Antioxidants Market is anticipated to register growth at a value CAGR of 6.6% by 2031: Persistence Market Research
NEW YORK, Feb. 1, 2022 /PRNewswire/ -- The global antioxidants market is anticipated to register growth at a value CAGR of 6.6% and top a valuation of US$ 1.8 Bn by 2031.
Major utilization of antioxidants is for providing added shelf-life solutions for meat, poultry, and seafood processing industries. Ever-growing meat consumption is creating opportunities for manufacturers of antioxidants to offer their products as a potent ingredient for ensuring shelf-life stability to end processed products.
The food processing industry, on account of increasing consumer demand for natural ingredients-based products, is likely to opt for natural antioxidants on a larger scale over the coming years. Although, at present, demand for synthetic antioxidants is higher, but with time, natural variants are projected to take over major share of the market.
Key Takeaways from Market Study
- Highest growth potential for antioxidants is shown by South Asia, and East Asia with value CAGRs at 8.5%, and 8%, respectively, as these regions include major developing economies.
- Based on end use, high growth potential is depicted by bakery & confectionery and convenience foods, depicting growth at value CAGRs of 7.6% and 6.8%, respectively.
- Overall market is dominated by Europe and North America with a combined market share of more than 50%.
- In Europe, the U.K., Germany, and Russia account for a major share in the market. But major growth potential is depicted by Poland with a value CAGR of 6.9% for the forecast period.
- As per type, in 2021, high market share was owned by synthetic antioxidants.
- The COVID-19 pandemic had a considerable impact on the overall market. There were supply chain disruptions, even though there was some demand from the food processing industry. However, the situation is improving and consumer trends are changing, antioxidant consumption is anticipated to increase rapidly, especially natural antioxidants.
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"Synthetic antioxidants have varied end uses in food processing, such as for meat, poultry & seafood, oils & fats, convenience foods, etc. However, demand for natural antioxidants is projected to increase faster over the coming years," says a Persistence Market Research analyst.
Competitive Landscape
Major antioxidant manufacturers are emphasizing on acquiring quality certifications and indulging in product & raw material testing to ensure only quality products reach their clients. They also developing formulations that lie in line with evolving consumer trends.
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- Barentz focuses on ensuring the quality and traceability of its product offerings with internationally acceptable QA systems and certifications.
- Industrial Técnica Pecuaria, S.A. (ITPSA), ITPSA holds FAMI-QS and ISO 9001 certifications, which reinforces the reliability of its products. It has also marketed its presence in almost 60 countries worldwide, offering its internationally certified and trademarked products.
- Kemin Industries, Inc., over time, has complied with multiple food safety regulations and certifications to provide high-quality products to its customers. The company's certifications include Food Safety System Certification, International Safe Feed/Safe Food, Food Safety Modernization Act, and FDA regulations for animal nutrition & health.
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Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global antioxidants market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights based on type (natural and synthetic), end use (fats & oils, convenience foods, bakery & confectionery, meat, poultry & seafood), and others) and form (dry and liquid), and across seven major regions of the world.
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