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.
The major key players in the food antioxidants market
Archer Daniels Midland (the U.S.) BASF SE (Germany) I. du Pont de Nemours and Company (the U.S.) Cargill Inc. (the U.S.) Eastman Chemical Company (the U.S.) Frutarom Ltd. (Israel) Kemin Industries, Inc (the U.S.)
New packaging techniques including gases instead of synthetic antioxidants which allows overall increase in shelf life of food products and shift towards plant based natural antioxidants have boosted the market demand for natural food antioxidants. This will bring a dramatic change in the consumption pattern among the consumers. In Asia Pacific, China dominates food antioxidants market and exports the product to various other countries, which include the U.S., Germany and others.
Market Forecast
Food antioxidants are expected to grow their popularity, owing to the property of increasing the shelf life and product stability. Massive increase in the use of ready to eat foods and regulatory laws are the major driving factors of the global food antioxidants market. Increased acceptance of food antioxidants as a source for preservation has increased its application scope in food industry. However, the loss of nutrients, color and physical properties of food product by the use of synthetic antioxidants is likely to hamper the market growth over the review period.
All these factors will contribute to the estimated CAGR of 5.5% of food antioxidants market during the forecast period 2017-2023.
Downstream Analysis
On the basis of type, synthetic antioxidants dominates the market because of its low cost and increased use in the convenience food industry. However, focus on natural antioxidants is projected to rise during the given forecast period. Furthermore, based on the sources, oils & petroleum dominates the market due to its reasonable cost and wide range applicability. However, focus on petroleum based sources is projected to rise during the given forecast period. On the basis of application, meat & poultry dominates the market because of shorter shelf life of these products and this market is not expecting much growth during the given forecast period.
Regional Analysis
Global Food Antioxidants Market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). Asia Pacific holds the major share of the global market followed by North America. Increase in healthy lifestyle and regulatory laws are driving the growth of this region. China, India, Thailand, and Australia are the major importers of food antioxidants.
Owning to rising demand for clean label products, natural food antioxidants will witness high demand during the forecast period Top exporters of used cooking oil include countries such as China, Taiwan, India & Japan.
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