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| A01500 | Pages: 105 | Dec 2016 | 25202 Views | | |
| Author(s) : Eswara Prasad | Tables: 91 | Charts: 36 |
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Request Now !Global Antioxidants Market was valued at $2,923 million in 2015 and is expected to reach $4,531 million by 2022, registering a CAGR of 6.42% during the forecast period. Antioxidants are used as vitamin supplements in pharmaceutical industry and help in preserving food products. The global antioxidants market is poised to witness significant growth during the forecast period owing to decrease in their costs, increase in investment & product approval by regulatory authorities, and increase in their demand in the food & beverage industry. In addition, developed economies have discovered new growth opportunities by shifting their focus on natural antioxidants such as rosemary extract. Conversely, Asia-Pacific is expected to show growth in the demand for synthetic antioxidants during the forecast period.
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Primary Respondents Split
Natural antioxidants market has been categorized into four types-rosemary extract, vitamin A, vitamin C, and vitamin E; while synthetic antioxidants comprise three types-butylated hydroxyanisole (BHA), butylated hydroxytoluene (BHT), and others. Synthetic antioxidants segment is projected to dominate during the forecast period. .
The European and North American antioxidants markets are expected to offer lucrative growth opportunities during the forecast period. Increase in pre-aging problems, health issues due to antioxidants deficiency, and food safety concerns drive the antioxidants market in Africa and Asia-Pacific. Even though, U.S. and China contributed major revenue share, China monopolized in vitamin C production.
Segment Review:
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Antioxidants market is segmented based on type and geography. By type, it is subcategorized into natural that includes vitamin A, vitamin B, vitamin C, and rosemary extract and synthetic antioxidants, which comprises butylated hydroxyanisole (BHA), butylated hydroxytoluene, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Porter’s Five Forces Analysis
Owing to the presence of high number of suppliers of natural antioxidants in the market, the bargaining power of the suppliers remains moderate. However, higher number of buyers results in increased bargaining power of buyers. Since, natural antioxidants are expensive as compared to synthetic antioxidants, the threat of substitutes is low at present. However, the market players experience high rivalry due to the presence of several startups as well as established companies.
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Top Impacting Factors
1. Growth in demand for food & beverages, animal feed additive, and pharmaceuticals
Antioxidants in food & beverage industry are primarily used as preservatives. However, exponential increase in the global population is expected to increase its demand in other industries such as pharmaceutical and animal fodder. Asia-Pacific has high number of undernutrition cases, resulting in high demand for antioxidants supplements. Moreover, farmers are being encouraged to feed fodder with antioxidants, to their cattle to enhance their milk yield
2. Increase in demand for rosemary extract
Companies have shifted their focus on rosemary extract as it has more antioxidant content than others, provides longer shelf life, and prevents premature aging; consequently, it has witnessed an increase in demand. In fact, many companies in U.S. have made substantial investments for the development of antioxidant medicines.
Top Winning Strategies
The key players in the global antioxidants market have adopted acquisitions, agreements, product launch, and partnerships as their key business strategies.
Antioxidants Market, Top Winning Strategies, 2012-2016* (%)
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The rise in awareness regarding health benefits associated with antioxidants coupled with nutrient deficiency in the region has catalyzed the market growth. The antioxidant market in LAMEA is anticipated to grow with a CAGR of 6.50% between 2016 and 2022, while the Middle East market is anticipated to witness a CAGR of 6.73%.
LAMEA Review:
Middle East Antioxidants Market Size, 2014-2022 ($Million)
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The key players in the antioxidants industry include Archer-Daniels-Midland Company, BASF SE, E.I.DuPont El Nemours and Company, Barentz International BV, Kalsec Inc., Kemin Industries, Inc., Koninklijke DSM N.V., Nutreco N.V., Cargill Incorporated, Aland (Jiangsu) Nutraceutical Co. Ltd., and Naturex S.A.
