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| Synthetic Antioxidants Market |
Market Overview:
Synthetic antioxidants are widely used in food, nutraceuticals, polymers,
rubber and personal care industries to prevent oxidation and increase shelf
life of products. They protect food from quality deterioration by inhibiting
the progress of oxidative reactions. Their controlled use provides stability
and extends the shelf life of various products.
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.
Market key trends:
One of the major trends in the synthetic antioxidants market is the growing
demand for natural antioxidants. Increasing health consciousness has compelled
food manufacturers to reduce synthetic ingredients and add more natural
ingredients in food products. This is fueling the demand for natural
antioxidants like vitamin E, vitamin C and plant extracts over synthetic ones.
However, limitations in sourcing and higher costs of natural antioxidants has
resulted in continued demand for synthetic antioxidants. Synthetic antioxidants
still account for over 60% of the overall antioxidants market due to their easy
availability and competitive pricing.
Segment Analysis
The global synthetic antioxidants market is segmented into natural antioxidants
and synthetic antioxidants. The synthetic antioxidants segment dominated the
market and accounted for nearly 70% share of the global synthetic antioxidants
market in 2023. Synthetic antioxidants are more effective and stable than
natural antioxidants and provide consistent antioxidant activity, ease of
production, and quality control, which has resulted in their wide usage in the
food, pharmaceuticals, rubber, and plastics industries.
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 dominated the global synthetic antioxidants market and accounted
for around 35% share in 2023. The region is expected to be the fastest growing
market over the forecast period due to growth of end use industries such as
food and beverage in developing economies such as India and China. Europe and
North America are also significant markets for synthetic antioxidants due to
stringent regulations pertaining to food and product safety.
Key players
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.
For more insights, read- https://www.ukwebwire.com/synthetic-antioxidants-market-trends-size-and-share-analysis/
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