Global Antioxidant BHT Market is valued at USD 35.94 Million in 2022 and is projected to reach a value of USD 56.01 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 5.70% over the forecast period.
In the years since 2020, the Antioxidant BHT Market has seen a few changes. The most notable change has been the increasing popularity of natural and organic products. This trend has led to more companies offering products that are free of synthetic ingredients, including BHT. Also, there has been a rise in the demand for products that have been certified as being good for the environment. As a result, many manufacturers have reformulated their products to meet these new standards. In July 2020, the European Commission (EC) published a regulation that amends the maximum permitted levels (MPL) of BHT in food products. The new MPL for BHT is 0.02% by weight of the fat or oil content in the food product. This regulation will come into effect on January 1, 2021. Another change in the market has been the consolidation of several large companies. This consolidation has led to fewer choices for consumers and higher prices for some products. In response to this trend, many smaller companies have entered the market, offering more affordable alternatives. The rising demand for processed food and the growing cosmetics industry is expected to drive the market for Antioxidant BHT during the forecast period. Finally, the COVID-19 pandemic has had a significant impact on the Antioxidant BHT Market. Many consumers are now looking for ways to boost their immune systems and protect themselves from illness. As a result, there has been an increase in demand for products that contain vitamins C and D, as well as other antioxidants like BHT. The capsules/tablets/pills sales of immune boosters were valued at USD 4.8 billion in 2020 and are projected to grow at a CAGR of 5.5% during the forecast period. North America and Europe are the two largest markets for the Antioxidant BHT, accounting for more than 50% of the global demand. The demand for BHT in food and beverages is driven by the need to extend shelf life and preserve flavor. Small businesses can benefit from the growing trend of healthy eating and the increasing demand for natural and organic products. Large businesses can benefit from economies of scale and the ability to reach a larger customer base. In January 2021, BASF SE launched its new product line ‘Irgafos 168’, which is an antioxidant for polyolefins.
Antioxidant BHT Market Size, 2022 To 2030 (USD Million)
In September 2020, the United States Food and Drug Administration (FDA) issued a final rule that amended the food additive regulations to no longer provide for the use of BHT as an antioxidant in food packaging materials intended for contact with foods. This final rule was effective from October 9, 2020. The Global Antioxidant BHT Market is currently facing several restraints that are hampering the market growth. These restraints include the stringent regulations on the use of BHT in food and cosmetics, the limited availability of raw materials, and the high cost of production. Stringent Regulations: The use of BHT in food and cosmetics is regulated by various government bodies such as the US Food and Drug Administration (FDA) and the European Commission (EC). These regulations limit the amount of BHT that can be used in food and cosmetics products. This is a major restraint on the growth of the Antioxidant BHT Market. Limited Availability of Raw Materials: BHT is derived from petroleum products and there is limited availability of these raw materials. This shortage of raw materials has led to an increase in the price of BHT, which is a restraining factor for the growth of the Antioxidant BHT Market. High Cost of Production: The production of Antioxidant BHT involves several steps including extraction, purification, and synthesis. This process is energy intensive and requires expensive equipment. This makes the production of Antioxidant BHT costly, which is another restraint for market growth. However, advancements in the field of Antioxidant BHT like the development of " nano-emulsions" will boost sales. Nano-emulsions are very small droplets of oil that are suspended in water. Nano-emulsions have a much higher surface area than regular emulsions, which allows for more efficient absorption into the body. Additionally, nano-emulsions are much more stable than regular emulsions, meaning they are less likely to break down and become rancid.
Impact of COVID-19
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The outbreak of COVID-19 had impacted the Antioxidant BHT Market in several ways. The most significant impact has been the decrease in demand for the product, as many industries have seen a slowdown in activity or even a complete halt due to the pandemic. This has led to a decrease in prices for Antioxidant BHT, as manufacturers compete for fewer buyers. The situation was further complicated by disruptions to the supply chain, as restrictions on travel and trade made it difficult to source raw materials and transport finished products. The use of artificial ingredients in food and beverage products has been declining due to health concerns associated with them. This has resulted in a shift in consumer preference towards naturally derived ingredients, which is anticipated to fuel the demand for Antioxidant BHT during the forecast period.
Top Market Trends
- The Antioxidant BHT Market has seen many new trends emerge in recent years. One of the most notable is the increasing popularity of natural and organic products. This trend is being driven by consumers who are becoming more health-conscious and interested in avoiding synthetic ingredients.
- Another major trend in the Antioxidant BHT Market is the growing demand for affordable products. This is especially true in developing countries where economic growth is creating a larger middle class with more disposable income. Consumers in these markets are looking for ways to save money without sacrificing quality, which is driving manufacturers to offer more affordable options.
- The use of natural ingredients: Consumers are increasingly interested in Antioxidant BHT products that contain natural ingredients. This trend is being driven by the desire for more environmentally friendly and sustainable products.
- The use of novel delivery methods: Key players in the Antioxidant BHT Market are innovating with new delivery methods, such as nanoemulsions, to improve the efficacy of their products.
- The use of BHT as an antioxidant in cosmetics and personal care products has been on the rise in recent years, due to its ability to extend the shelf life of products and protect them from oxidation. According to data from Euromonitor International, the global sales of cosmetics and personal care products grew by 4% in 2021, reaching a value of USD 532 billion. This growth is expected to continue in the coming years, with the market forecast to reach a value of USD 641 billion by 2024.
