According to a research report “Food Antioxidants Market by Source (Fruits & Vegetables, Oils, Spices & Herbs, Botanical Extracts, Gallic Acid & Petroleum), Application (Fats & Oils, Prepared Meat & Poultry, Bakery & Confectionery), Type, Form and Region – Global Forecast to 2028″ published by MarketsandMarkets, the food antioxidants market is estimated at USD 1.6 billion in 2023 and is projected to reach USD 2.2 billion by 2028, at a CAGR of 6.2% from 2023 to 2028. There are several factors responsible for the expected increase in demand for food antioxidants. Some of which are the growing awareness among consumers about the health benefits of antioxidants. Antioxidants are known to help reduce the risk of chronic diseases such as heart disease, cancer, and Alzheimer’s disease. As consumers become more health-conscious, they are likely to seek out foods that contain elevated levels of antioxidants. And another major factor is the rise of functional foods is also expected to contribute to the increased demand for antioxidants in food. Functional foods are those that provide health benefits beyond basic nutrition. As consumers seek out foods that can help improve their health, the demand for foods that are fortified with antioxidants is likely to increase. Such factors potentially increase the demand for food antioxidants.
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The dry format in by form segment accounted for the largest share of the food antioxidants market in 2023 in terms of value.
Dry form of antioxidants is typically less prone to spoiling or more stable than liquids form. This makes them easier to store and transport and ensures that they maintain their quality over time. These dry forms of antioxidants have longer periods of time without losing their effectiveness or characteristics. This makes them a more convenient option for food manufacturers who need to produce massive quantities of products and store them for extended periods of time. These factors are commonly considered by the food processing industries, while purchasing raw materials. Considering these facts, the demand for dry form of ingredients accounted to have the largest segment of the food antioxidants market.
The fruits & vegetables in by natural sources segment accounted for the largest share of the food antioxidants market in 2023 in terms of value.
Naturally derived antioxidants from fruits and vegetables are gaining popularity in the food industry for several reasons. One of the factors is, health benefits of the naturally sourced antioxidants from fruits & vegetables. Fruits and vegetables are known to be rich sources of antioxidants such as vitamin C, vitamin E, and beta-carotene. These antioxidants have been shown to have numerous health benefits, such as reducing inflammation, improving cardiovascular health, and protecting against cancer. Consumers are increasingly interested in healthy food options, and many are looking for products that contain natural, plant-based ingredients. As a result, food manufacturers are responding to this demand by incorporating more fruits and vegetables, and their associated antioxidants, into their products.
Another popular growing trend in the food industry is the clean label trend. The naturally derived antioxidants fit well with this trend, as they are seen as more natural and less processed than synthetic antioxidants. Mentioning in labels about the fruits & vegetable extracts is an additional marketing gain for food industries. Thus, these factors potentially drive the market segment in the food antioxidants market.
The prepared meat & poultry sub-segment for the applications segment is estimated to grow at the highest in the food antioxidants market.
According to the data released by Organization for Economic Co-operation and Development, the world poultry consumption in 2022 was 133,696 thousand tons and is expected to be 144,874 thousand tones by 2029. This is due to an increase in population and growth in economic development. As countries become more economically developed, their populations tend to consume more meat and poultry. This is because people have more disposable income to spend on food, and meat is often seen as a status symbol or a sign of wealth. These developments and growth will increase the amount of meat & poultry consumption per capita. The meat & poultry industry uses antioxidants to prevent the oxidation of fats in meat products, which can lead to spoilage and rancidity. Thus, the demand for antioxidants potentially is estimated to grow at the highest in the food antioxidants market.
The Asia Pacific region accounted for the largest share and fastest growing market, in terms of value, of the global food antioxidants market in 2023.
The Asia Pacific region dominates the food antioxidants market. The region has a large population, which has led to an increase in demand for processed food and beverages. This has in turn fueled the demand for food antioxidants. Secondly, the food processing industry in the Asia Pacific region is diverse and includes various sub-sectors such as meat and poultry processing, dairy processing, bakery and confectionery, and processed fruits and vegetables. Furthermore, the Asia Pacific region is home to many major foods processing companies, including Nestle, Danone, Fonterra, and Tyson Foods, among others. The region also has several local companies that are leaders in their respective markets. Thus, catering for all these food industries in this region have generated a high demand for the food antioxidants and accounted to be the largest share and fastest growing market.
Major key players operating in the food antioxidants market Archer Daniels Midland (US), BASF SE (Germany), International Flavors & Fragrances Inc. (US), Eastman Chemical Company (US) and DSM (The Netherlands).
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