Global Antioxidants Market is Estimated to Witness High Growth, Owing to Increasing Demand from the Food Industry and Rising Health Concerns
The global antioxidants market is estimated to be valued at USD 3.82 Bn in 2024 and exhibit a CAGR of 4.9% over the forecast period (2024-2031). The market is witnessing noteworthy growth owing to burgeoning demand from the food industry to increase the shelf life of products and prevent oxidation. Furthermore, increasing health consciousness among people and growing demand for nutricosmetic and functional food products are favoring market expansion.
Market Dynamics
The global antioxidants market is experiencing growth due to rising demand from the food industry and increasing health awareness among consumers. Antioxidants are widely used in food products to extend shelf life and prevent rancidity, contributing to over half of the total global demand. Additionally, heightened awareness of the health benefits of antioxidants in reducing the risk of chronic diseases like cancer and heart disease is driving their use in functional foods, nutricosmetics, and dietary supplements. However, a strict regulatory environment regarding synthetic antioxidants may pose challenges. The availability of alternatives, such as plant extracts with antioxidant properties, also threatens market growth. Nevertheless, ongoing research and development aimed at creating natural antioxidants with versatile functionalities are expected to open new opportunities in the coming years.
Market drivers, restraints and opportunities for the global antioxidants market
Growing Demand from the Food and Beverages Industry
The food and beverages industry forms one of the major end-use industries for antioxidants globally. Antioxidants are widely used as preservatives in food products to prevent spoilage and extend shelf life. The growing demand for packaged, processed, and convenience food products is fueling the need for antioxidants. Changing lifestyle and dietary patterns are also driving the consumption of packaged foods and beverages, which, in turn, is propelling the antioxidants market growth.
Increasing Demand from Personal Care and Cosmetic Industry
Antioxidants find extensive applications in the personal care and cosmetic industry for protecting the skin from damage caused by free radicals. Rising consumer spending on skincare and cosmetic products along with growing awareness about the benefits of using antioxidant-rich products is driving the antioxidants market. The increasing demand for anti-aging creams and serums is also boosting the market. Manufacturers are introducing innovative product formulations containing a mixture of antioxidants to attract conscious consumers.
Stringent Regulations Regarding Food Grade Antioxidants
Regulatory bodies have imposed stringent norms and guidelines regarding the approval and use of food grade antioxidants. Only a limited number of synthetic and natural antioxidants are approved for use in food products. Obtaining regulatory approvals for new antioxidants involves costly clinical trials and assessments, which can negatively impact small manufacturers. Frequent changes in food safety regulations also pose challenges. This acts as a major restraint for the antioxidants market.
Availability of Substitute Products
The availability of alternative natural preservatives and synthetic substitutes that serve the same purpose as antioxidants poses tough competition. Natural extracts such as rosemary, clove and green tea that have antioxidant properties are replacing synthetic antioxidants in certain food applications. Some alternative technologies like active and intelligent packaging are also restricting the antioxidants market growth.
Expanding Applications in the Pharmaceutical Industry
Antioxidants have vast application opportunities in the pharmaceutical industry for developing medicines prone to oxidation. They are widely used to prevent drug degradation and improve product stability. The growing pharmaceutical industry offers significant avenues for antioxidants market players.
Increasing Demand in Developing Countries
Rapid industrialization and urbanization in developing Asian, Latin American, and African countries are fueling the growth of end-use industries like food processing, personal care, and packaging. This rising demand from emerging economies coupled with improving disposable income presents abundant opportunities for antioxidants market participants.
Link: https://www.coherentmarketinsights.com/market-insight/antioxidants-market-3997
Key Developments
- On December 19, 2023, Florida Food Products, LLC (FFP), a leading innovator in natural, clean-label ingredient solutions, announced that the United States Patent and Trademark Office (USPTO) had awarded a new patent for its rice bran extract, sold under the VegStable Plus brand. This plant-based, all-natural antioxidant ingredient is designed for clean labeling and acts as a substitute for chemical additives like starches, gums, phosphates, and carrageenan, while also enhancing the juiciness, flavor, and texture of meat products.
- On December 8, 2023, Kalsec broadened its global presence by opening a new finishing and distribution center in Singapore. This move is aimed at bolstering support for food and beverage brands and manufacturers worldwide by offering natural solutions related to flavors, sensory experiences, colors, food protection, and hops. Kalsec’s research and development team leverages its expertise in antioxidants to identify the most effective naturally occurring compounds. Kalsec manufactures food & beverage products that look great, taste great and last longer with Kalsec's Natural Taste & Sensory, Color, Protection & Hop Solutions.
Key Players
ADEKA Corporation, Adishank Chemicals Pvt. Ltd., BASF SE, Camlin Fine Sciences Ltd., Cargill Incorporated, Eastman Chemical Company, ICC Industries Inc., Kalsec Inc., Kemin Industries Inc., Khera Chemical Industries, Koninklijke DSM N.V., and Trigon Antioxidants Pvt. Ltd.
