by Market Overview:
Synthetic antioxidants are widely used as preservatives in food, feed, pharmaceuticals and cosmetics industries. They help enhance shelf life by protecting products from deterioration caused by oxidation. Common synthetic antioxidants include BHA, BHT, Tert-butylhydroquinone (TBHQ) and propyl gallate.
Market key trends:
One of the key trends in the synthetic antioxidants market is the rising demand from the food and beverage industry. Synthetic antioxidants are important to prevent oxidation of fats and oils in food products. They help extend shelf life of various products such as snacks, bakery products and meat products. The growing snacks and packaged food market is driving up demand for synthetic antioxidants. Furthermore, rising health consciousness among consumers has increased demand for natural antioxidants. This is shifting demand away from synthetic to natural antioxidants.
SWOT Analysis
Strength: The synthetic antioxidants have better stability and performance compared to natural antioxidants. They are cost-effective and have a longer shelf life.
Weakness: Some synthetic antioxidants like BHT (butylated hydroxytoluene) and BHA (butylated hydroxyanisole) have potential health hazards associated with them. They also face issues related to consumer preference for natural ingredients.
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.
Opportunity: The growth of end-use industries like food and beverage, pharmaceuticals, and cosmetics is driving the demand for synthetic antioxidants. The rising health consciousness is also boosting the market.
Threats: Stringent regulations surrounding the use of synthetic antioxidants in food products. Growing popularity of clean label and natural ingredients also poses a threat.
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. Synthetic antioxidants are widely used in meat products, oils and fats, beverages, bakery and confectionery to enhance shelf life.
Regional analysis
Asia Pacific dominates the global synthetic antioxidants market and is expected to grow at the fastest rate during the forecast period. This can be attributed to rising disposable income, growing population, and increasing demand for packaged and processed food in countries like China and India. North America holds a significant share owing to the large size of food and pharmaceutical industries in the US and Canada.
Key players operating in the synthetic antioxidants market 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
