Market Overview:
Synthetic antioxidants are widely used as preservatives in food, pharmaceuticals, cosmetics, and personal care products. They help extend the shelf life of products by preventing oxidation. Common synthetic antioxidants used are butylated hydroxytoluene (BHT), butylated hydroxyanisole (BHA), tert-butylhydroquinone (TBHQ), and propyl gallate. They act as radical scavengers and protect against oxidative degradation of fats, oils, flavors, colors, and nutrients in products during processing, storage, and usage.
Market key trends:
Rising demand for longevity of products is driving the synthetic antioxidants market. Synthetic antioxidants help extend the shelf life of various products including food, pharmaceuticals, lubricants, and more by preventing oxidation caused degradation. As competition increases in various end-use industries, manufacturers focus on developing products with longer shelf life without compromising quality. This is increasing the application of synthetic antioxidants in products. Additionally, rising health consciousness is also propelling the demand for synthetic antioxidants from the nutraceuticals industry where they are used to protect omega-3 fatty acids and other nutrients in supplements from oxidation.
The global Synthetic Antioxidants Market is estimated to be valued at US$ 1.6 Bn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The synthetic antioxidants market has moderate threat of new entrants due to the presence of established players and requirement of high capital investments for R&D and production facilities.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute options. However, compliance with regulations limits substitutes.
Bargaining power of suppliers: A few multinational companies dominate the supply market, giving them significant power over buyers.
Threat of new substitutes: Natural antioxidants pose a threat, but synthetic antioxidants have better stability and performance, limiting impact.
Competitive rivalry: High as major players compete on innovation, quality and pricing.
SWOT Analysis
Strengths: Synthetic antioxidants have greater stability and effectiveness compared to natural variants. Major players have comprehensive portfolios and globalpresence.
Weaknesses: Potential health impacts of synthetic compounds limits growth. High R&D and production costs.
Opportunities: Rising demand from food & beverages sector driven by increasing consumption. Growth in plastics and rubbers industries boost scope.
Threats: Stringent regulations overuse of petroleum-based compounds hamper revenues. Shift to natural variants can undermine sales.
Key Takeaways
The global Synthetic Antioxidants Market Share is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing demand from food & beverages industry. Synthetic antioxidants help extend the shelf life of products without impacting taste and nutrition.
Asia Pacific dominates the global market and the trend is expected to continue during the forecast period. China, India, Japan and Indonesia are the fastest growing markets due to expanding populations and rising disposable incomes.
Key players operating in the synthetic antioxidants market are BASF S.E., Kemin Industries, Cargill Inc., Naturex S.A., Dow Chemicals, Clariant, Songwon, Lubrizol, Akrochem, Eastman, Baker Hughes, Addivant, Evonik, Double Bond Chemical, Akzonobel, Chemtura, Kalsek Inc., Barentz International BV, DuPont, Yasho Industries Ltd., Krishna Antioxidants Pvt. Ltd., Frutarom, and Camlin Fine Sciences Ltd. These companies are focusing on new product launches to strengthen their market positions.
For more insights, read- https://www.pressreleasebulletin.com/synthetic-antioxidants-market-trends-size-and-share-analysis/
Aroma Chemicals Market: Key HighlightsIn terms of value, the global aroma chemicals market is anticipated to expand at a CAGR of ~6% from 2019 to 2027.The personal care segment accounted for a major share of the global aroma chemicals market in 2018, owing to the rise in the consumption of aroma chemicals in fine fragrances and cosmetics & toiletries, and growth in the fast moving consumer goods (FMCG) industry across the globe.In terms of source, the synthetic segment dominated the global aroma chemicals market in 2018, due to easy availability and better mixing properties with other chemicals.The aroma chemicals market in Asia Pacific is estimated to expand at a CAGR of more than 6% during the forecast period, owing to the rise in the demand for aroma chemicals in personal care and household care products.Request A Sample of Aroma Chemicals Market - https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=2134Benzenoids Aroma Chemicals Dominate Aroma Chemicals MarketIn terms of product, the benzenoids segment led the global aroma chemicals market in 2018, due to their excellent properties to replicate the natural aroma and superior mixing properties with other chemicals.
Terpenoids can be derived from natural sources such as plants and flowers.
Thus, rise in the demand for natural products is likely to fuel the terpenoids segment during the forecast period.Complex Quality and Regulatory Standards Pose Significant Challenges for ManufacturersThe International Fragrance Association (IFRA) has banned several aroma chemicals that are potentially harmful, as prolonged usage of these can cause various allergic reactions, asthma attacks, nausea, and even skin cancer.
Consequently, regulations have been implemented on these chemicals across the globe to avert ecological issues.Implementation of strict guidelines for manufacturers to gauge and maintain (within stipulated limits) the emissions of VOCs during the production of aroma chemicals poses a challenge for the aroma chemicals market.Asia Pacific to be Highly Lucrative Region in Global Aroma Chemicals MarketIn terms of volume, Asia Pacific constituted a prominent share of the global aroma chemicals market in 2018.
This is positively impacting the demand for aroma chemicals in the region.The penetration of premium brands of fine fragrances in countries such as China, India, and Indonesia is also augmenting the demand for aroma chemicals in Asia Pacific.Global Aroma Chemicals Market – Key DevelopmentsOn October 4, 2018, International Flavors & Fragrances Inc. acquired 100% equity of Frutarom Industries Ltd. Frutarom Industries Ltd., an Israel-based company, which is in the business of development, production, and marketing of flavors and fine ingredients used in manufacturing food, beverages, flavors, and fragrances and personal care products.On April 6, 2018, MANE opened a new manufacturing site in Colombia.
The new manufacturing site is estimated have facilities such as production, creative center, and sales & marketing offices for fragrances and flavors for Colombia and the Andean region.Aroma Chemicals Market – Competition LandscapeThe global aroma chemicals market is highly consolidated.
