Europe Phenolic Antioxidant Market All Set to Flourish: Expected to Reach worth USD 367,651.00 Thousand in 2027
Published | 07 April 2021
According to BlueWeave Consulting, the Europe phenolic antioxidant market worth USD 307,302.72 Thousand in 2020, and is further projected to reach USD 367,651.00 Thousand by 2027, at a CAGR of 2.72% during the forecast period 2021-2027. The market is primarily supported by surging demand for phenolic antioxidants as an additive in the food & feed industry as the food industry of Europe is one of the largest industries by value. In addition, the growing fuel and lubricant industry of Europe is another key factor for phenolic antioxidants as fuels, especially biofuels, are highly susceptible to oxidation, which leads to degradation of the fuel. The addition of antioxidants helps control the degradation of fuel by oxidation which further drives the market growth of European phenolic antioxidant market.
Use in Food Industry for Prevention of Oxidation of Food
The food industry is one of the biggest industries not only in Europe but globally. As per EU data, every year around 88 million tonnes of food is wasted in Europe due to various reasons with almost 50% of this wastage coming from households. The estimated associated cost of wasted food is approximately USD 170 billion. This number looks even scarier when we consider the fact that approximately 33 million people in Europe cannot afford a quality meal every other day. Food spoilage is one of the major causes of such excessive food waste. Spoiled food refers to food products that have become unsafe to consume. Food spoilage can occur for several reasons. One of the most common reasons is oxidation. When food gets oxidized, its color, odor, taste, and appearance change significantly.
Phenolic antioxidants are used in food products as additives to prevent oxidation and reduce wastage. When phenolic antioxidants are used in food products, they control rancidity development, delay the formation of toxic oxidation products, maintain nutritional quality, besides extending the shelf-life of the food products. Owing to the harmful side-effects of synthetic phenolic antioxidants, there are a number of restrictions on their usage. Natural antioxidants pose no such side-effects and therefore, they are increasingly used as additives in food products. With increasing emphasis on food preservation, the use of phenolic antioxidants is expected to increase, contributing positively to the Europe phenolic antioxidants market, thereby driving the growth of the market.
Research Focusing On Use of Phenolic Antioxidants in Cure of Several Diseases Including Cancer
Phenolic antioxidants are at the core of several research studies due to their high bioavailability, safety, minimal side effects, and, most importantly, cost-effectiveness. Phenolic antioxidants like flavonoids have gained importance as anti-cancer agents and have shown great potential as cytotoxic anti-cancer agents that induce apoptosis in cancer cells.
Flavonoids possess antibacterial, antiviral, antioxidant, anti-allergic, and anti-inflammatory abilities. As an anti-cancer agent, flavonoids interfere with multiple signal transduction pathways, thus limiting proliferation, angiogenesis, and metastasis while increasing apoptosis. Anthocyanin is another variety of phenolic antioxidants. Anthocyanin can reduce the production of DNA damaging oxidative adducts, diminish lipid peroxidation, inhibit mutagenesis, and modulate signaling cascades. Many other phenolic antioxidants are being studied by different researchers to find a cost-effective cure for cancer and many other diseases. With the availability of strong healthcare infrastructure, high disposable income, advanced technology, and a highly skilled workforce in Europe, the number of trials and researches to study and develop a cost-effective cure for cancer is increasing. This is expected to affect the European phenolic antioxidants market positively besides driving the growth of the market during the forecast period.
Food & Feed Additive to holdthe Largest Share by Application inMarket
Phenolic antioxidants have found applications in multiple industries including plastics & rubber, fuel & lubricants, cosmetics & personal care, food & feed additives, and lots more. The food & feed additives segment held approximately 36% market share in Europe's phenolic antioxidant market. This growth can be attributed to the food industry is one of the biggest industries not only in Europe but globally. As per EU data, every year around 88 million tonnes of food is wasted in Europe due to various reasons with almost 50% of this wastage coming from households. Phenolic antioxidants are used in food products as additives to prevent oxidation and reduce wastage. When phenolic antioxidants are used in food products, they control rancidity development, delay the formation of toxic oxidation products, maintain nutritional quality, besides extending the shelf-life of the food products. The aforementioned properties of phenolic antioxidants find their application in food & feed additives which drives the market growth.
Impact of COVID-19
The Europe phenolic antioxidant market also witnessed a decrease in product demand from end-use industries. European Association of Chemical Distributors (FECC) is expecting that COVID-19 will guide companies to focus more on reinforcing their domestic supply chain rather than going international. However, it also added that this may take time. “At this point in time I would not speak of a genuine shift, but local and regional supply chains might get a renewed impetus as complementary sources or fall-back options as a result of Covid-19. Probably, we will also see more strategic alliances emerging” said DorotheeArns, Director General of the European Association of Chemical Distributors (FECC).
Europe Phenolic antioxidant market: Regional insights
The European Phenolic Antioxidant market is segmented into Germany, UK, France, Italy, Spain, Russia, Poland, and the Rest of Europe, wherein Germany accounts for the highest share. According to the Federation of German Food and Drink Industries (BVE), the total turnover from the German food & drink industry was worth more than USD 220 billion in 2019 with bakery products contributing 9.8% share, confectionary& long-life bakery products contributing 7.2% share, animal nutrition contributing 5.8% share, and oils and fats contributing 3.1% share. One of the major concerns with such a large food industry is food preservation, which is where phenolic antioxidants come into play. Phenolic antioxidants are used to preserve the taste and aroma of food while preventing the rancidification of the food. This property of antioxidants has contributed largely towards the growing market of phenolic antioxidants in Germany
The leading Players in the MarketBASF SE, 3V Sigma S.P.A, SI Group INC, Koninklijke DSM N.V, Lanxess AG, RaschigGmbh, AllScripts Healthcare, Epic Systems Corporation, Cerner HealthCare, Philips HealthCare Services, GE HealthCare Services, McKennson Corporation, and other prominent players. The market players compete on the basis of the given product quality and the new and cost effective manufacturing process, which can give them better yield and optimize the process for more and better production.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Europephenolic antioxidant market size & forecast. The report promises to provide recent technology trends of phenolic antioxidant market and industry insights which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges and competitive dynamics of the market.
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