Market Overview:
Synthetic antioxidants are widely used in food, nutraceuticals, polymers, rubber and personal care industries to prevent oxidation and increase shelf life of products. They protect food from quality deterioration by inhibiting the progress of oxidative reactions. Their controlled use provides stability and extends the shelf life of various products.
The global Synthetic Antioxidants Market is estimated to be valued at US$ 1.6 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the synthetic antioxidants market is the growing demand for natural antioxidants. Increasing health consciousness has compelled food manufacturers to reduce synthetic ingredients and add more natural ingredients in food products. This is fueling the demand for natural antioxidants like vitamin E, vitamin C and plant extracts over synthetic ones. However, limitations in sourcing and higher costs of natural antioxidants has resulted in continued demand for synthetic antioxidants. Synthetic antioxidants still account for over 60% of the overall antioxidants market due to their easy availability and competitive pricing.
Segment Analysis
The global synthetic antioxidants market is segmented into natural antioxidants and synthetic antioxidants. The synthetic antioxidants segment dominated the market and accounted for nearly 70% share of the global synthetic antioxidants market in 2023. Synthetic antioxidants are more effective and stable than natural antioxidants and provide consistent antioxidant activity, ease of production, and quality control, which has resulted in their wide usage in the food, pharmaceuticals, rubber, and plastics industries.
Key Takeaways
The global Synthetic Antioxidants Market Share is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from food and beverage industry.
Regional analysis
Asia Pacific dominated the global synthetic antioxidants market and accounted for around 35% share in 2023. The region is expected to be the fastest growing market over the forecast period due to growth of end use industries such as food and beverage in developing economies such as India and China. Europe and North America are also significant markets for synthetic antioxidants due to stringent regulations pertaining to food and product safety.
Key players
Key players operating in the synthetic antioxidants market are BASF S.E., Kemin Industries, Cargill Inc., Naturex S.A., Dow Chemicals, Clariant, Songwon, Lubrizol, Akrochem, Eastman, Baker Hughes, Addivant, Evonik, Double Bond Chemical, Akzonobel, Chemtura, Kalsek Inc., Barentz International BV, DuPont, Yasho Industries Ltd., Krishna Antioxidants Pvt. Ltd., Frutarom, and Camlin Fine Sciences Ltd.
For more insights, read- https://www.ukwebwire.com/synthetic-antioxidants-market-trends-size-and-share-analysis/
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