Antioxidants Market to Reach 103.3 Thousand Tons by 2020
On the basis of products, the market has been categorised into natural antioxidants and synthetic antioxidants. Natural antioxidants market is further sub categorised into rosemary extracts, vitamin A (including carotenoids), vitamin C (including ascorbic acid) and vitamin E (including tocopherols and tocotrienols). The synthetic antioxidants segment includes Butylated Hydroxyanisole (BHA), Butylated Hydroxytoluene (BHT) and others (including Tert-Butylhydroquinone (TBHQ), propyl gallate). In terms of volume consumption, the market for natural antioxidants stood at 23.3 thousand tons in 2013 and is expected to expand at a CAGR of 6.4% over the period 2014-2020. In natural antioxidants, rosemary extracts have high potential to grow in the coming six years as they help protect fat oxidation by neutralising free radicals, and help to reduce the color decomposition caused by oxidation. Thus, rosemary extracts are likely to expand at a CAGR of 7.4% during the forecast period in terms of value. On the other hand, the global synthetic antioxidants market is foreseen to reach 67.2 thousand tons by 2020.
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The global antioxidants market is expected to witness a substantial growth during the forecast period, particularly due to increasing global meat consumption. Pork meat has been accounting for the largest volume share of the overall global meat consumption in the last four years. However, chicken meat consumption has experienced high growth over the last four years. Increase in demand for anti-aging products is also stimulating the growth of the global antioxidants market currently.
This report covers drivers, restraints and opportunities that are driving each segment and respective sub-segments of the market, and offers analysis and insights about the potential of the antioxidants market in specific regions. Geographically, Asia-Pacific dominated the market in 2013, accounting for 31.8% value share of the market globally. The growth in Asia-Pacific is attributed to increasing health and wealth awareness and increasing demand for anti-aging products. North America held the second largest market share in the same year in terms of value. The natural and synthetic antioxidants market in Europe is expected to increase at a considerable rate, especially in countries such as the U.K and Ireland. The Europe antioxidants market is primarily driven by factors such as growing health awareness in Western Europe, rising population, increasing income level of consumers and growing demand for anti-aging products. The Europe antioxidants market stood at 18.0 thousand tons in 2013, and is expected to expand at a CAGR of 5.2% during the forecast period. Growing incidences of diseases such as cancer, amyotrophic lateral sclerosis and other neurological diseases in Asia are expected to result in high demand for antioxidant rich products in the region. Thus, the Asia-Pacific region is anticipated to expand at a CAGR of 5.9% during 2014-2020 in terms of value.
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Key competitors covered in the report are Aland (Jiagsu) Nutraceutical Co. Ltd, Archer-Daniels Midland Company, BASF S.E, Cargill Incorporated, DuPont, Kalsec, Inc., Kemin Industries, Inc., Koninklijke DSM N.V., Naturex S.A., Nutreo N.V. and Vitablend Nederland B.V. In order to enhance their market share in the antioxidants market, manufacturers have been entering into mergers and acquisitions along with geographic expansion, especially in Asian countries.
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