Global Antioxidants market was valued at USD 2123.4 million in 2013, growing at a CAGR of 5.6% from 2014 to 2020 to account for USD 3111.5 million in 2020.
Albany, NY -- (SBWIRE) -- 05/17/2016 -- Antioxidants act as a protecting element against the deterioration of food products caused by the process of oxidation, which manifests in various conspicuous ways such as a change in color (the 'browning' of exposed apple flesh, for instance) and fat rancidity, and help extend the shelf life of the product. Antioxidants are also used commonly in cosmetics and animal feed additives to prevent the damage to living cells due to oxidation. The use of antioxidants has numerous health benefits such as protection against aging, prevention of cancer, and cholesterol reduction.
Global Antioxidants Market to Grow With a Healthy CAGR of 5.6%
The global antioxidants market has been enjoying a growing demand in recent times, since consumers are becoming more informed and thus more concerned over the safety of food products. The demand for more natural, less processed food and the proven medical benefits of antioxidants have driven the expansion of the global antioxidants market.
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In the last four years, pork took up the largest share in global meat consumption. Nevertheless, chicken also experienced a high growth in consumption. Due to the growing consumption of both these meats, the global antioxidant market is expected to receive greater demand from the production industry of the animal feed used to raise chicken and swine. The increase in animal feed production is expected to help the demand for antioxidants grow at a 5.6% CAGR between 2014 and 2020. The global antioxidants market was evaluated at US$2,123.4 million in 2013 in terms of revenue and is anticipated to reach US$3,111.5 million by 2020. Another element responsible for the increasing demand for antioxidants is premature aging due to pollution and other reasons.
Antioxidants are primarily divided into two kinds, natural and synthetic, both being vastly used in the food and feed industries. In the current scenario, natural antioxidants are more expensive than synthetic antioxidants. Consumer preference is, nevertheless, expected to gradually shift from synthetic to natural antioxidants, which will increase the demand for natural antioxidants in the forecasted period. Growing demand for natural, chemical-free cosmetics and food are driving the natural antioxidants market.
Synthetic Antioxidants Market to Dominate Global Antioxidants Market
The synthetic antioxidants market is larger than the natural antioxidants market due to its lower production costs and consequently easy availability. As a reason, this segment is expected to dominate the global antioxidant market in the coming years. Synthetic antioxidants include butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT), propyl gallate, and tert-butylhydroquinone (TBHQ). However, as mentioned before, natural antioxidants are expected to enjoy a steady growth.
The global natural antioxidants market is classified by application into baked goods, fish and seafood, oil, meat and poultry, and fat and margarines. Some of the key players in the natural antioxidants market are BASF Se, Novozymes A/s, DSM, HR Hansen, and Adisseo France S.a.s., and AB Vista.
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Asia-Pacific Leads Global Antioxidants Market with 31.8% Share in 2013
The global antioxidants market is segmented geographically into Europe, North America, Asia-Pacific and Rest of the World (ROW). In 2013, Asia-Pacific had the largest share in the global antioxidants market, accounting for 31.8%, followed by North America, which held a share of 27.4%.
The growing demand for antioxidants in Asia-Pacific is a result of a growing need for health and dietary supplements, and the increasing spending power of the average consumer. The growing population and health awareness programs in countries such as China and India has fueled the Asia-Pacific antioxidant market. It is anticipated that the scenario will remain the same in the forecasted period and Asia-Pacific will continue to dominate the global antioxidants market till 2020.
Some of the prominent players in the global antioxidants market are BASF, Ajinomoto, ADM, and Kemin Industries. A notable trend in the competitive landscape of the market is that several of the key market players are engaging in strategic alliances and partnerships to cope with the requirement of raw materials and to strengthen the supply chain management.
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