Food Antioxidants Market - Growth, Trends and Forecasts (2018 - 2023)
Antioxidants are an essential food ingredient used to prevent oxidation of food products, in the food industry. For decades, the market was dominated by synthetic antioxidants such as butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT), propyl gallate (PG) and tert-butylhydroquinone (TBHQ), however, the consumers are now reluctant to buy these products and are demanding cleaner labels with all natural ingredients. In general, the major demand for natural antioxidants and antioxidants is witnessed by the meat industry, as the products falling under this category are required to have longer shelf life.
The global market for food antioxidants records a revenue of USD 360.7 million in 2016 and is expected to register a CAGR of 5% during the forecast period (2018-2023). Most Common antioxidants are carotenoids, vitamin C, vitamin E, and selenium.
The key factors driving the food antioxidants market are increasing consumption of processed food and high demand for products with longer shelf life. However, low awareness among consumers restrains the market growth opportunities at a greater extent. The American Heart Association recommends a diet high in fruits, vegetables and other foods that contain antioxidants to help fight cardiovascular disease. The US Agricultural Research Service suggest that a diet high in antioxidants, especially those found in blueberries, strawberries and spinach may also help fight the loss of brain function associated with aging. Many other health benefits associated with consumption of food antioxidants is expected to drive the market.
Apart from growing market for natural antioxidants derived from processes such as enzymatic esterification; there are a few developments of new packaging technologies including increased use of MAP and gases as antioxidants. The nanotechnology is expected to play a significant role in the betterment of delivery systems for sensitive oils, such as omega-3 fatty acids in the food antioxidants industry.
The global food antioxidants market is segmented by type, form, and application. Based on the type, these ingredients are classified into synthetic and natural antioxidants, depending on the raw material origin. Further, the synthetic antioxidants are segmented into BHA, BHT, TBHQ, wherein natural antioxidants are classified as Vitamin E, Vitamin C, polyphenols & carotenoids and natural extracts. The food antioxidants are used in fats & oils, processed food, prepared meat products, bakery & confectionery, beverages, etc. By form, the market is classified as liquid and dry based additives. Moreover, the market is witnessing high growth for natural plant extracts and astaxanthin based antioxidants. These antioxidants are in edible oils preservation, food emulsion systems, cereals and low moisture foods, snacks, ready-to-eat and cook-chill foods such fruits, vegetables, beverages, chocolates, etc.
Asia-Pacific is the largest market for food antioxidants because of the increasing sales of processed food and anti-aging nature of antioxidants in food products. Asia-Pacific is forecasted to witness the highest growth rate in the next five years. In the North American and European countries, the market is expected to experience an increased demand for antioxidants derived from natural plant extracts and carotenoids. The consumers are highly aware of food labels, and even regulatory authorities are limiting the use of synthetically derived antioxidants products. Even if the companies use synthetic antioxidants have been tested for safety and approval for use in food at low concentrations on the basis of complex toxicity.Major PLAYERS: AOM S.A., ARCHER-DANIELS-MIDLAND COMPANY, BASF SE, CARGILL INCORPORATED, DUPONT, EASTMAN CHEMICAL COMPANY, FRUTAROM LTD., KALSEC, INC., KEMIN INDUSTRIES, INC., KONINKLIJKE DSM N.V., LYCORED CORP., NATUREX S.A., NUTRECO N.V., PRINOVA GROUP LLC, VITABLEND NEDERLAND B.V. and CAMLIN FINE SCIENCES LTD, amongst others.
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