Antioxidant Supplement Market - Forecast(2023 - 2028)

Antioxidant Supplement Market Overview

The Global Antioxidant Supplement Market size is estimated to reach $6,876 million by 2027. Furthermore, it is poised to grow at a CAGR of 5.4% over the forecast period of 2022-2027. Antioxidants are utilized in the pharmaceutical sector as vitamin supplements and aid in the preservation of food goods. Beta carotene is a kind of Antioxidant. It defends the body against free radicals, which are harmful chemicals. a is an antioxidant that protects the cells from free radicals, which are chemicals formed when the body breaks down food or is exposed to tobacco smoke, radiation from the sun, X-rays, or other causes. The immunofluorescence assay (IFA) is a classic virologic approach for detecting antibodies based on their ability to react specifically with viral antigens produced in infected cells; bound antibodies are detected by incubation with fluorescently labeled antihuman antibodies. Sodium azide (NaN3) is a compound with significant hazardous properties that are increasingly gaining economic importance. Environmental toxins such as sodium azide cause tissue oxidative damage, which can be alleviated by dietary supplementation with zinc or ascorbic acid. When compared to traditional energy drinks, energy drinks with additional fruit juice or natural  exhibited a much higher antioxidant capacity. One of the most important independent preventive factors for arteriosclerosis that causes CHD is high-density lipoprotein (HDL). PON1 (paraoxonase1) is an enzyme that gives HDL antioxidant characteristics. The antioxidant alpha-lipoic acid is produced by the body. It is present in every cell and aids in the conversion of glucose to energy. Antioxidants combat "free radicals," by-products of the body's conversion of food to energy.

Antioxidant Supplement Market Report Coverage

The report: “Antioxidant Supplement Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Antioxidant Supplement Market

Key Takeaways

• Owing to their lower costs, increased investment and product approval by regulatory bodies, and increased demand for antioxidants in the pharmaceutical industry, the worldwide antioxidants supplement market is expected to rise significantly during the projected period.
• Furthermore, by focusing on natural antioxidants like rosemary extract, industrialized countries have identified new economic potential.
• During the projected period, Asia-Pacific is expected to see a growth in demand for synthetic antioxidants.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Antioxidant Supplement Market Report.

Antioxidant Supplement Market Segmentation Analysis- By Ingredient Type

The Global Antioxidant Supplement Market based on ingredient type can be further segmented into Vitamins, Minerals, Botanicals, and Others. Vitamins held a dominant market share in the year 2021 owing to the high need for energy among working professionals and athletes. Owing to the increased convenience index in terms of consumption, users consume multivitamins via pills, powder, and liquid. In many developed countries, deficiency of essential vitamins such as Vitamin A, C, and E is becoming increasingly widespread, and as a result, consumers are increasingly turning to vitamin supplements to meet their daily vitamin requirements. However, Minerals are estimated to be the fastest-growing, with a CAGR of 6.2% over the forecast period of 2022-2027. The lack of certain minerals in pregnant women, the elderly, and some adults can cause health problems, so the demand for mineral additives is rapidly increasing among the aforementioned population group.

Antioxidant Supplement Market Segmentation Analysis- By Formulation

The Global Antioxidant Supplement Market is based on a formulation that can be further segmented into Tablets, Liquid, Tablets, and Gummies. Tablets held a dominant market share in the year 2021 as the tablets segment is likely to benefit from the increased prevalence of multivitamin products in the form of tablets owing to ease of administration, low cost, longer shelf life, and convenience. However, Liquid is estimated to be the fastest-growing, with a CAGR of 7.6% over the forecast period of 2022-2027. Liquid antioxidant supplements are liposomal compounds that distribute uniformly in water, making them easy to consume. The liquid form allows for easier mix production, resulting in increased use in yogurt, smoothies, and other energy drinks.

