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

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

The global market for food antioxidants was valued at USD 1.6 Billion in 2023 and is projected to reach USD 2.2 Billion by 2028, at a CAGR of 6.2% during the forecast period. The world's population is expected to grow by more than 9.7 billion by 2050 according to IMF, leading to increased demand for food and beverages. Globally, there is a growing demand for processed foods, and antioxidant products are being used more frequently. It preserves the level of food shelf life as well as the product quality. The demand for processed foods is being fueled by evolving lifestyles, an increase in the number of working people, and increasing out-of-home consumption in urban areas. Due to this, the formerly conventional, small-scale industry has evolved into a contemporary, large-scale one. The food processing business has discovered that exports are a lucrative market as better processing technology and superior packaging become locally available.

Asia Pacific is projected to witness the growth of 6.7% CAGR during the forecast period.

The Asia Pacific region accounts for USD 0.5 Billion of the market size in global market for food antioxidants in 2022. The food antioxidants market in the Asia Pacific region is projected to grow at the highest CAGR of 6.7% during the forecasted period. The country's expanding population is the main force behind the development of the Chinese food market. The fact that India is the second most populous nation in Asia also contributes to the rise in food consumption. The COVID-19 strike has had a considerable influence on various countries in Asia Pacific. The regional demand for healthy food products has grown because of the health issue. Over the anticipated years, a combination of an expanding population and rising food consumption is anticipated to increase demand for food antioxidants. As more big companies construct manufacturing facilities in the area as a result of the favorable business environment provided by governments granting tax benefits, industry growth should be boosted. Supportive government programs like ""Make in India"" and ""Made in China 2025"" should encourage FDI inflows into the region because of the growth in land production, which will enhance food production and boost the use of food oxidants.

Natural antioxidants are gaining rapid popularity in the food antioxidants market across the globe.

Natural antioxidants do not involve a conventional chemical reaction and come from naturally occurring sources such plants, animals, fruits, herbs, and spices. Carotenoids, rosemary extracts, vitamin C, vitamin E, ascorbic acid, alpha-tocopherol, and other substances are examples of natural antioxidants. The tendency to live a healthy lifestyle is growing, which has increased demand for naturally extracted antioxidants. Over the upcoming years, the demand for natural antioxidants is anticipated to increase due to rising health consciousness and concerns about chemical side effects. To increase the nutritional value of their finished products, manufacturers in the global food and beverage industry are looking for ways to incorporate natural antioxidants. Additionally, players are placing a strong emphasis on offering products enhanced with natural and organic ingredients to satisfy the growing demand of health enthusiasts.

Currently, manufacturers are concentrating on adhering to a ""better for you"" strategy to survive in a market that is becoming increasingly competitive. To meet the rising consumer demand for food products and ingredients made from natural sources, many food manufacturers are putting forth efforts to provide naturally occurring foods with significant nutritional benefits.

Prepared meat & poultry dominated the market for food antioxidants and was valued the largest at USD 637.7 million in 2022.

There is a growing demand for prepared meat and poultry in many parts of the world, particularly in developing countries with rising incomes and changing dietary patterns. This has created new markets for prepared meat and poultry producers. And another factor increase in demand for prepared meat & poultry is competitive pricing. Prepared meat and poultry producers in some countries can offer their products at competitive prices due to lower labor and production costs. This makes their products more attractive to importers looking for quality products at reasonable prices. By adding antioxidants to meat, exporters can slow down or prevent the oxidation process, which helps to maintain the quality and freshness of the meat for longer periods of time. This is particularly important for meat products that are transported over long distances or stored for extended periods before being sold. Thus, increase in the demand for prepared meat & poultry exports can potentially raise the demand for food antioxidants.

The dry segment of the global food antioxidants market is projected to grow and have the largest market share for the forecasted year.

In 2022, the market was led by the dry form category. This sizable portion can be attributed to the rising use of powder-based antioxidants in food products. Powders of a technical grade are widely used in many food products. The powder lessens the negative effects of free radicals and can lessen the harm they can do. Most food antioxidants come in powder, tablet, flakes, and granular forms. Because dry antioxidants are so simple to use, store, and travel, customers highly favor them. Over the upcoming years, a growing prepared food sector is anticipated to fuel demand for dry antioxidants around the globe.

The break-up of the profile of primary participants in the food antioxidants market:

By Value Chain: Supply Side – 41%, Demand Side - 59%

By Designation: Managers – 31%, CXOs – 24%, and Executives- 45%

By Region: North America – 15%, Europe – 15%, Asia Pacific -40%, RoW - 30%

Prominent companies include Archer Daniels Midland (US), BASF SE (Germany), International Flavors & Fragrances Inc. (US), Eastman Chemical Company (US), and DSM (The Netherland) and others.

Research Coverage:

This research report categorizes the food antioxidants market by Type (Natural, Synthetic), by Source (Fruits & Vegetables, Oils, Spices & Herbs, Botanical Extracts, Gallic Acid, Petroleum-Derived), by Application (Fats & Oils, Prepared Foods, Prepared Meat & Poultry, Beverages, Bakery & Confectionery, Seafood, Plant-Based Food Alternatives, Nutraceuticals), by Form (Dry, Liquid), and region (North America, Europe, Asia pacific, South America, RoW). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the food antioxidants market. A detailed analysis of the key industry players has been done to provide insights into their business overview, products, and services; key strategies; contracts, partnerships, agreements. New product & service launches, mergers and acquisitions, and recent developments associated with the food antioxidants market. Competitive analysis of upcoming startups in the food antioxidants market ecosystem is covered in this report.

Reasons to buy this report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall food antioxidants market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

Analysis of key drivers (Growth in demand for convenience foods), restraints (Several rules and regulations implemented by governments globally), opportunities (New technological trends in food processing), and challenges (Infrastructural challenges in emerging economies) influencing the growth of the food antioxidants market.

Product Development/Innovation: Detailed insights on research & development activities, and new product & service launches in the food antioxidants market.

Market Development: Comprehensive information about lucrative markets – the report analyses the food antioxidants market across varied regions.

Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the food antioxidants market.

Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Archer Daniels Midland (US), BASF SE (Germany), International Flavors & Fragrances Inc. (US), Eastman Chemical Company (US), and DSM (The Netherland), among others in the food antioxidants market strategies.