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Food antioxidant market projected to grow at CAGR of 5.10% from 2017
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Tuesday, 24 January, 2017, 08 : 00 AM [IST]
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The food antioxidant market, which was valued at $1.05 billion in 2015, is expected to grow at a compounded annual growth rate of 5.10 per cent from 2017, to reach $1.48 billion by 2022.
This was stated in a report, titled Food Antioxidants Market by Type (Natural, Synthetic), Form (Dry, Liquid), Source (Plant, Petroleum), Application (Fats & Oils, Prepared Foods/Meat/Poultry, Beverages, Bakery & Confectionery, Seafood), and Region - Global Forecast to 2022.
The market for food antioxidants is directly influenced by the increase in the purchasing power of the global population, owing to their use in applications such as prepared foods, prepared meat and poultry, beverages, fats and oils, bakery and confectionery and seafood.
The application of food antioxidants in the prepared meat and poultry segment was the largest in 2015.
Prepared meat and poultry products constitute a substantial portion of the world’s diet; hence, food antioxidants are largely used for preventing oxidative degradation of these products, owing to which it was the most dominant market amongst all the applications.
The natural antioxidants segment, by type, projected to be the fastest-growing in the food antioxidants market during the forecast period.
On the basis of type, the natural antioxidants segment is projected to grow at a higher rate in the United States and Europe due to the safety issues associated with synthetic antioxidants and also due to the stringent government regulations with reference to the use and labelling of synthetic antioxidants.
The Asia-Pacific region accounted for the largest market share in the food antioxidants market in 2015. The major countries contributing significantly toward the growth of the market included China, India, Japan, Australia and New Zealand.
The rapidly growing food and beverage industry and young demographics in the Asia-Pacific region have led to an increase in the consumption of prepared foods, which, in turn, is expected to drive the growth of the market for food antioxidants.
This report included a study of marketing and development strategies, along with the product portfolios of leading companies.
It also included the profiles of leading companies, such as E I Du Pont De Nemours and Company (the United States), BASF SE (Germany), Archer Daniels Midland Company (the United States), Koninklijke DSM N V (the Netherlands), Eastman Chemical Company (the United States), Frutarom Ltd (Israel), Barentz Group (the Netherlands), Camlin Fine Sciences Ltd (India), Kalsec, Inc (the United States), and Kemin industries, Inc (the United States).
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