May 29, 2024
Oxygen Scavenger Market

The Global Oxygen Scavenger Market Is Driven By Expanding Demand For Packaged Food

Oxygen scavengers are chemical compounds used to absorb excess oxygen from within packaging materials. They help prevent oxidation and eliminate internal package headspace oxygen which can potentially accelerate spoilage of packaged foods. Oxygen scavengers are used in flexible and rigid plastic packaging as well as in cans and pouches. They play a vital role in extending shelf life of packaged products by eliminating oxidative rancidity in foods and protecting nutritional quality, color, taste and freshness. The demand for packaged and convenient foods worldwide has been consistently rising owing to changing consumer lifestyles and busy schedules. Packaged foods promise longer shelf life and require effective oxygen scavenging systems to ensure food quality remains uncompromised over extended storage periods.

The global Oxygen Scavenger was valued at US$ 3.5 Billion in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Key Trends:

One of the key trends witnessed in the global oxygen scavenger market is the rising adoption of sustainable packaging solutions. Concerns around environmental pollution have been driving packaging manufacturers as well as brand owners to develop recyclable and eco-friendly oxygen scavengers. Biodegradable oxygen scavengers derived from natural components like ascorbic acid are gaining traction. Also, edible oxygen absorbers suitable for food contact are being increasingly researched and commercialized to ensure circular packaging economy. Development of advanced oxygen scavenging systems compatible with renewable, recycled and compostable packaging materials will continue shaping the future trajectory of this market.

Porter’s Analysis :

Threat of new entrants: The threat of new entrants in the global oxygen scavenger market is low as it requires high R&D investments and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers in the global oxygen scavenger market is high as the market is fragmented with presence of numerous global and regional players.
Bargaining power of suppliers: The bargaining power of suppliers in the global oxygen scavenger market is moderate due to availability of raw materials from multiple sources.
Threat of new substitutes: The threat of new substitutes in the global oxygen scavenger market is moderate as various alternatives are available in the market.
Competitive rivalry: The competitive rivalry in the global oxygen scavenger market is high due to presence of large number of players.

Global Oxygen Scavenger Market Segmentation:

  • By Type:
    • Organic
    • Inorganic
  • By Application:
    • Flexible Packaging
    • Rigid Packaging
    • Others
  • By End User:
    • Food & Beverage
    • Pharmaceutical
    • Oil & Gas
    • Chemicals
    • Others

Key Takeaways:

The Global Oxygen Scavenger Market Size is expected to witness high growth.

Regional Analysis: North America dominating the market currently, followed by Asia Pacific and Europe.

Key players operating in the global oxygen scavenger market are BASF SE, Mitsubishi Gas Chemical Company, Inc., Ecolab Inc., Clariant Ltd., Kemira OYJ, Arkema Group, Baker Hughes Company, Sealed Air Corporation, Solenis LLC, PolyOne Corporation, Avient, Cortec Corporation.

*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it