Burlingame, Jan. 17, 2024 (GLOBE NEWSWIRE) -- CoherentMI published a report, titled, Global Oxygen Scavenger Market estimated value at US$ 2.4 Billion in the year 2023 and is anticipated to reach US$ 3.5 Billion by 2030, at a CAGR of 5.4% during forecast period 2023-2030.
The global oxygen scavenger market is driven by two main factors. Firstly, the increasing demand from the food and beverage industry for oxygen scavengers to prolong the shelf life of products. Oxygen scavengers are extensively used in the packaging of food and beverage products to minimize the oxidative damage caused by oxygen exposure. Additionally, the rising concerns over food wastage and the need to maintain product quality and safety are further driving the demand for oxygen scavengers in this industry.
Secondly, the growth of the pharmaceutical and healthcare sector is also contributing to the market growth. Oxygen scavengers are used in the packaging of pharmaceutical and healthcare products to prevent oxidation, which can lead to degradation and reduced efficacy of the products. With the expanding pharmaceutical industry and the increasing emphasis on product quality and safety, the demand for oxygen scavengers is expected to further increase.
Market Takeaways:
- The global oxygen scavenger market size is anticipated to witness a CAGR of 5.4% during the forecast period 2023-2030, owing to the increasing demand for oxygen scavengers in various industries.
- On the basis of type, the organic segment is expected to hold a dominant position. Organic oxygen scavengers are widely utilized in the food & beverage industry due to their effectiveness in preserving product freshness.
- In terms of application, the flexible packaging segment is expected to dominate the market. Flexible packaging offers convenience, lightweight, and cost-effectiveness, making it a preferred choice for many industries, including food & beverage.
- The food & beverage industry is expected to dominate the Global Oxygen Scavenger Market by end-user. The demand for oxygen scavengers in this sector is driven by the need to extend the shelf life of perishable products and reduce food waste.
- In terms of region, North America is expected to hold a dominant position over the forecast period. The region has a well-established food & beverage industry and stringent packaging regulations, driving the adoption of oxygen scavengers.
- Key players operating in the Global Oxygen Scavenger Market include 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, and Cortec Corporation. These key players focus on continuous research and development activities to improve the efficiency and effectiveness of oxygen scavengers.
Market Trends:
Two key trends are shaping the global oxygen scavenger market. Firstly, the growing adoption of advanced oxygen scavenger technologies, such as active packaging, is gaining traction in the industry. Active packaging systems incorporate oxygen scavengers directly into the packaging materials, providing enhanced oxygen absorption capabilities and improved product protection.
Secondly, the rising demand for sustainable and environmentally-friendly packaging solutions is driving the development of bio-based oxygen scavengers. These scavengers are made from natural materials and provide an eco-friendly alternative to traditional synthetic oxygen scavengers. With the increasing focus on sustainability and environmental conservation, the demand for bio-based oxygen scavengers is expected to witness significant growth.
Overall, the global oxygen scavenger market is expected to witness high growth, driven by the increasing demand from the food and beverage industry and the growth of the pharmaceutical and healthcare sector. The adoption of advanced technologies and the development of sustainable packaging solutions are also important trends shaping the market.
Recent Developments:
- In June 2021, PolyOne Corporation, a company that manufactures and sells a variety of chemical and plastic-based products, announced the launch of OnCap Oxygen Scavenging Additives for PET packaging. It helps in improving shelf-life and product quality.
- In September 2020, Avient, a global manufacturer of specialized polymer materials, introduced MEVOPUR ProTect oxygen scavenger at Medtec China 2020. This product limits oxygen degradation of drugs and nutraceuticals stored in PET bottles. It is used as an additive in food packaging. This product aims to increase the shelf life of pharmaceutical products.
Read the complete market research report, "Global Oxygen Scavenger Market Size And Share Analysis - Growth Trends And Forecasts (2023 - 2030)", Published by CoherentMI.
Global Oxygen Scavenger Market Opportunities:
Increasing Demand for Oxygen Scavengers in the Food & Beverage Industry
The food & beverage industry is expected to dominate the end-user segment of the global oxygen scavenger market. This is due to the increasing demand for oxygen scavengers in food packaging to extend the shelf life of products. Oxygen can negatively impact the quality and freshness of food by promoting oxidation reactions, leading to spoilage. Oxygen scavengers help to remove oxygen from the packaging, creating an oxygen-free environment and preventing the growth of microorganisms.
Growing Awareness About Packaging Sustainability
With the increasing focus on sustainability and environmental concerns, there is a growing demand for eco-friendly packaging solutions. Oxygen scavengers play a crucial role in reducing food waste and extending the shelf life of products, thus contributing to sustainable packaging. As consumers become more conscious about the environmental impact of their choices, the demand for oxygen scavengers in sustainable packaging solutions is expected to rise.
In conclusion, the global oxygen scavenger market presents significant opportunities in the food & beverage industry and sustainable packaging solutions. Increasing consumer demand for fresh and high-quality products, along with the rising focus on environmental sustainability, is driving the growth of this market. Key players in the market are strategically investing in research and development activities to enhance the performance of oxygen scavengers and cater to the evolving market needs.
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
- By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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Top Questions Answered in this Report:
- What factors are impeding the growth of the Global Oxygen Scavenger Market?
- What are the primary drivers fueling the growth of the Global Oxygen Scavenger Market?
- Which segment stands out as the leading component in the Global Oxygen Scavenger Market?
- Who are the key players actively participating in the Global Oxygen Scavenger Market?
- Which region is poised to take the lead in the Global Oxygen Scavenger Market?
- What is the projected CAGR for the Global Oxygen Scavenger Market?
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