Synthetic Food Antioxidant Market - Size, Share, Outlook, and Opportunity Analysis, 2018-2026

Synthetic antioxidants are chemically synthesized petroleum-based antioxidants, majorly used to retard lipid oxidation. It is used to preserve and stabilize redefined oils and fats within food systems and products, which also helps maintain optimal quality of products. Four major types of synthetic antioxidant are used in the food industry namely, BHA (butylated hydroxyanisole), BHT (butylated hydroxytoluene), PG (propyl gallate), and TBHQ (tert-butylhydroxyquinone). These antioxidants offers protection for food during storage and help extend shelf life.

Market Dynamics

Major factors driving growth of the market include low production cost, easy availability of these products. Synthetic food antioxidants have anti-carcinogenic and anti-mutagenic properties, and are thus approved by the Food and Drug Administration (FDA) and European Union Directives and Regulation for application in prevention of diseases such as cancer, coronary heart disease, and diabetes. This in turn, is increasing the demand for synthetic food antioxidants in the food and beverages and pharmaceutical industries, thus boosting market growth.

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Major challenges for growth of the market include increasing demand for natural food antioxidants and clean labels. Natural antioxidants are widely used in the bakery sector, which is most dominant sector in the food industry, thus posing as a major restraint for growth of the synthetic food antioxidant market. Moreover, increasing consumer inclination towards environmentally friendly and chemical-free food is hampering growth of the synthetic food antioxidant market size.

Synthetic food antioxidants are widely used in the fat and oil industry and is expected to witness growth over the forecast period. Its application is found in the processing of oil seeds into oils and fats, by refining impurities from vegetable oils. A range of synthetic antioxidants restore or even improve the oil’s natural protection against oxidative degradation thus, increasing its shelf life. These antioxidants can easily be applied to food due to its excellent solubility in fats and oils also synthetic food antioxidants are heat stable and help extend shelf life of baked food products.

Market Outlook

Asia Pacific is projected to hold the largest market share in the global synthetic food antioxidant market during the forecast period due to rising around 49% of the total food industry.

North America is expected to hold the second-largest market share due to increasing consumer awareness about the benefits such as anti-carcinogenic and anti-mutagenic properties of synthetic food antioxidant helps in prevention of cancer, coronary artery disease and diabetes. For instance, National Institute of Cancer, in 2018, around 1,735,350 new cases of cancer are expected to be diagnosed in the U.S., of which 609,640 people are projected to die from the disease. The demand for synthetic food antioxidants is thus expected to increase, as it holds properties that help prevent cancer. These antioxidants have low fat and oil content thus, products made using these antioxidants are gaining significant popularity among health conscious patients. Furthermore, synthetic antioxidants are completely safe when used in appropriate and recommended concentration of synthetic food antioxidants. For instance, The Ministry of Health and Family Welfare is responsible for the safe food for the consumers thus they have Prevention of Food Adulteration Act, 1995 which provide legal concentration of the synthetic antioxidant legal permissible limit for Butylated hydroxyanisole (BHA) is 0.02 % in bakery products.

Key Players

Key players in the synthetic food antioxidant market are adopting inorganic strategies to strengthen their footprint in the global synthetic food antioxidant market. For instance, in April 2018, Barentz, a leading international ingredient distributor, established a joint venture with Brazilian Tovani Benzaquen Ingredients, a major ingredient distributor in South America. The Barentz is strong in food and pharmaceutical industry with this joint venture company wants to developed market in North America. The partnership is expected to generate valuable synergies in the following years in South America. Moreover, Camlin Fine Sciences entered into a share purchase agreement for the acquisition of 51% stake in Ningbo Wanglong Flavors and Fragrances Company Limited in July 2017.

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Some of the major players operating in the synthetic food antioxidant market are Frutarom, Barentz Group, Camlin Fine Sciences Ltd, Kemin Industries, Inc., and Kalsec Inc.

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