Other prominent antioxidants industry players (not profiled in this report) are DSM, Prinova, Tianjin Jianfeng Natural Products Co. Ltd, Indena SPA, Ajinomoto Omnichem Specialties, Vitablend Nederland B.V., Jet-Mate Canada Inc., Emarald Performance Materials, Adeka Palmarole, Xinier Chemical Technology Ltd, and Nanjing Union Rubber Chemicals Co. Ltd
Key Market Segments
Key Market Players
CHAPTER 1 INTRODUCTION
1.1 Report description
1.2 Key benefits for stakeholders:
1.3 Key market segments
1.4 Research methodology
CHAPTER 2 EXECUTIVE SUMMERY
2.1 Overview
2.2 Market Snapshot
2.3 CXO perspective
CHAPTER 3 MARKET OVERVIEW
3.1 Market definition and scope
3.2 Key Findings
3.2.1 Top impacting factor
3.2.2 Top winning strategies
3.3 Porters Five Forces Analysis
3.3.1 Moderate bargaining power of suppliers due to large number of suppliers, low switching cost, and low backward integration
3.3.2 High bargaining power of buyer due to availability of substitutes and low-scale manufacturers that provide quality product
3.3.3 Availability of substitutes and moderate cost increases threat of substitutes
3.3.4 High threat of new entrants due to presence of dominant players and easy government regulations
3.3.5 Presence of numerous players, low brand loyalty, and low switching cost increase the competition among rivalries
3.4 Drivers
3.4.1 Growth in demand for food & beverages, animal feed additives, and pharmaceuticals
3.4.2 Declining cost of Antioxidants
3.5 Restraints
3.5.1 Lack of awareness and knowledge about the hazardous effects of overdose of antioxidants
3.6 Opportunities
3.6.1 Increase in Demand for Rosemary extract
CHAPTER 4 WORLD ANTIOXIDANTS MARKET, BY TYPE
4.1 Overview
4.2 Natural Antioxidants
4.2.1 Key Market Trends
4.2.2 Key Growth Factors and Opportunities
4.2.3 Market Size and forecast
4.2.4 Rosemary extracts
4.2.5 Vitamin A
4.2.6 Vitamin C
4.2.7 Vitamin E
4.3 Synthetic Antioxidants
4.3.1 Key Market Trends
4.3.2 Key Growth Factors and Opportunities
4.3.3 Market Size and forecast
4.3.4 North America Synthetic Antioxidants Market Growth (%), 2014-2022
4.3.5 BHA (Butylated hydroxyanisole)
4.3.6 BHT (butylated hydroxytoluene)
4.3.7 Other Synthetic Antioxidants
CHAPTER 5 WORLD ANTIOXIDANTS MARKET, BY GEOGRAPHY
5.1 Overview
5.2 North America
5.2.1 Key Market Trends
5.2.2 Key Growth Factors and Opportunities
5.2.3 Market Size and forecast
5.2.4 U.S. Antioxidants Market Growth (%), 2014-2022
5.3 Europe
5.3.1 Key Market Trends
5.3.2 Key Growth Factors and Opportunities
5.3.3 Market Size and forecast
5.4 Asia-pacific
5.4.1 Key Market Trends
5.4.2 Key Growth Factors and Opportunities
5.4.3 Market Size and forecast
5.5 LAMEA
5.5.1 Key Market Trends
5.5.2 Key Growth Factors and Opportunities
5.5.3 Market Size and forecast
CHAPTER 6 COMPANY PROFILES
6.1 Archer-Daniels-Midland Company
6.1.1 Company Overview
6.1.2 Company Snapshot
6.1.3 Operating Business Segment
6.1.4 Business Performance
6.1.5 Key Strategic moves and Development
6.2 Aland (Jiangsu) Nutraceutical Co. Ltd.,
6.2.1 Company Overview
6.2.2 Company Snapshot
6.2.3 Operating Business Segment
6.2.4 Business Performance
6.2.5 Key Strategic moves and Development
6.3 BASF SE
6.3.1 Company Overview
6.3.2 Company Snapshot
6.3.3 Operating Business Segment
6.3.4 Business Performance
6.3.5 Key Strategic moves and Development
6.4 Barentz International BV
6.4.1 Company Overview
6.4.2 Company Snapshot
6.4.3 Operating Business Segment
6.4.4 Business Performance
6.4.5 Key Strategic moves and Development
6.5 Cargill Incorporated
6.5.1 Company Overview
6.5.2 Company Snapshot
6.5.3 Operating Business Segment
6.5.4 Business Performance
6.5.5 Key Strategic moves and Development
6.6 E.I. DuPont El Nemours and Company
6.6.1 Company Overview
6.6.2 Company Snapshot
6.6.3 Operating Business Segment
6.6.4 Business Performance
6.6.5 Key Strategic moves and Development
6.7 Kalsec Inc.
6.7.1 Company Overview
6.7.2 Company Snapshot
6.7.3 Operating Business Segment
6.7.4 Business Performance
6.7.5 Key Strategic moves and Development
6.8 Kemin Industries Inc.
6.8.1 Company Overview
6.8.2 Company Snapshot
6.8.3 Operating Business Segment
6.8.4 Business Performance
6.8.5 Key Strategic moves and Development
6.9 Koninklijke DSM N.V
6.9.1 Company Overview
6.9.2 Company Snapshot
6.9.3 Operating Business Segment
6.9.4 Business Performance
6.9.5 Key Strategic moves and Development
6.10 Nutreco N.V
6.10.1 Company Overview
6.10.2 Company Snapshot
6.10.3 Operating Business Segment
6.10.4 Business Performance
6.10.5 Key Strategic moves and Development
6.11 Naturex S.A.
6.11.1 Company Overview
6.11.2 Company Snapshot
6.11.3 Operating Business Segment
6.11.4 Business Performance
6.11.5 Key Strategic moves and Development
List of Figures
FIG. 1 TOP IMPACTING FACTORS
FIG. 2 TOP WINNING STRATEGIES (%) (2014-2016)
