Food Antioxidants Market Overview
The industry trends suggest that the global food antioxidants market size will be valued at USD 1.3 billion in 2020. It is expected to reach a value of USD 3.61 billion by 2030, growing at a CAGR of 6.5% during the forecast period. It was estimated to have accounted for 52.4 KT in 2020 and is projected to account for 68.1 KT in 2025, growing at a CAGR of 6.5%.
The COVID-19 pandemic impact on feed consumption has directed affected the consumption of meat and livestock products and by-products, such as milk and eggs. It is mainly due to feeding supply shortages due to the shutdown of many facilities and completed lockdown in most of the critical countries.
Moreover, there is an increased skepticism among consumers towards consuming poultry products due to the scare of the virus (COVID-19) getting transmitted to humans through consumption. It has reduced the demand for animal feed in the global market.
Factors such as increasing demand for poultry, changing consumer preferences due to fast-paced lifestyles, and increased need for natural antioxidants in food products are driving the market for food antioxidants during the forecast period.
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Growth in the prepared foods industry and other food antioxidants market trends suggest that prepared foods are processed foods that are treated to ensure longer shelf life, reduce rancidity, and be easy to use. The prepared food industry is expected to witness substantial growth in the coming years due to high disposable income and a gradual increase in the number of working women, thereby positively impacting the food antioxidants market. The global market segmentation is as follows:
- Vitamin E
- Vitamin C
- Rosemary extracts
- Green tea extracts
- Fats & oils
- Prepared foods
- Prepared meat & poultry
- Bakery & confectionery
- Plant-based alternatives (meat & dairy)
- Other applications (kinds of margarine, dressings, infant milk formula, mayonnaise, tea, and coffee)
- Fruits & vegetables
- Spices & herbs
- Botanical extracts
- Gallic acid
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The Asia Pacific food antioxidants market is greatly influenced by the consumer preference for healthy eating. The growing trend toward natural and organic foods, and the growing need for convenience food products. With emerging economies, growing industrialization, and other prominent factors like the increasing demand for processed foods, and consumer preference for quality products, ingredient suppliers are becoming increasingly optimistic about the growth of the food & beverage industry. These trends and preferences have created a need for new additives in foods, despite the increasing awareness of synthetic food additives’ health hazards. Some major food antioxidants market players are as follows:
Barentz Group (Netherlands), VDH Chem Tech Pvt Ltd (India), followed by others like Camlin Fine Sciences (India), Kalsec Inc. (US), and BTSA (Spain).
In July 2018, one of the prominent market companies – Kemin Industries, added a new antioxidant to its portfolio of antioxidant solutions. Fortium RVC is a market product that combines rosemary and ascorbic acid blend. It can be used an alternative to traditional tocopherols in bakery and snack applications.
What geographic area has the most market share for food antioxidants?
The Asia Pacific is a region the holds highest market shares.
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