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Antioxidants Market Driven by Soaring Demand for Cosmetics & other Skincare Products
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Antioxidants act as a remedy for skin aging by reducing the formation of radicals in the skin and protecting the cell membranes. Antioxidants prevent the oxidation process by neutralizing the harmful molecules of oxygen and other free radicals. Due to these properties, antioxidants are now used in the health care and food packaging industries, thus fueling the global antioxidants market.
The leading regions in the global antioxidants market are reported to be Asia-Pacific and North America, as they lead in the numbers with growing life expectancy, strong agricultural background and increase in per capita income. The growing demand for dietary and health supplements, and rise in the demand for packaged foods is expected to contribute to the elevated demand for antioxidants in the Asia-Pacific in the next few years. Asia Pacific held a leading share of 39.90% in the global antioxidants market in 2014.
In revenue terms, the global market of antioxidants is reported to rise at a CAGR of 5.6% in the forecast period of 2014-2020. It is expected to reach US$3,111.5 million by 2020, as reported by TMR.
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Antioxidants are of two types: synthetic and natural. Currently, synthetic antioxidants are used on a large scale, as they are relatively cheaper, but this trend will soon shift and there will be an increased adoption of natural oxidants, forecasts the report. Growing health concerns and increased awareness about the benefits of everything natural will drive the natural antioxidants market, especially in North America. Additionally, an increased demand from countries such as Italy, Ireland, Germany, and the U.K. for functional food and beverages with increased shelf life is also set to contribute to the growth of the antioxidants market in Europe.
Overall, the global antioxidants market is choc-a-bloc with players of different sizes. Some of the noteworthy names in the market are Vitablend Nederland B. V. Naturex S.A and Nutreco N.V., ADM, Kemin Industries, BASF, DuPont, Kalsec Inc., Cargill Incorporated, and Koninklijke DSM N.V.
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