Transparency Market Research, New York: A wide range of applications of antioxidants has kept the market lucrative. Particularly, their demand in the food industry for extending the shelf life of meat has risen. Several chemicals that act as antioxidants work by scavenging free radicals, hence prevents degradation of food and pharmaceutical products. They are also used in wide variety of formulations.
Analysts at TMR projects the global antioxidants market to garner a steady CAGR of 5% during 2019 – 2027. They assert that research and development activities in the antioxidant market are crucial in improving the effectiveness of antioxidants in a range of applications. They should focus on leveraging the benefits of plant-based antioxidants.
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Macroeconomic trends in various parts of the world and research and technological advances are key pivots that support the expansion of the antioxidants market. The following factors and trends reiterate this.
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The antioxidants market has several companies looking to gain stronghold. However, to a large extent the competitive landscape is characterized by high degree of consolidation. Specifically, the top six players–SONGWON Industrial Group, Solvay S.A., BASF SE, Clariant AG, Evonik Industries AG, and ADEKA Corporation—held more than 70% market share in 2018. Most players are leaning on expanding their production capacities to meet the rise in demand in end-use industries.
Top players are committing sizable funds on research and developments in order to increase the effectiveness of antioxidant products in various application areas.
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Of all the key regions, Asia Pacific held the leading share in the global antioxidants market in 2018. The growth in the regional market is expected to fueled by the rapidly rising consumption of pharmaceutical and feed. Moreover, a large part of demand comes from the meat production industry. Further, rise in demand for rubber and plastic additives particularly in China and India will cement the prospects of this regional market.
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