- Increased focus on skin health: Both consumers and key players are becoming more aware of the importance of protecting skin health. As a result, there is a growing demand for Antioxidant BHT products that are specifically designed to improve skin health.
- Finally, there is a trend towards sustainability and corporate social responsibility. More companies are looking for ways to reduce their environmental impact and become more socially responsible. This is reflected in the increasing number of manufacturers offering eco-friendly and sustainable products.
The Global Antioxidant BHT Market is segmented based on Types, Applications, and Regions. Based on Types, the market is classified into Food Additives, Fuel Additives, and Industrial Additives. Based on Applications, the Antioxidant BHT Market is bifurcated into Oil & Gas, Food & Beverages, and Consumer Products. Region-wise, the Global Antioxidant BHT Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Types
The market for food additives is expected to grow at a CAGR of 6.9%. This growth is driven by the increasing demand for processed and packaged foods as well as the need to improve the shelf life of these products. The market for fuel additives is expected to grow at a CAGR of 4.5%. This growth is driven by the increasing use of biodiesel and the need to improve its stability. The industrial additives market is expected to grow at a CAGR of 3.5%. This growth is driven by the increasing use of plastics and synthetic rubber in various industries.
Based on Application
Oil & Gas is the largest application segment of the Antioxidant BHT Market, accounting for more than 50% of the total market in 2021. The oil and gas segment is expected to grow at the highest CAGR during the forecast period due to the increasing demand for antioxidants in lubricants and fuels. The food and beverage segment is expected to grow at a moderate CAGR owing to the increase in demand for preserved food products. The consumer segment is expected to grow at a relatively lower CAGR as compared to the other segments due to the side effects associated with BHT.
Based on Region
The North American region is expected to be the largest market for Antioxidant BHT during the forecast period. The North American Antioxidant BHT Market is driven by the growing food & beverage industry and the rising demand for processed food. Germany is the major producer of Antioxidant BHT in Europe. The European Antioxidant BHT Market is propelled by the increasing demand for natural and organic food. Moreover, the region has a well-established food & beverage industry. China is the leading country in the Asia Pacific in terms of the production of Antioxidant BHT. The Asia Pacific Antioxidant BHT Market is expected to grow at a rapid pace owing to the growing food & beverage industry and the rising demand for processed food in the region. Moreover, the presence of a large number of small and medium enterprises (SMEs) in China is another key factor driving the growth of the Asia Pacific Antioxidant BHT Market. Brazil is estimated to be the largest producer of Antioxidant BHT in Latin America. The Asia-Pacific region is projected to be the fastest-growing market for Antioxidant BHT during the forecast period. The growth of this market can be attributed to factors such as the increasing population, rapid urbanization, and changing lifestyles in developing countries such as China and India in this region. In addition, the growing food & beverage industry in Asia-Pacific is anticipated to boost the demand for Antioxidant BHT over the next five years. The Latin American Antioxidant BHT Market is driven by factors such as the growing food & beverage industry and changing lifestyle of consumers. Moreover, Brazil has a large agricultural sector, which is expected to boost the demand for Antioxidant BHT in the country. Latin America and Middle East & Africa are expected to witness moderate growth during the forecast period.
The key players in the Global Antioxidant BHT Market include- Cargill (US), Caldic (Netherlands), Impextraco (Belgium), LANXESS (Germany), Merisol USA LLC (US), Perstorp Group (Sweden), Eastman Chemical Company (US), Milestone Preservatives Private Limited (India) and others.
- One of the most exciting advancements is the development of a new type of Antioxidant BHT called "SuperBHET." SuperBHET is a more potent form of Antioxidant BHT that has shown promise in reducing oxidative stress and inflammation. Additionally, SuperBHET has also been shown to improve heart health and reduce the risk of cancer.
- In July 2020, the United States FDA granted GRAS (Generally Recognized As Safe) status to Antioxidant BHT for use as a food additive. This was a significant development as it opened up new avenues for the use of Antioxidant BHT in the food and beverage industry.
- In September 2020, Antioxidant BHT was launched in the European market by BASF SE. This was a major milestone for the company as it strengthened its foothold in the European market.
- In November 2020, Antioxidant BHT was approved for use in Japan by the Ministry of Health, Labour and Welfare. This approval further increased the global reach of Antioxidant BHT.
- Another advancement in the Antioxidant BHT Market is the increase in production capacity. In response to growing demand, many manufacturers have increased their production capacity of BHTs. This has resulted in lower prices and greater availability of BHTs.
- In December 2020, Health Canada issued an interim order that establishes maximum limits for the use of BHT as an antioxidant in certain food products consumed by infants and young children. This interim order will come into effect on March 1, 2021 and will remain in effect until December 31, 2025.
- In February 2021, Dow Chemical Company announced its plans to invest USD 100 million in its site in Texas, US to expand its production capacity of hindered phenolic antioxidants.
- In March 2021, Evonik Industries AG acquired a 10% stake in Silmaris GmbH, a German company that produces plant extracts for use in cosmetics and food supplements.
Segmentation of the Global Antioxidant BHT Market
- Types (Food Additives, Fuel Additives, Industrial Additives)
- Applications (Oil & Gas, Food & Beverages, Consumer Products)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Cargill (US)
- Caldic (Netherlands)
- Impextraco (Belgium)
- LANXESS (Germany)
- Merisol USA LLC (US)
- Perstorp Group (Sweden)
- Eastman Chemical Company (US)
- Milestone Preservatives Private Limited (India)
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attractiveness analysis by segments and North America, company market share analysis, and COVID-19
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