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.
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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.
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.
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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.
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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