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food antioxidants market

Food Antioxidants Market Share, Size, Trends, Industry Analysis Report, By Type (Synthetic and Natural); By Form; By Application; By Region; Segment Forecast, 2023 - 2032

  • Published Date: Jan 2023
  • Pages: 114
  • Format: PDF
  • Report ID: PM2994
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Summary

The global food antioxidants market was valued at USD 1,189.07 million in 2022 and is expected to grow at a CAGR of 6.1% during the forecast period.

The continuously growing demand and consumption of ready to eat and packaged food and rapid growth in the consumer disposable income along with the surge in rate of urbanization across the globe and mainly in emerging economies including India, China, South Korea, and Indonesia are key factors propelling the growth of the global market. The lack of time to prepare their own food by themselves among working professionals has forced or compelled them to rely on several types of packaged food products, which are easy to consumer and also contains various healthy properties.

Food Antioxidants Market Size
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For instance, according to World Bank, nearly 56% of the world’s total population which amount to 4.4 billion people are living in cities and is expected to grow substantially in the future, with the total urban population reaching double of its current size by 2050. Over 80% of the world’s GDP is generated in cities, thus urbanization could contribute to the growth of the global economy.

In the last few years, awareness among consumers towards the variety of food products available in the market and the ingredients used in them as preservatives and nutrients around the world is growing rapidly, which is likely to contribute significantly to the market over the coming years.  However, addition of various types of antioxidants supplements doses in high amount across wide range of food products including beta-carotene supplementation, increases the risk of several form of cancers like lung cancer and prostate cancer which is expected to hinder the growth of the global market over the next coming years.

The outbreak of the COVID-19 pandemic has significantly impacted the growth of the food antioxidants market. The emergence of deadly coronavirus across the globe directly affected the growth of the food antioxidants market owing to massive supply shortage of antioxidants and lack of required workforce in the production facilities. Moreover, consumers were more aware and tended to avoid meat and livestock-based food products due to the growing risk of viruses that can be transmitted through the meat in human body during the pandemic period.

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Industry Dynamics

Growth Drivers
Increasing demand for processed food around the world as a result of changing consumer lifestyles and their growing awareness regarding protein-rich diets and food products are major factors boosting the growth of the global market. Antioxidants are mainly dietary additives which help to fend off cancer, heart diseases, cataracts, memory loss, and many other illnesses present in variety of processed food such as sports bars, energy drinks, cereals, and others.

Furthermore, rapid growth in industrialization of livestock industry and increased awareness among farmers towards the wide range of benefits of adding antioxidants into the food products is also augmenting the market growth. In addition, there are various types of stringent policies introduced by governments to add synthetic antioxidants owing to the involvement of chemicals in the formulation, which is expected to positively impact the growth and demand of the global market over the anticipated period.

Report Segmentation

The market is primarily segmented based on type, form, application and region.

By Type

By Product

By Application

By Region

  • Synthetic
  • Natural
  • Dry
  • Liquid
  • Meats & Poultry
  • Bakery & Confectionery
  • Fats & Oil
  • Fish
  • Pet Food
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Synthetic segment dominated the market in 2022

The synthetic segment dominated the global market for food antioxidants in 2022 with a holding of significant share, which is accelerated by increasing consumption of variety of chemicals including BHA, TBHQ, PG, and BHT in the production process of variety of food products. Moreover, synthetic antioxidants are largely utilized for the purpose to increase shelf life and provide improved texture, color, and fragrance to the products and fueling the segment market at rapid pace.

 

The natural segment is anticipated to grow at a high CAGR during the projected period owing to increasing consumer inclination towards maintaining a healthy lifestyle and awareness towards the side effects of chemicals used in synthetic antioxidants on the human body. Natural antioxidants generally belongs to natural sources like plants, fruits, herbs, and species and do not involve or consist typical chemical operation, that makes it a healthier choice for health conscious people.

