Global natural antioxidants market is expected to reach USD 4.14 billion by 2022, according to a new study by Grand View Research, Inc. Rising demand for organic personal care products is anticipated to augment natural antioxidants market demand owing to their benefits to skin and hair. In addition, increasing consumer awareness regarding the benefits of fortified food is expected to propel demand for natural antioxidants over the projected period. Growing consumer awareness regarding the benefits of consumption of natural antioxidants on health is likely to fuel market growth. Market growth for vitamin E and vitamin C supplements is also supported by ease of availability, expansion of the healthcare sector and low cost of these ingredients.
Demand for vitamin C was highest accounting for over 80% of the global demand in 2014 and this trend is likely to continue over the forecast period. Extensive use of the product in pharmaceuticals coupled with increasing demand for drugs owing to high prevalence of cancer and cardiovascular diseases is expected to fuel market growth. Over production of vitmin C is anticipated to hamper market growth over the next seven years. Carotenoids are anticipated to be the fastest growing segment within the global natural antioxidants market owing to its increasing use in pharmaceuticals for coloration.
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Further key findings from the study suggest:
- Asia Pacific was the largest market for natural antioxidants accounting for over 35% of the market volume share in 2014. In addition, it is expected to witness the fastest growth over the next seven years on account of growing demand for fortified food & beverages and pharmaceuticals. Presence of numerous agriculture-based economies is anticipated to be another key driver for natural antioxidants market growth in animal feed applications.
- China was the largest producer as well as consumer of vitamin C in 2014. However, overproduction of vitamin C has led to manufacturers cutting down their production capacity as well as shutting down of facilities in Asia Pacific.
- Animal feed was the largest application of vitamin E accounting for over 40% of the market volume share in 2014. Growing demand for dairy products including milk and yogurt as well as meat products in expected to augment animal feed market. Growing demand for premium quality animal feed is expected to open new opportunities for natural antioxidants market growth over the projected period.
- Key players present in the global natural antioxidants market include DuPont-Danisco, DSM, Ashland, Archer Daniels Midland, Tianjin Jianfeng Natural Products Co. Ltd (JF Naturals), Prinova, Indena S.P.A, AkzoNobel, Naturex and Ajinomoto OmniChem Natural Specialties.
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