Impact of Outbreak of COVID-19 on Antioxidants Market

Antioxidants Market: Introduction

In terms of value, the global antioxidants market is anticipated to expand at a CAGR of 5% from 2019 to 2027. Antioxidants prevent damage to free radical-induced tissues by preventing formation of radicals, promoting their decomposition, or by scavenging them. Damage to cells affected by free radicals plays a central role in the aging process and disease progression. Antioxidants are used as a defense against the free radical damage. The demand for antioxidants in the food & feed industry is increasing rapidly across the globe. This has resulted in extensive usage of numerous types of antioxidants in food & feed production.

Rise in Adoption of Antioxidants for Meat Products

Rise in consumption of meat in various developed and developing countries is a key factor anticipated to propel the demand for natural antioxidants in the global meat industry during the forecast period. Increase in demand for ready-to-eat meat products, owing to their high protein content, is one of the prominent factors driving the global antioxidants market. Furthermore, increase in per capita income in developing countries and rise in demand for frozen meat products, especially among the working population, are estimated to augment the global meat market during the forecast period. This, in turn, is projected to augment the antioxidants market.

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Preference for Natural Antioxidants

Based on product, the global antioxidants market has been bifurcated into natural and synthetic. The natural segment is expected to expand at a CAGR of 5.4% during the forecast period. Natural antioxidants are primarily preferred for disease prevention. These antioxidants are categorized into four types: vitamin A, vitamin C, vitamin E, and rosemary extract. Natural antioxidants contain active compounds, which use antioxidative potential in meat products. The antioxidant action takes place, owing to the presence of synthetic acids, synthetic diterpenes, and flavonoids & volatile oils. Natural antioxidants are primarily distributed in medicinal and food plants. Natural antioxidants, particularly carotenoids and polyphenols, exhibit various biological effects, including anti-aging, anti-inflammatory, anticancer, and anti-atherosclerosis. The proper assessment and effective extraction of antioxidants from medicinal and food plants plays an important role in exploring potential antioxidant foundations and promoting applications in pharmaceuticals, functional foods, and food additives.

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Rubber & Latex Additives to be Major Application Area of Antioxidants

Based on application, the global antioxidants market has been segregated into food & feed additives, pharmaceutical & personal care products, plastic additives, rubber & latex additives, fuel & lubricant additives, and others (including inks, paints & coatings, adhesives & sealants, metallurgy). The rubber & latex additives segment accounted for more than 30% share of the global antioxidants market in 2018. Antioxidants are chemicals that help protect rubber articles against attack from oxygen. This is a key factor expected to increase the adoption of antioxidants in the rubber & latex industry.

Asia Pacific to be Lucrative Region of Antioxidants Market

In terms of consumption, Asia Pacific dominated the global antioxidants market in 2018. The market in the region is expected to expand at a rapid pace from 2019 to 2027. Rapid urbanization, rise in consumption of pharmaceutical products, expansion in construction and infrastructure industries, strong economic growth, and growth in meat consumption are major macroeconomic factors that are projected to fuel the demand for antioxidants in the near future. Increase in consumption of antioxidants in applications in plastic and rubber industries is also estimated to drive the market in Asia Pacific. The rubber & latex additives segment in Asia Pacific, particularly in India and China, is likely to witness moderate growth in consumption of antioxidants in the next few years. In terms of consumption, North America is expected to be a vital region of the global antioxidants market during the forecast period

Competition Landscape

The global antioxidants market was highly fragmented in 2018, with numerous manufacturers operating in the market. SONGWON Industrial Group, BASF SE, Solvay S.A., Clariant AG, ADEKA Corporation, and Evonik Industries AG are the leading companies that accounted for more than 70% share of the market in 2018. Manufacturers operating in the global antioxidants market include SONGWON Industrial Group, BASF SE, Solvay S.A., Clariant AG, ADEKA Corporation, Evonik Industries AG, 3V Sigma USA Inc., Rianlon Corporation, Everspring Chemical Co., Ltd., SI Group, Inc., Oxiris Chemicals S.A., Dover Chemical Corporation, Double Bond Chemical Ind. Co., Ltd., TAIWAN DYESTUFFS & PIGMENTS CORP., Beijing Tiangang Auxiliary Co., Ltd., Dalian Richfortune Chemicals Co., Ltd., and Chitec Technology Co., Ltd.

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