According to a new report published by Allied Market Research, titled, “Antioxidants Market by Type, Form, and Application: Global Opportunity Analysis and Industry Forecast, 2022–2031,”
The global antioxidants market size was valued at $3,437.3 million in 2020, and is projected to reach $7,376.4 million by 2031, registering a CAGR of 6.9% from 2022 to 2031. The synthetic antioxidants segment dominated the market in 2020, with more than half share, in terms of revenue.
Antioxidants are the vital ingredients that provide longer shelf life to food products and are used as vitamin supplements in pharmaceutical industries. The global antioxidants market is anticipated to witness significant growth during the forecast period owing to decrease in antioxidant costs, increase in investment & approval of antioxidants by many regulatory authorities, and increase in demand for antioxidants in food & beverage industry. Developed economies are trending toward natural antioxidants such as rosemary extract, creating new growth opportunities for the market. On the other hand, Asia-Pacific is expected to show growth in the demand for synthetic antioxidants during the forecast period.
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According to the antioxidants market analysis, the market is segmented based on type, form, application, and region. By type, the market is segmented into natural antioxidants and syndicate antioxidants. On the basis of form, the market is classified into dry and liquid. According to application, the market is classified into food & feed additives, pharmaceuticals & personal care products, fuel & lubricant additives, plastic, rubber, & latex additives, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The synthetic antioxidants accounted for more than half of the market, in terms of revenue, in 2020 as it is being widely utilized in pharmaceuticals & personal care products industries owing to its healthy moisturization properties and natural stability. This segment is projected to dominate during the forecast period, and the market is anticipated to show significant growth in Asia-Pacific, whereas growth will remain steady in North America.
Dry form segment witness a major growth in the market owing to its properties of salt and calorie-free, as well as fat-free. Owing to the longer shelf life and better handling properties, dry form of antioxidants is most preferred in wide range of application such as food & feed additives, pharmaceuticals & personal care products, among others.
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Plastic, rubber, & latex additives segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 6.3% during the antioxidants market forecast period. Utilization of antioxidants in cosmetic compositions is expanding as customers’ preference for organic and healthy ingredients increases.. Favorable government regulations, which encourage the use of natural ingredients in these formulations also assist in supplementing the growth of the pharmaceuticals & personal care products segment.
Cosmetic discounters segment is projected to dominate the market accounting for more than 35% share growing at significant CAGR of 12.2% from 2022 to 2031. Increase in availability of antioxidants through hypermarkets & supermarkets, food specialty stores, pharmacy and cosmetic discounters, coupled with advice of doctors to use antioxidants for skin treatment such as psoriasis or acne is expected to boost the sales through these distribution channels.
Increase in the health problems and premature aging problems will have positive impact on the market of natural antioxidants. Germany is one of the largest contributors in the antioxidants market. Asia-Pacific regions are expected to project a CAGR of 6.4% in synthetic antioxidants owing to huge market for suppliers.
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The European and North American antioxidants markets are expected to offer lucrative growth opportunities during the forecast period. Increase in pre-aging problems, health issues due to antioxidants deficiency among African regions and in Asia-Pacific, and food safety concerns are key drivers for the antioxidants market growth. The U.S. and China contributed major revenue share, with China holding the monopoly in vitamin C production.
The key companies profiled in antioxidants industry are BASF SE, Cargill, Inc, Kemin Inc., Industries, Inc., Koninklijke DSM N.V., Nutreco N.V., and ViTablend Nederland B.V. Product launch with quality is the key strategy adopted by well-established players to compete in the market.
Key Findings of the Study
The report provides a quantitative analysis of the current antioxidants market trends, estimations, and dynamics of the market size.
By type, the syndicate antioxidants segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.
On the basis of form, the dry segment led the global antioxidants market demand in 2020, and is expected to retain its dominance throughout the forecast period.
By application, the plastic, rubber, & latex additives segment dominated the global market in 2020, and is expected to retain its dominance throughout the forecast period.
Region wise, Asia-Pacific accounted for highest antioxidants market share in 2020, and is expected to grow at a CAGR of 6.4%.
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