Rising need to extend the shelf-life of food products is driving growth of the global food antioxidants market to a significant extent.
According to the most recent report by Emergen Research, the global market for food antioxidants is anticipated to reach a market value of USD 3.43 billion at a consistent CAGR of 6.2% in 2028. Changing consumer preferences, growing health and wellness concerns, and changing lifestyles can all be blamed for this consistent revenue rise. Because of reduced immunity, there has been an increase in the prevalence of non-communicable diseases, which has increased demand for functional foods. The market for food antioxidants is anticipated to develop due to the rising use of these compounds in the creation of functional meals. Another factor driving up the use of food antioxidants in the food and beverage industry is the increased demand for at-home food preservation methods.
Food antioxidants are advantageous to health in a variety of ways, including for urinary tract, prostate, eye, and heart health. Increasing the amount of antioxidant-rich foods in your diet will shield your body from immune system problems, memory troubles, and mood disorders. The market for food antioxidants will expand faster due to the rising demand for food and beverages.
MARKET DYNAMICS
Due to the growing production and consumption of processed food in developed and developing nations, the market for food antioxidants is anticipated to expand at a large rate. Additionally, the demand for food antioxidants has increased globally as a result of improved living standards and rising spending power. Along with longer food shelf lives, consumers’ growing awareness of healthier alternatives is another important element driving the market’s continued expansion. A significant prospect for market expansion is the growing middle class in developing nations and the need for natural food antioxidants. However, the low cost of replacement goods may limit the market growth for food antioxidants throughout the anticipated timeframe.
Key Highlights of Report
The EU is the top exporter of processed foods in the world, with approximately double the amount of exports as the US, according to data made public by the USDA. In 2012, EU food exports were 91 billion USD, an increase of 28% over the previous five years. The shipments of processed foods from the EU are similarly geographically and linguistically diverse to those from the US. The US market share has slightly declined over the previous ten years as a result of fierce competition from the EU as well as other rising suppliers like Thailand and China. The US exporters have kept up with the demand during this time and increased shipments by 143%.
Changes in customer taste for food goods are being brought about by urbanisation and lifestyle modifications. Consumers are growing more knowledgeable about the foods they eat and the components that are utilised to make those foods. Because they keep freshness and maintain the nutrients, colour, and flavour of the food, prepared food products are seen as “fresh and healthy.”
At the facility in Pontecchio Marconi, Italy, BASF said in January 2020 that it intended to increase manufacturing capacity for the antioxidant Irganox 1520L by 20%. One of the company’s most important antioxidant products is Irganox 1520L. The company hopes that the expansion would enable it to meet the rising demand for antioxidants among consumers all around the world.
In 2020, the prepared meat and poultry segment held the biggest market share. Utilization of food antioxidants in prepared meat and poultry products is being driven by the growing need to increase food quality and extend the shelf life of food goods.
Key players in the market :
BASF SE, Archer-Daniels-Midland Company, Koninklijke DSM N.V., DuPont, Eastman Chemical Company, Kemin Industries, Barentz Group, Camlin Fine Sciences Ltd., Kalsec Inc., and BTSA.
Emergen Research has segmented the global food antioxidants market on the basis of application, type, source, and region:
Application Outlook (Revenue, USD Billion; 2021–2028)
- Prepared Food
- Seafood
- Nutraceuticals
- Fats & Oils
- Plant-based Alternatives
- Prepared Meat & Poultry
- Bakery & Confectionery
- Other Applications
Type Outlook (Revenue, USD Billion; 2021–2028)
- Synthetic Antioxidants
- Natural Antioxidants
Source Outlook (Revenue, USD Billion; 2021–2028)
- Oils
- Fruits and Vegetables
- Spices and Herbs
- Gallic Acid
- Botanical Extracts
- Petroleum-derived
