Food Antioxidants Market Size and Growth Rate:
Food Antioxidants Market was valued at USD 360.7 million in 2016 and is expected to register a CAGR of 5% during the forecast period 2018-2023.
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Food Antioxidants Market Growth Drivers and Restraints:
Drivers helped in increasing demand for food antioxidants are a class of compounds with the quality of preventing oxidative rancidity in different food stocks. They are used for the preservation of food products such as processed oils, beverages, foods, meat, seafood, products, and bakery. F&B manufacturers across the world use food antioxidants to maintain the color, flavor, nutrients, and texture of their products. Owing to the growing demand for prepared food products in developing markets. Developing consumption rates with increasing health awareness for nutraceutical food & beverages will propel food antioxidants demand. The product limits damage to cells caused by free radicals and unstable molecules that the body produces as a reaction to environmental pressure. The upcoming purchasing power of consumers and need for longer shelf-life of convenience food products will escalate the market size.
Geographical Analysis of Food Antioxidants Market:
The Asia-Pacific region is experiencing the largest growth rate, due to the growing awareness of consumers regarding the benefits of fortified food and the demand for natural antioxidants. The dominant income in the urban sector has also led to the growth in food antioxidants’ applications in the F&B industry.
The Indian market for these antioxidants is at its embryonic stage, but it is forecasted to grow at a high rate, with the country’s expanding demand for antioxidant vitamins over the years. Brazil, India, China, and others offer potential for growth opportunities to the market players in the near future.
The US and the developed and developing regional in Europe are currently witnessing a trend of consumption of “natural and healthy” foods; hence, they are more inclined toward natural food antioxidants, due to their health benefits and fewer side effects. Furthermore, natural food antioxidants are priced higher than their synthetic counterparts, increasing the demand for latter in these regions. This trend can also be attributed to the less-stringent regulations for food antioxidants in developing countries, as compared to those in developed ones.
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Key Players of Food Antioxidants Market:
Some of the major players in the world market are BASF, DuPont, ADM, Kemin, and DSM (The Netherlands), which have a strong presence in the Americas and the Asia Pacific regions. These companies are constantly strategizing their growth plans to expand their operations in the food antioxidants market.
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