The global antioxidants market size is expected to grow from USD 4.13 billion in 2021 to USD 6.05 billion in 2028. These additives are nowadays being used extensively in multiple cosmetics products, including body lotions, shampoos, conditioners, and creams. BEAUTYLAB, for instance, announced that its Youth Elixir Super Antioxidant Daily Hydrator bagged the Pure Beauty Awards under the Best New Premium Anti-Ageing Product category in November 2019. It helps in protecting the skin from ageing effects. As per a report by Fortune Business Insights™, titled, “Antioxidants Market, 2021-2028,” the market stood at USD 3.92 billion in 2020. It is set to exhibit a CAGR of 5.61% in the forecast period between” 2021-2028.
SI Group Plans to Open New Plant for Producing Weston 705-brand Antioxidants in China
In April 2021, SI Group, a leading manufacturer of chemical intermediates, pharmaceutical ingredients, and performance additives based in the U.S. announced its plans to open its new plant in China by May 2021 to produce Weston 705-brand antioxidants. It will help the company to enhance its customer base and broaden its product portfolio in China and Asia Pacific through simplified logistics and compressed lead time.
Trade Barriers Have Resulted in Halt of Production in Asia amid COVID-19 Pandemic
Various manufacturers across the globe have halted their production facilities in Asia because of import and export disruptions in China. Also, restricted public mobility and imposition of trade barriers have resulted in disturbances in the supply chain. For instance, BASF SE stopped manufacturing operations in India. But, the situation would gradually normalize, thereby providing numerous growth opportunities to the market amid the pandemic.
Drivers & Restraints-
Rising Usage of Innovative Meat Preservative Techniques to Bolster Growth
Rapid urbanization, surging population, and high disposable income are constantly aiding the demand for animal products, especially in developing nations. The World Bank Data mentioned in 2020 that 55% of the global population lives in cities. This number is expected to grow rapidly in the near future. At the same time, over the past twenty years, the total meat consumption reached 360 million tons worldwide. Amongst this, 54% rise happened because of the high population growth. Companies are using various meat preservative techniques, such as smoking, drying, and salting. Also, the addition of preservatives and unique thermal treatments would also accelerate the antioxidants market growth. However, new product approvals get negatively impacted because of the rising number of stringent poli’cies put forward by regulatory bodies. It may hamper growth.
Plastic, Rubber, and Latex Additives Segment to Grow Lucratively Stoked by Ability to Enhance Flexibility
By applications, the market is segregated into plastic, rubber, & latex additives, fuel & lubricant additives, food & feed additives, pharmaceutical & personal care products, and others. Out of these, the plastic, rubber, and latex additives segment is set to showcase a lucrative growth by generating a significant antioxidants market share. They help in improving the flexibility, appearance, stiffness, and strength of the product. Additionally, they prevent degradation with the help of thermo-oxidative or thermo-mechanical properties.
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Asia Pacific to Remain at Forefront Fueled by Surging Digitization and Awareness of Additives
- Asia Pacific held USD 1.71 billion in 2020 in terms of revenue. The surging consumer awareness regarding the advantages of using antioxidants and the rising digitization would bolster growth in this region. The Food Export Association of the Midwest USA report mentioned that Japan is the third-largest producer of packaged food, followed by the U.S. and China. It would also aid regional growth.
- In North America, the spurring utilization of this additive in the rubber, lubricant, and plastic industries would drive growth. Besides, the presence of multiple prominent manufacturers is set to boost regional growth.
- Europe is estimated to grow considerably throughout the forthcoming years because of the rising number of personal vehicles. Coupled with this, the high demand for cosmetic products in this region would augment growth.
Key Companies Aim to Expand Presence and Portfolios to Intensify Competition
The market contains a large number of manufacturers that are currently focusing on expanding their portfolios and enhancing their geographic footprint. Some of the others are also participating in the launch of new additives as per the requirements of customers. Below is one of the industry developments:
- October 2019: Layn Corp. launched TruGro AOX, its portfolio of natural antioxidants that can be used in animal nutrition, such as oils, fats, premixes, animal feed, and pet foods. It will help in replacing synthetic additives.
Fortune Business Insights™ lists out the major manufacturers present in the global market. They are as follows:
- BASF SE (Ludwigshafen, Germany)
- ICC Industries Inc. (United States)
- Kemin Industries Inc. (Iowa, United States)
- Archer Daniels Midland Company (Illinois, United States)
- Barentz International BV (Hoofddorp, Netherlands)
- Kalsec, Inc. (Michigan, United States)
- Eastman Chemical Company (Tennessee, United States)
- Camlin Fine Sciences Ltd. (Maharashtra, India)
- Koninklijke DSM N.V. (Heerlen, Netherlands)
- Givaudan (Vernier, Switzerland)
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