As per the report, the global antioxidants industry was accounted for $3.43 billion in 2020, and is expected to reach $7.37 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.
Drivers, restraints, and opportunities
Rise in investment & product approval by regulatory authorities and surge in demand from the food & beverage industry drive the growth of the global antioxidants market. However, disruption of supply chain and outbreak of Covid-19 pandemic hampered the market. On the contrary, rise in population and rise in demand from the pharmaceutical industry would open new opportunities in the future.
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Covid-19 scenario:
The Covid-19 pandemic negatively affected the market due to sudden change in lifestyle, health and wellbeing, and decline in manufacturing because of lockdown restrictions.
The import and export restrictions on goods and quarantine disrupted the supply chain.
The synthetic antioxidants segment held the largest share
By type, the synthetic antioxidants segment held the largest share in 2020, accounting for more than three-fifths of the global antioxidants market, due to rise in demand for synthetic antioxidants because of rise in population. However, the natural antioxidants segment is expected to register the highest CAGR of 7.5% during the forecast period, owing to their fewer side effects on health.
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The plastic, rubber, & latex additives segment dominated the market
By application, the plastic, rubber, & latex additives segment held the lion’s share in 2020, contributing to nearly one-third of the global antioxidants market, due to increased use of antioxidants used in the plastic and rubber industry. However, the fuel & lubricant additives segment is estimated to manifest the highest CAGR of 7.4% from 2022 to 2031.
LAMEA, followed by North America, to manifest the highest CAGR by 2031
By region, the global antioxidants market across LAMEA, followed by North America, is expected to register the highest CAGR of 7.3% during the forecast period, due to several health & food problems. However, the market across Asia-Pacific dominated in 2020, holding around one-third of the market, as China is the largest producer of vitamin C.
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Major market players
Archer-Daniels-Midland Company
BASF SE
E.I.DuPont El Nemours and Company
Barentz International BV
Kalsec Inc.
Kemin Industries, Inc.
Koninklijke DSM N.V.
Nutreco N.V.
Cargill Incorporated
Aland (Jiangsu) Nutraceutical Co. Ltd.
Naturex S.A.
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