Synthetic Food Antioxidant Market Growth, Opportunity and Impact of Covid

Low production costs and easy availability of these products are major factors driving market growth. Because synthetic food antioxidants have anti-carcinogenic and anti-mutagenic properties, they have been approved for use in the prevention of diseases such as cancer, coronary heart disease, and diabetes by the Food and Drug Administration (FDA) and European Union Directives and Regulations. As a result, demand for synthetic food antioxidants is increasing in the food and beverage and pharmaceutical industries, boosting market growth.

Market Growth

Growing demand for natural food antioxidants and clean labels are major challenges for market growth. 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.

Market Opportunity

Despite low awareness of food antioxidants, emerging economies such as China and India are rapidly industrializing. As these emerging economies develop and gain access to higher levels of disposable income, the demand for food antioxidants rises. The APAC region is experiencing increased demand for prepared and functional foods and beverages, which is driving the region's food antioxidants market. Demand for food antioxidants is expected to grow slowly in early adopting countries such as Japan and Germany, but rapidly in new and emerging markets such as Thailand, Malaysia, and other Asian countries. The growing global population increases the pressure on producers to manufacture, extract, and maintain scarce resources. Food prices are rising as a result of high energy prices and rising raw material costs, affecting low-income consumers. Water scarcity is putting additional strain on food supplies, particularly in Africa and Northern Asia.

Market Challenges

The FDA states that “the antioxidant nutrient must meet the requirements for nutrient content claims in 21 CFR 101.54(b), (c), or (e) for “High,” “Good source,” and “More” claims, respectively. To use a “high” claim, for example, the food must contain 20% or more of the Daily Reference Value (DRV) or RDI per serving. The addition of food ingredients is strictly regulated by governments in developed countries. They also have relatively strict policies regarding synthetic food antioxidants and their inclusion in food products. Their use is thus restricted, and manufacturers are required to specify the nutrient level and specific role in all food products.

Impact of Covid

The impact of COVID-19 on feed consumption has influenced the consumption of meat and livestock products and byproducts, such as milk and eggs. This is primarily due to feed supply shortages caused by the closure of many facilities and complete lockdown in the majority of important countries. Furthermore, there is increased skepticism among consumers regarding the consumption of poultry products as a result of the fear of the virus (COVID-19) being transmitted to humans through consumption. This has resulted in a decrease in global demand for animal feed. As a result of the pandemic, “panic-buying” for groceries and food ingredients became more common. Yeast products, both active and inactive, were in high demand in supermarkets. To meet demand during the early stages of the pandemic, several sellers cut up bulk product packaging and sold in smaller sachets. Consumers are often minimizing their time in stores and supermarkets during this pandemic challenging time, but they are also stocking up on food and packaged foods containing food additives as a viable solution. According to IFAC, food additives contribute to product stability and shelf life in addition to taste, texture, freshness, and overall appearance.