FIG. 3 TOP WINNING STRATEGIES IN THE WORLD ANTIOXIDANTS MARKET, 2014-2016 (%)
FIG. 4 PORTERS FIVE FORCES ANALYSIS OF WORLD ANTIOXIDANTS MARKET
FIG. 5 WORLD ANTIOXIDANTS END-USER INDUSTRY FORECASTS (2014-2022)
FIG. 6 WORLD NATURAL ANTIOXIDANTS MARKET, BY TYPE, 2015
FIG. 7 WORLD NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
FIG. 8 WORLD SYNTHETIC ANTIOXIDANTS MARKET, BY TYPE, 2015
FIG. 9 WORLD SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
FIG. 10 WORLD ANTIOXIDANTS MARKET REVENUER, BY GEOGRAPHY (%), 2015
FIG. 11 NORTH AMERICA: ANTIOXIDANTS MARKET Y-O-Y GROWTH RATE (%), 2015-2022
FIG. 12 EUROPE: ANTIOXIDANTS MARKET Y-O-Y GROWTH RATE (%), 2015-2022
FIG. 13 ASIA-PACIFIC: ANTIOXIDANTS MARKET Y-O-Y GROWTH RATE (%), 2015-2022
FIG. 14 LAMEA: ANTIOXIDANTS MARKET Y-O-Y GROWTH RATE (%), 2015-2022
FIG. 15 ARCHER-DANIELS-MIDLAND COMPANY: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 16 ARCHER-DANIELS-MIDLAND COMPANY: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 17 ALAND (JIANGSU) NUTRACEUTICAL CO. LTD.: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 18 ALAND (JIANGSU) NUTRACEUTICAL CO. LTD.: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 19 BASF SE: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 20 BASF SE: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 21 BARENTZ INTERNATIONAL BV: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 22 BARENTZ INTERNATIONAL BV: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 23 CARGILL INCORPORATED: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 24 CARGILL INCORPORATED: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 25 E.I. DUPONT EL NEMOURS AND COMPANY: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 26 E.I. DUPONT EL NEMOURS AND COMPANY: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 27 KALSEC INC: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 28 KALSEC INC: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 29 KEMIN INDUSTRIES INC.: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 30 KEMIN INDUSTRIES INC.: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 31 KONINKLIJKE DSM N.V.: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 32 KONINKLIJKE DSM N.V.: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 33 NUTRECO N.V.: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 34 NUTRECO N.V.: REVENUE, BY GEOGRAPHY (%), 2015
FIG. 35 NATUREX S.A.: REVENUE, BY BUSINESS SEGMENT (%), 2015
FIG. 36 NATUREX S.A.: REVENUE, BY GEOGRAPHY (%), 2015
List of Tables
TABLE 1 WORLD NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 2 NORTH AMERICA: NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 3 EUROPE: NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 4 ASIA-PACIFIC: NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 5 LAMEA NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 6 WORLD ANTIOXIDANTS MARKET GROWTH (%), FOR ROSEMARY EXTRACT MARKET, 2014-2022
TABLE 7 NORTH AMERICA: ANTIOXIDANTS MARKET GROWTH (%), FOR ROSEMARY EXTRACT MARKET, 2014-2022
TABLE 8 EUROPE: ROSEMARY EXTRACT MARKET GROWTH (%), 2014-2022
TABLE 9 ASIA-PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), FOR ROSEMARY EXTRACT, 2014-2022
TABLE 10 LAMEA: ANTIOXIDANTS MARKET GROWTH (%), FOR ROSEMARY EXTRACT, 2014-2022
TABLE 11 WORLD ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN A, 2014-2022
TABLE 12 NORTH AMERICA: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN A, 2014-2022
TABLE 13 EUROPE: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN A, 2014-2022
TABLE 14 ASIA-PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN A, 2014-2022
TABLE 15 LAMEA: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN A, 2014-2022
TABLE 16 WORLD ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN C, 2014-2022
TABLE 17 NORTH AMERICA: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN C, 2014-2022
TABLE 18 EUROPE: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN C, 2014-2022
TABLE 19 ASIA-PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN C, 2014-2022
TABLE 20 LAMEA: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN C, 2014-2022
TABLE 21 WORLD ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN E, 2014-2022
TABLE 22 NORTH AMERICA: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN E, 2014-2022
TABLE 23 EUROPE: ANTIOXIDANTS MARKET GROWTH (%), FOR VITAMIN E, 2014-2022
TABLE 24 ASIA-PACIFIC: VITAMIN E MARKET GROWTH (%), 2014-2022
TABLE 25 LAMEA: VITAMIN E ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 26 WORLD SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 27 NORTH AMERICA: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 28 EUROPE: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 30 ASIA-PACIFIC: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 31 LAMEA SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 32 WORLD SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHA, 2014-2022
