The global market for food antioxidants is predicted to be worth USD 1.3 billion in 2020 and USD 1.8 billion by 2025, increasing at a CAGR of 6.0 percent over the forecast period. It is expected to account for 52.4 KT in 2020 and 68.1 KT in 2025, rising at a CAGR of 5.4 percent throughout that time. During the projected period, factors such as rising demand for poultry, shifting consumer preferences due to fast-paced lives, and increased need for natural antioxidants in food products would drive the market for food antioxidants.
The influence of COVID-19 on feed consumption has had a direct impact on meat and livestock products and byproducts, such as milk and eggs. This is primarily due to feed supply shortages as a result of the closure of several facilities and the complete lockdown of the bulk of the world's main economies.
Furthermore, due to the fear of the virus (COVID-19) being transmitted to humans through the eating of poultry products, there is increased scepticism among consumers. As a result, the global demand for animal feed has decreased.
Panic buying for groceries and food ingredients became more common as a result of the pandemic. Yeast products, both active and inactive, were in high demand at supermarkets. Several merchants broke up bulk product packaging and sold in smaller sachets to meet demand during the early stages of the pandemic.
Despite the issues provided by the coronavirus, the International Food Additives Council (IFAC) claims that the global food supply is safe and of high quality, and that food additives/antioxidants continue to play an important role in ensuring food quality at home. Food additives/antioxidants keep food goods shelf-stable, lengthen shelf life, and allow consumers to store up on food without worrying about it going bad. Consumers are typically minimising their time in stores and supermarkets during this extremely hard period, but they are also storing up on food and packaged goods that contain food additives as a possible answer.
Growth in the prepared foods industry is a driving force. Prepared foods are processed foods that have been treated to extend their shelf life, prevent rancidity, and make them more convenient to consume. Due to factors such as high discretionary income and a progressive increase in the number of working women, the prepared food business is predicted to grow significantly in the future years, favourably impacting the market for food antioxidants.
“The EU is the world's top processed food exporter, with approximately twice the exports of the US,” according to USDA data. In 2012, EU exports of processed food goods were USD 91 billion, up 28% in five years. EU processed food supplies, like those from the United States, are geographically and categorically diverse. Because of top-tier competition, not just from the EU but also from other rising suppliers such as Thailand and China, the US market share has dwindled slightly over the last decade. Despite this, US exporters were able to harness worldwide demand and increase exports by 143 percent.”
Consumer preferences for food goods are changing as a result of urbanisation and lifestyle changes. Consumers are growing more knowledgeable about the foods they eat and the components that go into them. Because they preserve nutrition, colour, and flavour while maintaining freshness, prepared food products are seen as "fresh and healthy."
Even low-income households are gradually shifting toward prepared foods, which account for a major share of the US food sector.
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