by Market Overview:
Synthetic antioxidants are chemical compounds added to products to prevent oxidation, a reaction that can cause spoilage due to exposure to oxygen. They help minimize oxidation and increase the shelf life of products by preventing rancidity. Common synthetic antioxidants include butylated hydroxytoluene (BHT), butylated hydroxyanisole (BHA), propyl gallate and tert-butylhydroquinone (TBHQ). They are used across various industries such as food, pharmaceuticals, cosmetics and animal feed to protect products from deterioration. Rapid urbanization has increased packaged and processed food consumption which has augmented the demand for synthetic antioxidants in the food industry.
Market key trends:
One of the key trends in the synthetic antioxidants market is the growing demand from the Asia Pacific region. Countries like China and India have witnessed rapid industrialization and economic growth over the past few decades. This has increased the adoption of packaged food products in these countries. The region accounts for over 60% of the global population which is a key factor fueling the Asia Pacific synthetic antioxidants market growth. Furthermore, rising health concerns have necessitated the use of antioxidants to minimize food deterioration and boost shelf life while retaining nutritional value. This is expected to continue driving the market during the forecast period.
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.
Porter’s Analysis
Threat of new entrants: The synthetic antioxidants market requires high R&D investments and regulations which make it difficult for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and differentiated products from existing players.
Bargaining power of suppliers: A few major players dominate the supply side, giving them significant influence over prices.
Threat of new substitutes: Substitutes like natural antioxidants pose minimal threat as synthetic antioxidants have better stability and functionality.
Competitive rivalry: The synthetic antioxidants market sees intense competition due to the presence of major multinational companies.
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 dominates the market and is expected to be the fastest growing region during the forecast period. This is attributed to rising disposable income, changing lifestyle and growing consumption in countries like China and India. North America and Europe hold significant shares.
Key players
Key players operating in the Synthetic Antioxidants 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