Dry form segment held the significant market revenue share in 2022

The dry form segment held the significant market revenue share in 2022 and is likely to retain its position throughout the forecast period. The growth of the segment market can be attributed to continuously growing usage of powder-based antioxidants in the formulation of wide range of food products, as it helps to reduce the effects of free radicals and further minimize the damage caused due to this. Additionally, it is highly preferable among consumers owing to the ease of transport, usage, and storage that is impacting the demand for these types of antioxidants across the globe.

Moreover, liquid form segment is anticipated to register a considerable growth rate over the projected period. Large number of food product applications of liquid-based antioxidants such as fats, oils, and mayonnaise and continuously growing prevalence for sports drinks and beverages are key factors expected to influence the growth and demand of the segment market.

Meat & poultry segment accounted for the largest market share

The meat & poultry segment accounted for largest global market share in terms of revenue. The growth of the segment market is mainly driven by rapidly growing consumption of meat and related products, as they are considered as rich sources of protein and many other important nutrients for human bodies. Increasing prevalence of poultry meat products which are sold in packaged and stored for long time along with its low prices as compared to other protein sources, is expected to boost the demand and in turn the need for antioxidants for these products is likely to grow substantially.

The demand in North America is expected to witness significant growth

North America is expected to witness as fastest growth in food antioxidants market over the coming years on account of hectic and busy consumer lifestyles and high spending capacity or purchasing power of people in countries like United States and Canada. In addition, a very large portion of North America population are working professionals thus, the mainly rely on prepared or ready to eat food products which creates high demand for food antioxidants to increase the shelf life of products are also likely to have a positive impact on the growth of the market in the region during the anticipated period.

Furthermore, Asia Pacific region dominated the industry in 2022 and is expected to maintain its dominance throughout the projected period. Increasing population burden and comparatively high rate of urbanization in countries like India, China, and Malaysia to other regions of the world along with a shift in trend to establish production facilities in emerging countries by global market players owing to low establishment and production cost, demand for both natural and synthetic antioxidants, and easy availability of cheap labor are key factors driving the market growth in the region.

Competitive Insight

Global players include Archer Daniels Midland Company, DuPont, Kalsec Inc., Kemin Industries, Camlin Fine Services, BASF, 3A Antioxidants, Eastman Chemical Company, Barentz Group, Sasol Limited, Crystal Quinone, Frutarom., Pharmorgana GmbH, Nagase Group, Foodchem International, and Advanced Organic Materials.

Recent Developments

In October 2022, Cargill, Unitec Foods & Fuji Nihon Seito strengthened their partnership for go to market food ingredient solutions and new innovations in the Japan & Asia Pacific region by signing a MoU. MoU is further expected to enhance their relationships through leveraging expertise of all three companies.

Furthermore, in April 2021, Kemin Industries, announced the launch of its new antioxidant solution named Paradigmox Green, a type of fully natural blend highly suitable for the organic livestock production industry in the EMENA region. With this launch, company will focus on delivering and catering demand for sustainable, ecofriendly, and natural food product.

Food Antioxidants Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 1,260.88 million

Revenue forecast in 2032

USD 2,155.69 million

CAGR

6.1% from 2023 – 2032

Base year

2022

Historical data

2019 – 2021

Forecast period

2023 – 2032

Quantitative units

Revenue in USD million and CAGR from 2023 to 2032

Segments covered

By Type, By Form, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America; Middle East & Africa

Key companies

Archer Daniels Midland Company, DuPont, Kalsec Inc., Kemin Industries, Camlin Fine Services, BASF SE, 3A Antioxidants, Eastman Chemical Company, Barentz Group, Sasol Limited, Crystal Quinone Pvt Ltd., Frutarom Ltd., Pharmorgana GmbH, Nagase Group, Foodchem International Corporation, and Advanced Organic Materials.

Key Take-Away
Polaris Market Research
Global Food Antioxidants Market Size, Share Analysis Report, 2023-2032