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 was the highest revenue contributor to the market, with a CAGR of 6.5%.
Antioxidants are used as vitamin supplements in pharmaceutical industry and help in preserving food products. The global antioxidants market is poised to witness significant growth during the forecast period owing to decrease in their costs, increase in investment & product approval by regulatory authorities, and increase in their demand for the food & beverage industry. In addition, developed economies have discovered new growth opportunities by shifting their focus on natural antioxidants such as rosemary extract. Conversely, Asia-Pacific is expected to show increased demand for synthetic antioxidants during the forecast period.
Antioxidants in food & beverage industry are primarily used as preservatives. However, exponential increase in the global population is expected to increase its antioxidants market growth in other industries such as pharmaceutical and animal fodder. Asia-Pacific has high number of undernutrition cases, resulting in high demand for antioxidants supplements. Moreover, farmers are being encouraged to feed fodder with antioxidants, to their cattle to enhance their milk yield.
Companies have shifted their focus on rosemary extract, as it has more antioxidant content than others, provides longer shelf life, and prevents premature aging; consequently, it has witnessed an increase in demand. In fact, many companies in the U.S. have made substantial investments for the development of antioxidant medicines.
A massive disruption in the supply chain of the antioxidants market was observed globally. This pandemic had a negative impact on the global market. It ridiculously pushed down the revenues of all the market players across the globe. The market players witnessed deteriorating condition in the second and the third quarter of the financial year 2020.
By Type
Natural Antioxidants segment would witness the fastest growth, registering a CAGR of 13.7% during the forecast period.
Despite the unfavorable situation, there are some positive scenarios that occurred during the pandemic. The development of vaccines and their approval in few countries has provided some relief. The global market is expected to witness a V-shaped recovery during the post-pandemic period. However, an upward trend has been noticed in the revenue of the key market players in the fourth quarter of 2020.
According to the antioxidants market analysis, the market has been segmented on the basis of type, form, application, and region. On the basis of type, the market is segmented as natural antioxidants and syndicate antioxidants. By form, the market is classified as dry and liquid. By application, the market is divided as 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.
By Form
Dry segment would witness the fastest growth, registering a CAGR of 7.3% during the forecast period.
By type, the market is bifurcated into natural antioxidants and synthetic antioxidants. The synthetic antioxidants segment constitutes a major antioxidants market share. This is attributed to increase in e demand for synthetic antioxidants has increased due to the increase in population. Overproduction of antioxidants helps to lower the cost; the dependency of various industries on antioxidants has increased extensively. Antioxidant is one of the major ingredients used in food & beverages and animal feed additive. Synthetic antioxidants are used in packed food products as preservatives. Especially in Asia-Pacific, the demand for synthetic antioxidants is anticipated to increase during the forecast period, owing to its high purchasing power.
By application, the plastic, rubber, & latex additives segment dominated the global market and is expected to retain its dominance during the antioxidants market forecast period. Majority of the antioxidants are utilized in the plastic and rubber industry.
By Application
Fuel & Lubricant Additivessegment would witness the fastest growth, registering a CAGR of 7.4% during the forecast period.
Rise in awareness regarding health benefits associated with antioxidants coupled with nutrient deficiency in the region has catalyzed the market growth. The antioxidant market in LAMEA is anticipated to grow with a CAGR of 7.3% between 2022 and 2031, while the Asia Pacific market is anticipated to witness a CAGR of 6.4%.
The key leading players operating in this market include Archer-Daniels-Midland Company, BASF SE, E.I.DuPont El Nemours and Company, Barentz International BV, Kalsec Inc., Kemin Industries, Inc., Koninklijke DSM N.V., Nutreco N.V., Cargill Incorporated, Aland (Jiangsu) Nutraceutical Co. Ltd., and Naturex S.A.
By Region
Asia Pacific would witness the largest segment registering a major share of 33.4% during the forecast period.
Covid-19 Impact Analysis
- COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- Antioxidants market is one of the least negatively impacted market due to pandemic.
- Countries around the world imposed lockdowns, and curfews, which has hugely impacted lifestyles, health & wellbeing, and also affected the manufacturing industries.
- Import and export restrictions on goods and quarantine and lockdown measures imposed by governments are key challenges, exporters are facing during this pandemic.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current antioxidants market trends, estimations, and dynamics of the market size from 2020 to 2031 to identify the prevailing opportunities.
- The Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing antioxidants market opportunities.
- Drivers and restraints are analyzed depending on type in the antioxidants industry.
Antioxidants Market Report Highlights
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Analyst Review
Global antioxidants market holds a substantial scope for growth; however, its contribution to the world market would increase significantly within the next six years. Antioxidants are versatile in nature as they are used in numerous industries such as pharmaceuticals, food & beverages, and animal feed additives. Lack of awareness about the ill effects of antioxidants on health is projected to restraint the market growth. However, recent innovations and findings of function-specific antioxidants are expected to create new opportunities in this booming sector. Several players are entering in the market with innovative products, such as novel rosemary extract, which have more antioxidant content than others. Rosemary extract provides longer shelf life and prevents premature aging. U.S. provides large funds for the development of antioxidant medicines. In addition, there are efforts to use antioxidants as a complementary therapy. In future, pharmaceutical and food & beverages industries are anticipated to use antioxidants in excess. These are further anticipated to contribute to the growth of market.
The Antioxidants market will expand from 2022 – 2031 at a CAGR of 6.9%.
The market value of Antioxidants market by the end of 2031 is $7,376.4 million.
Growth in demand for food & beverages, animal feed additives, and pharmaceuticals, and Increase in demand for rosemary extract are the Top impacting factors of Antioxidants market growth.
The key leading players operating in this market include Archer-Daniels-Midland Company, BASF SE, E.I.DuPont El Nemours and Company, Barentz International BV, Kalsec Inc., Kemin Industries, Inc., Koninklijke DSM N.V., Nutreco N.V., Cargill Incorporated, Aland (Jiangsu) Nutraceutical Co. Ltd., and Naturex S.A..
Type, Form, and Application are the segments of Antioxidants market.
Acquisitions and product launch are the growth strategies of Antioxidants market players.
Synthetic Antioxidants held the major share from 2022-2031.
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