecast period.
Based on application, the global food antioxidants market has been segmented into fats & oils, processed foods, beverages, bakery & confectionery, meat & poultry, and others. The meat & poultry segment accounted for the largest market share of 35.30% in 2021 whereas, the processed foods segment is projected to record the highest CAGR of 6.65% during the forecast period.
Global Food Antioxidants Market Share, by Region, 2021 (%)Sources: MRFR Analysis
By region, the global food antioxidants market has been divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific accounted for the largest market share of 36.98% in 2021. North America was the second-largest market in 2020 with a market share of 30.33%. Europe is projected to record the highest CAGR of 5.94% during the forecast period.
The Asia Pacific accounted for the fastest revenue share growth rate in the global food antioxidants market in 2021. Rising consumption of processed food with high antioxidant levels among consumers with high disposable income in countries in the region is expected to drive the growth of the Asia Pacific food antioxidants during the forecast period. Among the regional markets. Revenue from the Meat & Poultry antioxidants market in the Asia Pacific is expected to continue to expand at a rapid rate during the forecast period. The rising consumption of processed food products that have high food antioxidant levels is driven by increasing disposable income among consumers in countries in the region, and the trend is expected to continue during the forecast period. The presence of a robust manufacturing base of food and beverage product companies in countries in the region is another key factor boosting the growth of the food and beverage industry, which is also supporting the growth of the food antioxidant market in the region. Food manufacturers in countries in the region are increasingly utilizing natural food antioxidants in products to cater to rising demand from a growing health-conscious consumer base with an increasing focus on dietary supplements, functional foods, and nutritional beverages fortified with antioxidants. The growing trend of clean-labeled food is another factor contributing to the rising demand for natural antioxidants across food manufacturing companies. The rising establishment of manufacturing units in the region by major players owing to the supporting business environment provided by governments offering tax incentives should boost industry growth.
The food antioxidants market is pegged to have a high potential for growth, owing to the various benefits of food antioxidants. The surging consumer consensus broadly drives the demand for natural food antioxidants to perceive processed food products as healthy if derived from natural ingredients and clean label claims. With consumers now using both terms interchangeably, it often influences them to skip products formulated with artificial ingredients. These factors are driving the growth of the market. Due to the increase in demand for clean label ingredients, the manufacturers of food and beverage products, such as fresh pork sausages, are extending the shelf life of these products during refrigerated storage without the use of artificial preservatives such as butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT), propyl gallate (PG), or other artificial preservatives which were commonly used in meat preservation, in turn, intensifying the growth of the market studied. Rosemary extracts are the most popular natural food antioxidant and are widely accepted across various end-user industries.
Prominent players in the global food antioxidants market include Archer Daniels Midland (the U.S.), BASF SE (Germany), Kemin Industries, Inc (the U.S.), Cargill Inc. (the U.S.), Eastman Chemical Company (the U.S.), Frutarom Ltd. (Israel), E.I. du Pont de Nemours and Company (the U.S.).
A few developments that occurred in recent times influencing the market growth of food antioxidants are listed below:
Scope of the Report
Global Food Antioxidants Market, by Type
Global Food antioxidants Market, by Source
Global Food antioxidants Market, by Application
Global Food antioxidants Market, by Region
|Market Size||USD 2,260.10 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application|
|Geographies Covered||North America, Europe, Aisa Pacific|
|Key Vendors||Archer Daniels Midland (the U.S.), BASF SE (Germany), Kemin Industries, Inc (the U.S.), Cargill Inc. (the U.S.), Eastman Chemical Company (the U.S.), Frutarom Ltd. (Israel), E.I. du Pont de Nemours and Company (the U.S.).|
|Key Market Opportunities||Growing demand in emerging economies|
|Key Market Drivers||Growth For Convenience Foods|
The growth rate of the Food Antioxidants Market is 5.47%.
The Asia Pacific is a region the holds highest market shares.
The key players of the market are Archer Daniels Midland (the U.S.), BASF SE (Germany), Kemin Industries, Inc (the U.S.), Cargill Inc. (the U.S.), Eastman Chemical Company (the U.S.), Frutarom Ltd. (Israel), Kemin Industries, Inc (the U.S.) and E.I. du Pont de Nemours and Company (the U.S.).