The Food Antioxidants Market is expected to reach USD 2 Billion by 2028, growing at a CAGR of 5.7% between 2021 and 2028. The Increasing disposable income with higher living standards, producing demand for packed processed and ready to eat food items, resulting in demand for food antioxidants.
- The Synthetic Antioxidants segment is projected to grow at a CAGR of over 3.6% over the forecast period. The synthetic antioxidants segment is holding its dominant position driven by the fact that they are available at low cost and have higher production capacity.
- The oils & petroleum segment held a market share of around 39% in 2020. Oils & Petroleum is used widely with easy availability that has grown the market for petroleum-based antioxidants. Additionally, Oils & Petroleum are used to increase the shelf life of food products.
- Asia Pacific is expected to expand at a CAGR of over 4.28% from 2021 to 2028. Consumer awareness is increasing coupled with the regulatory laws that are considered as one of the main factors for the rising growth of natural food antioxidants-based products in the regional market.
Some of the major players in the Food Antioxidants Market include E.I. Du Pont De Nemours and Company, Archer Daniels Midland Company, Eastman Chemical Company, Kemin Industries, Inc., Koninklijke DSM N.V., Camlin Fine Sciences, Ltd., Barentz Group, Frutarom, Ltd., Kalsec Inc., and BASF SE, among others.
The consumption patterns are changing globally and the demand for processed food among the population is also increasing. The consumption of processed foods like meat, snacks, and beverages among the middle-class population is increasing. The rise in purchasing power with the longer shelf-life of food products had a positive impact on the demand for food antioxidants all over the world. Additionally, the changing preferences of the population for healthier alternatives available in the market are factors anticipated to grow the Food Antioxidants Market. On the contrary, the high costs involved in natural antioxidants are hindering market growth.
North America is expected to record the higher CAGR. The growth in the region is driven by the rising demand for crop products as well as rapid urbanization in countries like the U.S, Canada, and more and an upsurge in processed food consumption in the region.