Antioxidant Supplement Market Segmentation Analysis- By Geography 

The Global Antioxidant Supplement Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 37% in the year 2021. This is majorly attributed to the rising prevalence of lifestyle disorders such as obesity, diabetes, and others, the market in North America is expanding. An aging population, a hectic lifestyle, and a good attitude toward preventative healthcare measures are some of the other factors boosting the market growth. Over the projection period, the market in the Asia Pacific is expected to rise at a faster rate. Owing to the rising consumer base in countries such as India, China, and South Korea, the area is predicted to be the largest market for dietary supplements by 2030. Over the forecast period, rising expenditure on health-enhancing products in the region owing to rising per capita income and increased awareness is expected to drive demand for dietary supplements.

Antioxidant Supplement Market Drivers

Market Growth is Boosted by Growing Geriatric Population:

Consumers in all regions are becoming more health-conscious, which is propelling the dietary supplement industry forward. Another significant driver expected to fuel the total market is the aging population of various nations. To maintain their good health and quality of life, the senior population is focusing on adjusting to nutritional supplements specifically tailored to their needs. Aging causes a variety of changes in an individual, including psychological, physiological, and social changes, all of which have an impact on their nutritional and food choices. The aging population is becoming increasingly reliant on routine food choices and nutritional consumption patterns. For instance, according to WHO, the number of people aged 60 and more is expected to rise from 1 billion in 2020 to 1.4 billion by 2050. The global population of persons aged 60 and above will have doubled by 2050. (2.1 billion). Between 2020 and 2050, the number of people aged 80 and more is predicted to quadruple, reaching 426 million, fueling the market growth.

Growing Prevalence of Cancers is Accelerating the Market Growth

Antioxidants are vital in the treatment of cancer patients, therefore demand for them is increasing owing to the increased number of cancer cases. Antioxidants protect cells by interacting with and removing oxidative free radicals, making them useful in adjuvant chemotherapy. According to the National Cancer Institute, between 13 and 87 percent of cancer patients use antioxidant supplements. With the increased global prevalence of cancer, the market is accelerating. The rising incidence of chronic diseases such as cancer, which includes lung, liver, and stomach cancer, has resulted in increased mortality. According to the Globocan 2020 information sheet, a total of 19,292,789 new cancer cases are expected to be recognized globally in 2020, with approximately 9,958,133 cancer-related fatalities. Furthermore, the International Agency for Research on Cancer (IARC) predicts that by 2040, the global burden of cancer would have increased to 27.5 million new cancer cases and 16.3 million deaths.

Antioxidant Supplement Market Challenges

High Cost coupled with excessive consumption of antioxidants supplements is impeding the market growth.

Science and technology are assisting people in identifying foods that aid in overall wellness. The high cost of antioxidant supplements may function as a stumbling block to the growth of the dietary supplement business. Only a few companies, such as Amway, provide supplements under the Nutrilite name, which is substantially more expensive. The high expense of research and customization for antioxidant supplements is also a factor. As these supplements are more expensive, they may limit market expansion, especially in price-sensitive countries like South Africa. Further, excessive consumption of antioxidants supplements is impeding market growth. Whilst there is no “official” daily recommended intake of ORAC units, various researchers suggest an optimal intake to be 3000-5000 ORAC units per day, and the USDA has come up with a suggested intake of 5000 ORAC units per day.

Antioxidant Supplement Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Antioxidant Supplement Market. The top 10- Antioxidant Supplement Market companies are-

1. Abbott Laboratories
2. Amway Corp.
3. Glanbia PLC
4. Abbott
5. Bayer AG
6. Pfizer Inc.
7. ADM
8. Nu Skin Enterprises, Inc.
9. GlaxoSmithKline plc
10. Bionova

Recent Developments

• In February 2022, under its flagship brand Nutrilite, Amway India, an FMCG direct selling firm, offered nutrition supplements in stylish, tasty, easy, and simplified formats such as flavorful candies and mouth dissolving jelly strips. This new line of on-the-go nutrition supplements is planned to boost Amway's nutrition portfolio. It is meant to fit modern lifestyles, particularly those of busy young millennials.
• In September 2020, Bayer AG increased its ambitions to acquire vitamin and health supplement firm Careof for $225 million. The agreement appears to be a significant step forward for both organizations.
• In April 2020, DSM, one of the world's largest dietary supplement producers and distributors, announced the complete acquisition of Glycom. This acquisition allows DSM to expand its presence in the antioxidant supplement market.

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