Increasing Demand for Packaged and Prepared Food Products to Augment Growth of Synthetic Food Antioxidant Market

 

Synthetic Food Antioxidant Market

Synthetic food antioxidants are used in the food and beverages sector. The most referenced synthetic antioxidants in the food industry are butylated hydroxyanisole, butylated hydroxytoluene, propyl gallate, and tert-butyl hydroquinone.

Markey Dynamics

Increasing demand for packaged and prepared food products is expected to propel growth of the synthetic food antioxidant market. For instance, according to the U.S Department of Agriculture, export of prepared food from U.S. increased from US$ 5,849 million in 2015 to US$ 6,682 million in 2019. Moreover, increasing focus on increasing shelf life of food products and prevention of rapid deterioration is also expected to aid in growth of the market.

Increasing demand for food is expected to offer lucrative growth opportunities for players in the synthetic food antioxidant market. For instance, according to Food and Agriculture Organization, Asia Pacific needs to increase their food production by up to 77% by 2050 to meet food demand of increasing population. Moreover, increasing population is also expected to aid in growth of the market. For instance, according to Our World in Data, a scientific online publication, the population in Asia Pacific is expected to reach 5.3 billion by 2050.

R&D in antioxidants is expected to propel growth of the synthetic food antioxidant market. For instance, in February 2020, researchers from Texas A&M, in a new paper published in the journal ACS Applied Material & Interfaces, reported development of mesh-like mats composed of a network of intertwined ultra-fine polymer and antioxidants from red wine contained within tannic acid.

Increasing demand for natural and organic food products is expected to hinder growth of the synthetic food antioxidant market. For instance, according to 2019 Organic Industry Survey by the Organic Trade Association, Organic food sales in the U.S. increased 5.9% in 2018 to reach US$ 47.9 billion and organic food sales made up 5.7% of overall food sales, which rose 2.3% in 2018.

Competitive Analysis

Major players operating in the synthetic food antioxidant market include, Frutarom Industries Ltd., Barentz Group, Camlin Fine Sciences Ltd, Kemin Industries, Inc., and Kalsec Inc.

The synthetic food antioxidant market is witnessing several M&A activities. For instance, in May 2018, International Flavors & Fragrances Inc. and Frutarom Industries Ltd. entered into a definitive agreement under which International Flavors & Fragrances Inc. will acquire Frutarom in a cash and stock transaction.


Location: India

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