TABLE 33 NORTH AMERICA: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHA, 2014-2022
TABLE 34 EUROPE: BHA ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 35 ASIA-PACIFIC: BHA ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 36 LAMEA: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHA, 2014-2022
TABLE 37 WORLD SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHT, 2014-2022
TABLE 38 NORTH AMERICA SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHT, 2014-2022
TABLE 39 EUROPE: BHT ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 40 ASIA-PACIFIC: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHT, 2014-2022
TABLE 41 LAMEA: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR BHT, 2014-2022
TABLE 42 WORLD SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR OTHERS, 2014-2022
TABLE 43 NORTH AMERICA: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR OTHERS, 2014-2022
TABLE 44 EUROPE: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR OTHERS, 2014-2022
TABLE 45 ASIA-PACIFIC: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR OTHERS, 2014-2022
TABLE 46 LAMEA: SYNTHETIC ANTIOXIDANTS MARKET GROWTH (%), FOR OTHERS, 2014-2022
TABLE 47 NORTH AMERICA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 48 U.S.: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 49 CANADA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 50 MEXICO: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 51 EUROPE: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 52 UK: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 53 GERMANY: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 54 FRANCE: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 55 REST OF EUROPE: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 56 ASIA-PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 57 ASIA-PACIFIC: NATURAL ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 58 ASIA-PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 59 AUSTRALIA PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 60 CHINA: ANTIOXIDANTS MARKET GROWTH (%) 2014-2022
TABLE 61 INDONESIA PACIFIC: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 62 SOUTH KOREA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 63 TAIWAN: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 64 THAILAND: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 65 REST OF ASIA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 66 LAMEA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 67 LATIN AMERICA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 68 MIDDLE EAST: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 69 AFRICA: ANTIOXIDANTS MARKET GROWTH (%), 2014-2022
TABLE 70 ARCHER-DANIELS-MIDLAND COMPANY: COMPANY SNAPSHOT
TABLE 71 ARCHER-DANIELS-MIDLAND COMPANY: OPERATING SEGMENTS
TABLE 72 ALAND (JIANGSU) NUTRACEUTICAL CO. LTD.: COMPANY SNAPSHOT
TABLE 73 ALAND (JIANGSU) NUTRACEUTICAL CO. LTD.: OPERATING SEGMENTS
TABLE 74 BASF SE: COMPANY SNAPSHOT
TABLE 75 BASF SE: OPERATING SEGMENTS
TABLE 76 BARENTZ INTERNATIONAL BV: COMPANY SNAPSHOT
TABLE 77 BARENTZ INTERNATIONAL BV: OPERATING SEGMENTS
TABLE 78 CARGILL INCORPORATED: COMPANY SNAPSHOT
TABLE 79 CARGILL INCORPORATED: OPERATING SEGMENTS
TABLE 80 E.I. DUPONT EL NEMOURS AND COMPANY: COMPANY SNAPSHOT
TABLE 81 E.I. DUPONT EL NEMOURS AND COMPANY OPERATING SEGMENTS
TABLE 82 KALSEC INC: COMPANY SNAPSHOT
TABLE 83 KALSEC INC: OPERATING SEGMENTS
TABLE 84 KEMIN INDUSTRIES INC.: COMPANY SNAPSHOT
TABLE 85 KEMIN INDUSTRIES INC.: OPERATING SEGMENTS
TABLE 86 KONINKLIJKE DSM N.V.: COMPANY SNAPSHOT
TABLE 87 KONINKLIJKE DSM N.V.: OPERATING SEGMENTS
TABLE 88 NUTRECO N.V.: COMPANY SNAPSHOT
TABLE 89 NUTRECO N.V.: OPERATING SEGMENTS
TABLE 90 NATUREX S.A.: COMPANY SNAPSHOT
TABLE 91 NATUREX S.A: OPERATING SEGMENTS
The increase in the global population and the rise in health awareness has boosted the antioxidant market applications in food & beverage and pharmaceutical industries, as antioxidants supplement the nutrition content and help in preserving the food products. Interestingly, poultry farming and slaughter farms have propelled the antioxidant market owing to increase in consumption of meat and dairy products. The natural and synthetic antioxidants are used as preservatives in pharmaceutical industry. Rosemary extracts has been approved under European Regulation 344/2011/EU creating lucrative opportunities for this market. Moreover, it has gained significant traction majorly from emerging economies such as China, India, and Brazil; however, this trend is more pronounced in the developed nations such as Europe and North America.
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