The global food antioxidants market size was valued at USD 1090.5 million in 2020 and is expected to witness a compound annual growth rate CAGR of 6.3% from 2021 to 2028
Food Antioxidant Market
The global Food Antioxidant market accounted for USD 1090.5 Million in 2020 and is expected to reach USD 1785.4 Million by 2028, growing at a CAGR of 6.3% from 2021 to 2028.
Antioxidants are the substance that prolongs the shelf life of foods by preventing oxidation by saving the food product from deteriorating. Apart from food, antioxidants are used in cosmetics and animal feed additives to reduce singlet oxygen. Antioxidants prevent fat rancidity and color changes in the food.
It helps in destroying some of the free radicals that would harm or damage the body cells. They are used to increase shelf life of the food items. Moreover, natural ingredients such as color, flavor, among others serve as powerful antioxidants, which have high demand in various applications of the bakery ingredient market, which drive the growth of the market during the forecast period.
The major players in the global food antioxidant market is emphasizing in the merger & acquisition in order to surge the product portfolio and also to increase the presence across the globe. The companies in the market are focusing in expanding business across all the region and developing strategies to size up production capability and strengthen global presence.
The food & beverages industry as a whole had been growing at a significant growth rate prior to the COVID 19 outbreak; however, it has experienced an anomaly in recent times as consumers are being selective on their purchases. The disruption of supply chain has further crippled the out-of-home consumption of food & beverages. Although the out-of-house consumption of food & beverages witnessed a standstill, the at-home consumption of food has significantly increased; thereby, observing a significant share in the global food & beverages market. Furthermore, the demand for staple and packaged food has witnessed an upward trend recently, which is attributed to the active lockdown, absence of convenient home delivery options, and precautionary action taken by people to prevent getting infected by the coronavirus.
However, the outbreak of the novel coronavirus has slightly affected the growth of the food antioxidants market. According to the American Bakers Association, in the U.S., the baking industry employs almost 800,000 skilled individuals, generates over $44 billion in direct wages, and has an overall economic impact of over $153 billion.
The significant decrease in the global food antioxidants market size in 2020 is estimated on the basis of the COVID-19 outbreak and its negative impact on the economies and industries across the globe. Various scenarios have been analyzed on the basis of inputs from various secondary Forms and the current data available about the situation.
The food antioxidant market is expected to witness substantial growth within the forecast period. The food antioxidants market has been gaining importance due to its extensive use of the prepared foods & beverages industry. An increase in the purchasing power of the global population can also be attributed to the growth of the food antioxidants market. The food antioxidants market is projected to grow at a CAGR of 6.3%. The market is mainly driven due to increasing end-user applications of food antioxidants. The high cost of food antioxidant and safety issues with synthetic food antioxidants are hindering the market growth. Growing demand in emerging economies is anticipated to set new growth opportunities in the near future.
The market is segmented into natural and synthetic food antioxidant. Synthetic antioxidants accounted for the most dominant segment. Emerging economies mostly rely on synthetic antioxidants due to their lesser cost compared to natural antioxidant. However, natural antioxidants are gaining importance in the market and this segment is expected to grow with a higher CAGR compared to that of synthetic antioxidants.
By application, the market is segmented into fats & oils, prepared foods/meat/poultry, beverages, bakery & confectionery, seafood and other food antioxidant applications. The market for food antioxidants is directly influenced by the increase in the purchasing power of the global population, owing to their use in applications such as prepared foods, prepared meat & poultry, beverages, fats & oils, bakery & confectionery, and seafood. The application of food antioxidants in the prepared meat & poultry industry accounted for the largest share in 2020. Busier lifestyles, growth in disposable income and more women entering the workforce are the key reasons driving the market for convenience-based products such as prepared meat & poultry. Prepared meat & poultry represents an opportunity for the key market players to invest in R&D and introduce food antioxidants for nutrient, flavor, and color stability of meat & poultry products.
Asia-Pacific is projected to be the fastest-growing regional market between 2016 and 2028. The emerging economies of the Asia-Pacific region are a major market for food antioxidants and are increasingly contributing to their demand, due to rise in disposable income, increase in population, and growth in the demand for processed foods; owing to which, the food antioxidants market is projected to grow at the highest rate in this region.
Some of key players in Food Antioxidant market are Archer Daniels Midland Company, BASF S.E., Camlin Fine Sciences, E I Du Pont De Nemours And Co, Eastman Chemicals, Kalsec Inc., Naturex S.A., Vitablend Nederland B.V., Koninklijke DSM N.V., Frutarom Ltd., Barentz Group, Kemin Industries, Inc.
The global Food Antioxidant market was valued at USD 1090.5 Million in 2020.
The global Food Antioxidant market is expected to reach USD 1785.4 Million by 2028, growing at a CAGR of 6.3% between 2021 to 2028.
Some of the key factors driving the global Food Antioxidant market growth are Growth in demand for food & beverages, animal feed additives, and pharmaceuticals and Declining cost of Antioxidants.
Asia-Pacific was the biggest area for Food Antioxidant market in 2020 and is likely to sustain its position in the years to come. The Food Antioxidant market is majorly boosted by the rising in disposable income, increase in population, and growth in the demand for processed foods.
Some of the major companies operating in Food Antioxidant market are Archer Daniels Midland Company, BASF S.E., Camlin Fine Sciences, E I Du Pont De Nemours And Co, Eastman Chemicals, Kalsec Inc., Naturex S.A., Vitablend Nederland B.V., Koninklijke DSM N.V., Frutarom Ltd., Barentz Group, Kemin Industries, Inc.