Antioxidants Market has witnessed strong growth and is anticipated to grow at a healthy CAGR during the forecast period. Rising product demand in the cosmetic industry is has been a vital factor for growing antioxidants market size over the past few years. It is attributed to the fact that the product is extensively used in manufacturing anti-ageing creams, hair care products, etc. Improving socioeconomic factors primarily in the Asia Pacific has propelled cosmetics industry. These trends are expected to continue due to rising demand for cosmetic products which in turn would facilitate the antioxidants market size over the projected time spell.
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Product finds wide-ranging applications in food & beverage industry as it is used to extend the shelf life to prevent them from deteriorating quickly. Rising demand for frozen food products owing to changing life styles in the emerging economies has propelled product demand which will subsequently drive antioxidants market size by 2024. Rising meat consumption across the globe will propel product demand to preserve it for an extended period. For instance, according to FAO, global meat consumption was 41.3 kg per capita which is likely to reach over 45.3 kg per capita by the end of 2030 and henceforth will help attain prominent antioxidants market size in the coming years.
Some of the key antioxidants market share contributors are BASF SE, Frutarom Ltd., Kemin Industries Inc., Archer Daniels Midland Company, Barentz Group, Kalsec Inc., Eastman Chemical Company, Camlin Fine Sciences Ltd., E.I. Du Pont De Nemours and Company, Koninklijke DSM N.V., Nutreco N.V., Naturex S.A. and Vitablend Nederland B.V.
Stringent government regulations against product use is likely to hamper antioxidants market size over the projected time span. Mounting product prices is another factor which is probable to hinder the overall antioxidants market size during the forecast period. However, propelling product demand across various end-user industries including cosmetics, food & beverage, bakery & confectionary, etc. and adequate supply may counter the pricing effects and henceforth will generate plentiful opportunities for the antioxidants market size in the coming years.
Based on form, antioxidants market size is divided into two forms including dry and liquid. Antioxidants market size based on product is segmented into synthetic and natural. Synthetic antioxidant market size attained a prominent market share owing to its easy availability in the market. It is further segmented into Butylated Hydoxyanisole, Butylated Hydroxytoluene and others which include Tert Butyl hydroquinone. Natural antioxidants market size is further divided into Vitamin A, Vitamin C, Vitamin E and rosemary extracts.
Based on application, the antioxidants market size is segmented into packaged food, beverages, personal care, bakery & confectionary, oil & fats and pharmaceuticals. Changing consumer lifestyles primarily in the Asia Pacific has propelled demand for packaged food products which in turn will drive antioxidants market size by 2024. It is used to improve the shelf life of food items for an extended period. Product is also used to manufacture anti-ageing creams as it possesses excellent properties of neutralizing free radicals on the skin which are produced from sunlight, street air, pollution, etc. and henceforth rising demand for such products among middle aged men and women will contribute significantly towards antioxidants market size during the forecast period.
Product finds extensive application in the pharmaceuticals industry to enhance the stability of therapeutic agents susceptible to chemical degradation caused by oxidation. Growing pharmaceutical industry will subsequently boost product demand and will stimulate antioxidants marker size by 2024.
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Improving consumer lifestyles in the Asia Pacific will register significant antioxidants market size during the forecast period. This is attributed to rising socio-economic factor which will propel food and personal care products demand over the projected time spell. Cosmetics industry is probable to grow at a CAGR of over 4% which will drive antioxidants market size by 2024. Furthermore, growing population in the region along with changing consumption patterns would drive demand for packaged food and beverage which in turn will have positive influence on the industry share over the projected timespan. North America and Europe are anticipated to register sluggish growth as the market is already mature and will witness moderate gains in the coming years.