Seattle, WA -- (SBWire) -- 11/12/2019 --Synthetic antioxidants are chemically synthesized petroleum-based antioxidants that are used to stabilize different types of lipidic systems. Synthetic antioxidants are effective in fish oils, vegetable oils, animal fats, and low-fat snack foods, in order to maintain 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.

Low production cost and easy availability of these products are expected to drive growth of the global synthetic food antioxidant market during the forecast period. Synthetic food antioxidants possess anti-carcinogenic and anti-mutagenic properties, which is why they are approved by the Food and Drug Administration (FDA) and European Union Directives and Regulation for application. Moreover, they are used 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 the market growth.

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Market Dynamics- Drivers

Furthermore, synthetic food antioxidants find extensive applications in the fat and oil industry and is expected to witness growth over the forecast period. It is used in 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 their excellent solubility in fats and oils also synthetic food antioxidants are heat stable and help extend shelf life of baked food products.

Market Dynamics- Restraints

However, growing demand for natural food antioxidants and clean labels are expected to restrain growth of the global synthetic food antioxidant market during the forecast period. Natural antioxidants find major applications in the bakery sector, which is the most dominant sector in the food industry, thus posing as a major challenge for growth of the market. Moreover, growing consumer preference towards environment-friendly and chemical-free food is expected to restrain demand for synthetic food antioxidants and hence, hampering the market growth.

Market Outlook

Among regions, Asia Pacific is estimated to account for the largest market share in the global synthetic food antioxidant market during the forecast period. This is owing to significant growth of total food industry, which is around 49%.

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Furthermore, North America is expected to hold the second-largest market share during the forecast period, owing to increasing consumer awareness about the benefits such as anti-carcinogenic and anti-mutagenic properties of synthetic food antioxidant. For instance, according to 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 proportion in food products. 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.

Competitive Landscape

Key players in the market are focused on various growth strategies such as partnership and agreement, in order to enhance their presence in the global market. For instance, in April 2018, Barentz, a leading international ingredient distributor, partnered with Tovani Benzaquen Ingrediants, a major ingredient distributor in South America to establish a joint venture. 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 near future in South America. Moreover, in July 2017, Camlin Fine Sciences entered into a share purchase agreement for the acquisition of 51% stake in Ningbo Wanglong Flavors and Fragrances Company Limited.

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

Market Taxonomy

On the basis of form, the global synthetic food antioxidant market is segmented into:

- Dry

- Liquid

On the basis of product type, the global synthetic food antioxidant market is segmented into:

- BHA (butylated hydroxyanisole)

- BHT (butylated hydroxytoluene

- PG (propyl gallate)

- TBHQ (tert-butylhydroxyquinone)

On the basis of application, the global synthetic food antioxidant market is segmented into:

- Fats and Oil

- Bakery Products

- Animal Feed

- Confectionery Food

- Cosmetics Products

- Others

On the basis of Region, the global synthetic food antioxidant market is segmented into:

- North America

- Europe

- Asia Pacific

- South America

- Middle East & Africa

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