by Oxygen scavengers are substances used for removing oxygen from packaging in order to extend the shelf life of foods and beverages. They reduce oxidation of packaged products caused due to the presence of oxygen. Oxygen scavengers react with oxygen to form non-toxic compounds, thereby preventing oxidation of packaged products. Changing lifestyle and consumer preference for convenience foods have boosted the demand for packaged and processed foods. However, growth in packaged food sales has also increased the need for effective packaging solutions that ensure food safety and quality. Oxygen scavengers prevent spoilage of foods by reacting with oxygen inside food packages, thus playing a vital role in extending shelf life of packaged foods.
The Global Oxygen Scavenger Market Size is estimated to be valued at US$ 2.4 Bn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024-2031.
Key Takeaways
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. These players are focusing on new product launches and expansion strategies to strengthen their global footprint.
The growing packaged food industry is generating higher demand for oxygen scavengers from the food and beverage sector. Rapid urbanization and changing eating habits are propelling the growth of the packaged foods market. Oxygen scavengers play a vital role in extending the shelf life of packaged foods.
The Asia Pacific region accounts for a major share in the global oxygen scavenger market. The growing population, rapid urbanization, and rising disposable incomes are fueling the growth of convenience and packaged food industries in developing countries of Asia Pacific. This, in turn, is augmenting the demand for oxygen scavengers in the region.
Market Drivers
The rising global population coupled with increasing consumer awareness about food safety and quality is the major market driver for oxygen scavengers. Rapid growth of the packaged food industry worldwide has led to an upsurge in demand for oxygen scavengers from the food and beverage sector. As oxygen scavengers help reduce oxidation and extend the shelf life of packaged foods, their adoption is increasing in food packaging applications. Growing concern about food wastage and need for sustainable packaging solutions are also propelling the demand for oxygen scavengers across the globe.
PEST Analysis
Political: The regulations regarding usage of oxygen scavengers in food packaging are becoming more stringent in many countries to ensure safety of food. This can impact the demand for different types of oxygen scavengers used.
Economic: A rise in the disposable incomes has led to increased demand for packaged and longer shelf-life food and beverages. This positively impacts the market for oxygen scavengers which help increase shelf-life of products.
Social: The busy lifestyles today have increased the demand for convenient and ready-to-eat packaged foods. Also, the increasing health awareness is making people opt for longer shelf-life products packaged using oxygen scavengers.
Technological: R&D is ongoing to develop new types of highly efficient oxygen scavengers which can absorb oxygen at faster rates and also withstand varied temperature conditions during storage and distribution of packaged products. Environment friendly varieties are also being researched.
Geographical regions with high market value
North America region currently holds the largest share of the global oxygen scavenger market in terms of value. This is attributed to strong demand from the packaged food and beverage industry in the US and Canada. Strong distribution channels and organized retail further support market growth.
Asia Pacific region is witnessing the fastest growth and is projected to surpass North America to become the leader over the forecast period. Rapid economic development, growing working population and increasing per capita spending on packaged food and pharmaceutical products are fueling demand. China dominates the Asia Pacific market.
What Are The Key Data Covered In This Global Oxygen Scavenger Market Report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the Global Oxygen Scavenger Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the Global Oxygen Scavenger Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behaviour
:- Global Oxygen Scavenger Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of Global Oxygen Scavenger Market vendors
FAQ’S
Q.1 What are the main factors influencing the Global Oxygen Scavenger market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top Global Oxygen Scavenger Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Global Oxygen Scavenger market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
