Global antioxidants market is projected to witness a CAGR of 6.04% to reach US$1,512.698 million in 2024 from US$1,063.860 million in 2018. Antioxidants are additives capable of delaying oxidation in food and other products, and therefore lengthening their shelf-life. They are widely used in food and beverages and animal feeds so as to preserve the nutritional value and to develop sustainable animal protein production. It is widely used in pharmaceutical products as they prevent or slow the damage to cells by free radicals. Use of antioxidants in cosmetics protect the skin cells from being damaged and slow down the aging process.
The growing awareness regarding the health benefits of antioxidants is leading to an increase in its demand in food and beverage, pharmaceuticals and cosmetics industry which is driving the global antioxidants market growth. The market is expected to grow at a steady pace owing to its growing penetration in plastic and nutraceuticals industry. Antioxidants protect plastics against thermally induced oxidation. Stringent government regulations related to antioxidants particularly synthetic antioxidants can hamper the market growth to some extent.
By type, synthetic antioxidants segment is expected to dominate the market share. Natural antioxidants market is also expected to grow as they are presumed to be safer. By geography, the North America and Europe market are projected to have significant market share due to greater demand for products containing antioxidants. By end user industry, food and beverage industry is expected to have significant market share.
Growing awareness regarding the health benefits of antioxidants
Growing demand for processed food and beverages
Use of antioxidants in plastics and nutraceuticals industry
Stringent government regulations related to antioxidants
In January 2019, BASF opened the first phase of its new antioxidants manufacturing plant in Shanghai which will produce antioxidants and associated forms and blends for plastic additives market.
DSM, a global science-based company in nutrition, health, and sustainable living announced in January 2019 that it intended to create a 75/25 joint venture with Nenter & Co, which would include all of Nenter’s production and related assets for Vitamin E.
The global antioxidants market has been analyzed through the following segments:
Butylated hydroxyanisole (BHA)
Butylated hydroxytoluene (BHT)
By End User Industry
Food and Beverage
Middle East and Africa