Market Overview:
Food Antioxidants Market has witnessed a substantial growth over the last few years and it is projected to expand at a high pace during the forecast period of 2018-2023. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Food Antioxidants Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR while achieving good growth rapidly in the forecast period.
Antioxidants are molecules which inhibits the oxidation process. Food antioxidants is a class of antioxidants which have the property of preventing oxidation of food products thereby increasing their shelf-life. Most common antioxidant used in the food industry are butylated hydroxyanisole and butylated hydroxytoluene. Synthetic antioxidants have shown a downfall as compared to the natural ones because of the health benefits associated with them. Increasing demand of ready to eat food has a positive impact on the food antioxidants market. The market for convenience food has gained acceptance in the growing work population.
Food antioxidants are used in different food products to increase the overall shelf life and stop the oxidation process. Additionally, the increased consumption of convenience food has uplifted the market of food antioxidants. Use of synthetic food antioxidants is projected to dominate in meat and poultry products followed by other perishable products. However, increased population of health-conscious consumers has opened the doors for use of natural and plant derived antioxidants to grow during the forecast period 2017-2023. Increasing focus on innovations such as use of nanotechnology base approaches in the existing product line which is natural or plant derived is expected to have potential market.
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Competitive Analysis:
Key manufacturers are concentrating to augment its brand name by arranging several promotional activities. The company has participated in various social media promotions, events and interaction with the consumers. The manufacturers is demonstrating their new product offerings in order to attract the new customers. By this strategy the product of the company will be popular among the consumers which will aid to increase the overall profitability of the company.
Moreover, the key players are emphasizing in the research & development process in order to introduce new product also to extend the product line. Key players are introducing new food antioxidants to surge the volume sales and also to increase the overall revenue of the company. In addition, manufacturers are penetrating the untapped market to increase the overall revenue. Apart from that, key manufacturers are opening new manufacturing plant in the attractive location in to cater the increasing demand for food antioxidants.
The key players profiled in food antioxidants market report are Archer Daniels Midland (the U.S.), BASF SE (Germany), E.I. du Pont de Nemours and Company (the U.S.), Cargill Inc. (the U.S.), Eastman Chemical Company (the U.S.), Frutarom Ltd. (Israel), and Kemin Industries, Inc (the U.S.) among many others.
Latest Industry Updates:
June 2017 Frutarom Industries Ltd. acquired Spanish company Nutrafur S.A. to increase the product portfolio in the plant based food antioxidants
October 2017 Kemin Industries extended the product line of antioxidants product
October 2016 Archer Daniels Midland Company introduced a new line of unique extracts that can deliver a concentrated dose of the powerful antioxidant compounds beta-carotene and anthocyanins in a variety of food, beverage and supplement applications
July 2016 Solvay, extended its footprint in India to tap the burgeoning processed food industry by developing food-grade antioxidants
Market Segments:
Global food antioxidants market has been divided into type, source, application and Region
On the Basis of Type: Natural, and Synthetic
On the Basis of Source: Fruits & Vegetables, Nuts & Seeds, Oils & Petroleum, Spices & Herbs, and Others
On the Basis of Application: Fats & Oils, Processed Foods, Beverages, Bakery & Confectionery, Meat & Poultry, and Others
On the Basis of Region: North America, Europe, Asia Pacific, and Rest of the World
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Regional Analysis:
The global food antioxidants market is segmented into North America, Europe, Asia Pacific and Rest of the World. Among all the region, Asia Pacific is estimated to retain its dominance throughout the forecast period of 2017-2023 followed by North America. The growth of the food antioxidants market is anticipated to be driven by the various factors. Increasing middle income population group is the significant factors for the rising growth of food antioxidants market during the forecast period of 2018-2023. Apart from that, increasing working women workforce is expected to fuel the sales of food antioxidants market in the future in the Asia Pacific region.
Among the Asia Pacific countries, China is accounting for highest market proportion in the year of 2017 and the trend is expected to continue throughout the forecast period. North America is estimated to account for the approximately 30% market proportion in the global food antioxidants market. Among the North American country, the U.S. is holding maximum market proportion in the North America food antioxidants market. Natural food antioxidants is gaining momentum in the North America region due to the increasing awareness of the adverse effects of synthetic food antioxidants.
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